But how can businesses ensure all customers are satisfied all of the time? Ernst and Young (EY) recognises there isn’t just one type of consumer. As a result, businesses need to cater for different needs at different times.
The EY Future Consumer Index has been tracking consumer sentiment since March 2020. In November 2022, the index grouped consumers into five future consumer tribes:
- Affordability first: those who embrace frugality as a way of life
- Planet first: those who make sustainable choices for a better future
- Experience first: those living life for today, not tomorrow
- Health first: those focused on personal wellbeing
- Society first: those making choices that benefit the community
By grouping consumers, businesses can offer a different ‘experience’ and hence appeal to as many people as possible.
For retirees, who may have more time to shop around, it’s crucial that the offering is competitively priced and value for money. Equally, retirees may not be as tech-savvy as younger generations, so it’s important that organisations provide clear and concise directions when using any kind of digital service. Finally, many retirees are looking for a personal touch, they want to feel valued and appreciated, so it’s essential to go the extra mile to make them feel special.
Heather Newell, director of Foresee Communications Ltd and former Executive Director at SeniorNet NZ offers some advice as an expert in senior communications.