We assume they would pay more but the elusive question is ‘how much?’ If you agree with me that ‘simplicity’ is a key ingredient of an Age-Friendly customer experience then the 2014 Global Brand Simplicity Index from branding consultancy Siegal & Gale, provides some clues.
Take China for example, the survey reveals that Chinese consumers would be prepared to pay the following premiums for more ‘simplicity’ in the respective categories:
up to 4.5%more | 4.6–5%more | 5.1–5.6% more | 5.7% andmore |
Shipping/Mail UtilitiesSocial media Travel/Booking Retail/Grocery Media | Telecom/Cableinternet search Retail/Health and beauty Banks/Retailinternet retail Telecom/Cell phone Travel/Air | General insurance Travel/Hotels Retail/General Travel/Train Appliances Electronics Health insurance Travel/Car rental | Fitness Restaurants Retail/Fashion Automotive |
Of course, it’s not as simple as it looks (pun intended) but businesses that overcomplicate their customer experience stand to gain not just from their older customers, but from all by becoming more ‘Age-Friendly’.
Remember the adage “design for the young and you’ll exclude the old. But design for the old and you’ll include everyone”.
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