Topic: What People Want from our Industry – How well aligned are we with today’s Customer Needs?

Day: Friday 16 October 2020

Time: 1:30pm – 1:50pm AEDT

Abstract:

The Faster Horses Inside Aged Care Report 2020 reveals what people want in order to achieve an amazing ageing experience. The Faster Horses Inside Aged Care Report 2020 reveals what people want in order to achieve an amazing ageing experience. 

Our data delivers insights into a range of issues to guide the direction in which the industry must move. We will identify where the industry is not meeting expectations and give clear recommendations on ways to align better with consumer needs.

In Marketing, a core framework widely used is the 4 Ps (Product, Price, Place, Promotions). We have translated insights into this framework to provide practical recommendations for providers of aged care, and suppliers to the industry to better meet customer needs.

• Product: Care provided
• Place: Accommodation
• Price: Financial Models
• Promotions: Marketing

The presentation will discuss consumer needs as follows:

Care requirements: 
We will demonstrate how well the industry performs in relation to core care competencies, including the Aged Care Quality Standards and the critical measure of Trust in the industry. It also identifies the priorities from a customer standpoint. Aligning needs with performance clearly highlights gaps; we will identify the areas on which providers need to focus to build care provision that delivers an amazing ageing experience.

Accommodation: 
The data shows the rise in demand for in-home care. While not surprising, it also shows a significant fall in demand for retirement living accommodation. We will discuss the changing shape of accommodation in the sector. In particular, we will outline the implications, positive and negative, for the industry and for those receiving care, and will outline opportunities for care providers to adapt to mitigate the risks of a changing landscape. 

Pricing: 
We will show how the pricing models remain confusing for customers. Even when presented with new pricing and funding options, the market remains undecided about the way forward. This indicates that there is a significant need for a pricing overhaul, in design as well as communication. The information is critical to policy development and communication of policy.

Marketing:
The data again shows a discrepancy in the views of the industry from those receiving services, and those with no industry contact. This reinforces the imperative for the industry to improve PR and marketing efforts to bring good news stories to the public and overcome negativity. This imperative rests with each individual provider, peak bodies and government agencies.

The presentation will provide attendees with a wealth of information from which to build their businesses and policies.

 

Biography:

Veronica Mayne is Managing Director of leading market research agency, Faster Horses. Faster Horses has offices in Canberra, Sydney, Melbourne, Brisbane and Perth. Faster Horses has produced the highly valued Inside Aged Care Report for the past 3 years (pre Royal Commission, during Royal Commission and now during Covid-19), highlighting perceptions of the aged care industry among the general public and both families and individuals receiving care. This important document has become a source of valued insights on which many providers build their strategic direction.

Veronica has over 30 years in the market research industry and a wealth of knowledge in aged care, having consulted to the industry for around 20 years. This has involved countless in depth conversations with elderly people and their families to understand what concerns them, delights them and motivates them.