KNOW HOW | Strategies for Success in Our Future Landscape

By Bradley Stephenson and Chris Auty

This article is a part of the January/February 2019, Volume 31, Number 1, Audiology Today issue.

“I can’t change the direction of the wind, but I can adjust my sails to always reach my destination.”—Jimmy Dean

Our industry, just like many others, experienced its fair share of change in past years, and what we can all rely on is change will forever be an influencing force on our market and our businesses.

Let’s take a high-level look at some of the most prominent changes in the past decade.

People Changed

We are all aware that the aging population continues to grow, but this in itself is not the core topic of interest, which is that there is a major shift in attitudes toward advertising and marketing (Roberts and Manolis, 2000).

The customers of yesterday, known as the silent generation or traditionalists, are fading away quickly. Having lived through some challenging times, these customers are defined by a set of very clear values. This generation began their job interviews with questions related to planning for the future (i.e., pension plans), rather than a sole focus on benefits for the present (i.e., vacation). This focus on the future certainly benefited this generation, as they are described as the wealthiest generation of elders ever to live (Howe, 2014).

What about today’s customers? Known as baby boomers, they are characterized by a completely different set of values with idealism, image, and optimism defining their outlook on life. They are known for their work ethic, and often are consulted for ways to improve the work ethic for other generations (Gordon, 2018). They are comfortable with their financial arrangements, and will use modern finance options to support their purchase decisions.