Age-related hearing loss is a significant issue affecting a considerable proportion of the global elderly population. One study indicates that about one-third of people between 65 and 75 years old experience some degree of hearing loss, and the numbers climb to nearly half for those over 75. This presents considerable challenges, not least in the realm of communication, significantly impacting the over-65s’ ability to interact effectively on phone calls.
For businesses, this presents a unique challenge. Given that by 2040, almost one in seven people is projected to be aged over 65, businesses need to ensure they provide a service that can cater to this demographic. By ignoring the issue, companies risk alienating a significant and economically powerful segment of society.
Inclusive communication: how businesses can accommodate
Customer experience has become a defining battleground for companies. Clear, effective communication is a key element of this experience, especially for those with a hearing impairment. Studies show that 29% of the oldest consumer cohort struggle with mishearing customer service agents due to hearing difficulties.
Indeed, the National Institute for Health and Care Excellence reports that 40% of people aged 50 years old and 71% of people aged 70 years old and older experience hearing loss. These findings, coupled with the fact that older demographics generally prefer telephone agent communication, project a clear path for businesses wanting to harness this demographic: they must improve the telephone call experience.
Noise cancellation apps (like IRIS Clarity) helps in this respect. The removal of background noise in call centre interactions not only improves the experience of elderly customers, but places businesses at the forefront of inclusivity, gaining them the communicative advantage. By removing background noise, businesses will ensure that conversations are much easier for those experiencing age-related hearing loss.
A game-changer for elderly CX
AI noise cancellation apps have emerged as a game-changer in the context of customer experience. Tools like IRIS Clarity have advanced noise-blocking technology capable of isolating and enhancing the speaker's voice, thus improving communication clarity. For the over-65s, this means clearer, more comprehensible conversations that can transform their experience of customer service interactions.
With 94% of customers more likely to return to a brand after a positive customer experience, investing in harmonious call interactions should be at the top of businesses’ list. As brands increasingly recognise the value of the 'silver economy,' solutions like IRIS Clarity can provide a crucial competitive advantage.
The silver economy: the undeniable economic power of the over-65s
Globally, the 'silver economy,' comprising consumers aged over 60, is set to reach an estimated spending value of $15 trillion by 2030. The numbers don’t lie: the over-65 demographic presents a considerable market that businesses cannot afford to ignore. However, to fully capitalise on this potential, businesses need to ensure they provide services that cater to the specific needs of this age group, including their communication requirements.
With this in mind, implementing background noise removing apps can prove beneficial not just for inclusivity but also for the company's bottom line. By ensuring clear, effective communication with older customers, businesses can unlock a wealth of opportunities in the thriving silver economy. After all, a satisfied customer is a loyal customer, and in an age where customers are more discerning than ever, the value of this cannot be overstated.
As businesses navigate the dual challenges of an ageing customer base and, therefore, increasing reliance on phone communication, technologies like IRIS Clarity can offer a much-needed solution (get a 7 day free trial here). By enhancing call clarity and ensuring inclusive communication, businesses can better serve their older customers, ultimately paving the way for increased customer loyalty, greater market share, and enhanced profitability.