The PERS device market is a cash cow being fed at an alarming rate. By the year 2050, the number of people aged 65 and over is projected to reach 83.7 million, nearly doubling the estimated population of 43.1 million from 2012 (Census.gov). As the aging population continues to grow, the need for monitored and unmonitored PERS devices will grow with it. You may be asking yourself, what does that mean for me? And how can I get on board this growing wave?
What that means for you
Obviously, the personal emergency device market is growing and becoming more profitable. On top of that, PERS device technology is quickly improving, too. Yet, with rapid growth comes new obstacles and globalized competitors.
What the security industry has noted in the last five years is the increasing availability of self-monitored devices. These devices send signals to contacts at the push of a button and allow users to get help without the monthly cost or the dreaded contract.It is important to note that these devices are for a specific type of user, and, while it may leak into small parts of your target market, they will force you to improve the way you monitor and service customers who are willing to feed your RMR.
Upon recognizing a disconnect between the price required to have a monitored device and the value it provides, some consumers will immediately opt into the self-monitored sphere. And that cannot be avoided entirely. A surplus of devices that only cost $15-$20 exist that don’t require a monthly subscription, much less a contract. Even more so, they don't look childish or cheap. However, they don't provide meaningful features like 2-way communication, personal health information relay or the ability to give status updates.
Read Our Eguide On PERS Product Technology
This means PERS dealers need to get creative with how they differentiate their devices and service. Since this market frequently deals with consumers nearing the end of their lives, extending the customer lifetime can be tricky. So earning customers earlier in their biological lifetime is the only solution.
Know your real target audience
PERS dealers can use a few unique ways to earn customers. Some involve developing partnerships with local healthcare providers or government organizations. Either way, your marketing materials need to solve the problem of your audience.
If you are aware of the sandwich generation, and want to sell to the children of senior citizens, then your marketing materials should reinforce topics like independent living, time management and self care, these will speak to someone who has to take care of their kids and parents at the same time. If you are trying to earn a partnership with a government institution like medicaid or medicare, their ability to trust your company and provide ethical and affordable services will speak to them.
Read this Forbes article to learn more about the sandwich generation
Even in a market where people like things to stay the same, your ability to properly serve vulnerable customers and provide meaningful products will set you apart from your competition. As global players like Amazon, and Google continue to enter new markets, your personable service and local feel will keep your business relevant.