As of 2020, the older generations made up over 16% of the Australian population, with this number set to grow to over 20% in the coming years. Increased life expectancy and low fertility rates have given older people an edge and greater pull in the market, making them an attractive bet for companies like healthtech company Careteq (ASX: CTQ).
Careteq has secured an exclusive partnership with National Seniors Australia, the country’s leading advocacy group for older Australians, to market and sell its Assistive Living Technology solutions through its extensive networks. Launched in 1976, National Seniors has a large national membership base and advocates to advance the wellbeing of more than six million Australians aged over 50. It also has an engaged membership base, reaching 1.4 million people online annually.
As part of the agreement, National Seniors will create a marketing strategy to direct potential customers to Careteq. The agreement spans over two years initially, with the option to extend it for another two years.
The Chief Operating Officer of National Seniors, Chris Grice, said, “Careteq’s product offering, which includes an innovative security pendant and radar falls detection device, will greatly enhance the life and wellbeing of senior Australians – particularly as more of them are choosing to be more independent and to stay in their homes for longer.”
As part of the marketing plan developed by National Seniors under the referral partnership agreement with Careteq, several strategies will be implemented. These strategies include sponsored content through National Seniors’ Electronic Direct Mail (EDM) newsletters, websites, and social media platforms. Banner advertising will be featured on National Seniors’ newsletters and websites, and a dedicated landing page will be created on National Seniors’ website, allowing customers to click through directly to Careteq’s website.
Plus, National Seniors’ quarterly magazine, “Our Generation”, will feature Careteq ads. Solus (emails from third-party advertisers) and trigger EDMs will be sent to National Seniors’ members. Specialised training will be provided to the call centre staff of National Seniors, enabling them to provide better support to their members, particularly those who may not be technologically inclined, when it comes to purchasing Careteq’s solutions.
The marketing campaign and referral program will initially cover Careteq’s Assistive Living Technology devices, TEQ-Secure (a GPS tracker with calling enabled) and TEQ-FallsAlert (for fall detection and monitoring), which run on its SaaS Sofihub platform and generate recurring revenues for the Group. Other Careteq devices and offerings may also be included under the agreement in the future.
Careteq’s Executive Chairman, Mark Simari, commented, “National Seniors is the right partner for Careteq given it is the leading voice for all seniors in Australia. The organisation’s large member database and extensive reach into our target demographic gives us a platform to increase awareness of our unique solutions, educate older Australians on Careteq’s products and services, and help us gain further insights [into] our customers.”
Careteq has agreed to provide National Seniors with a referral fee and discounted prices on all hardware sold. No initial payment is required, but Careteq will pay a small minimum fee each quarter if sales targets are not met. The fee is not significant to the overall group, and Careteq ensures that hardware sales remain profitable. The agreement exclusively pertains to Careteq’s Assistive Living Technology and can be terminated by either party with a written notice of 30 days, adhering to standard termination clauses.
Alinda is a Business Reporter for The Sentiment
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