By: Beth VanStory and Jennifer Apy
With an aging population, the demand for senior living facilities in the U.S. has never been stronger. Money and Markets projects that by the year 2040, the United States will need about 1.8 million more senior housing units to accommodate the growing number of senior citizens. That will mean that demand doubles over the next 20-plus years. The increase is expected to really take off after 2025 as baby boomers reach the 80-year mark, and then continue to age and need more housing options than are currently available.
Despite growing demand, competition for residents in many markets has never been more fierce. If you want to keep your occupancy rate high and even better yet, maintain a waitlist of potential residents, having an integrated, multi-channel marketing program is essential.
Tip 1 - Maximize your local presence
When searching for a facility, most people focus on a specific geographic area. As such, your marketing must include a strong local focus. Two things to be sure to do are:
Tip 2 - Break your dependence on expensive referral networks
Some referral companies charge as much as an entire month’s rent for a move-in. With a little bit of ingenuity and effort, you can reduce your dependence and how much money you pay these firms. Here are a few steps to get you started on your path to driving your own leads:
The best part about building your own referral network is that it can become an on-going source of qualified leads. That said, you can’t just put it on autopilot, you must continue to nurture those relationships.
Tip 3 – Understand the customer journey and use messaging that matters
Any effective marketing strategy begins with insights. Without a complete understanding of the market, the customer, the competition as well as a clear understanding of your advantages and challenges, you are likely to waste money on random tactics. Follow these steps to gain the insights you need to develop messaging that resonates.
Tip 4– Actively manage reviews and ratings, reputation
Let’s face it, in today’s world it’s easy for anyone to post a negative review in multiple places. Managing review sites is a critical component of lead generation. Studies show that consumer trust reviews from other individuals far more than they trust website content or ads. Follow these steps to manage your reputation.
Not sure where to start? We can help.