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Senior Living Community: Entering A New Market

Posted in: Brand Positioning & Development, Communication, Product/Service Development/Viability, Qualitative Exploratory, Real Estate

Senior Living Community: Entering A New Market

Challenge: A Senior Living Brand acquired and renovated a Continuing Care Retirement Community (CCRC) in a mid-high-net-worth market. While the brand’s other CCRCs had high-occupancy rates, the newly acquired facility was falling short of occupancy goals.

Objective: To understand the reasons and barriers to living in a CCRC, the needs and preferences of prospective residents, and reactions to its unique care plan and pricing structure, ultimately to develop key messaging to increase occupancy of the new facility.

Solution: Plan-it conducted in-depth phone interviews among prospective CCRC residents living in the town and neighboring towns of the newly acquired facility; seniors were probed on their perceptions of senior communities generally, knowledge of the new CCRC and competitive communities, and their reactions to a description of the facility and its care plan concept.

Result: Plan-it uncovered insights regarding the value of a CCRC and the care plan, and made recommendations for key messaging and promotional opportunities to help overcome significant emotional and pricing barriers to moving into a CCRC.

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