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.