While the market for senior living communities continues to grow—so does the competition. By 2050, a fifth of the US population will be 65 or older. Savvy senior living providers are growing quickly to keep pace with market demand. To keep their edge, senior living providers need to use every trick in their arsenal to stand out. It’s not enough to rely on strategies that once worked in the past. You must constantly refresh and reinvent your strategies to anticipate not only what seniors want, but how your offerings and reputation stack up against competitors.

The good news is that you can empower your organization to make more informed decisions by investing in market research services for senior living. Market research examines consumer behaviors, markets and trends in a targeted and scientific way, giving you actionable insights that can help guide your decision-making in this evolving market.

Here’s why investing in market research can make your senior living community more competitive, and help you navigate this complex industry.  

Gain a Better Understanding of Prospective Residents

A significant benefit of market research is that it gives you the up-to-date data you need to spend your marketing dollars more effectively. Using proven methods, market research services for senior living can help you identify and refine your target audience. “Seniors” and “their loved ones” are categories too broad for truly targeted marketing campaigns. The data you gather can be used to create an ideal or typical persona. This is a profile of a prospective resident or loved one who influences their decision-making. Perhaps this ideal prospective resident is 70 years old, enjoys the finer things in life, has a net worth of $1 million, loves to travel, and is most influenced in her decision making by her adult daughter. She thinks she is “too young” for senior living but has begun to feel more isolated at home after her spouse passed away. Armed with this information, you can create more targeted marketing campaigns, sales materials and strategies that speak directly to her questions, motivations, and pain points. 

You may also uncover unexpected insights that can inform new offerings. For instance, if you see a trend in retirees showing interest in EV hookups, you may consider adding charging stations to several parking spots or garages reserved for residents. Or, if research shows that seniors in your target area are increasingly looking for a community that offers multigenerational spaces, you may look into developing a university-based community.

Gathering insights on resident preferences can guide the introduction of other services and amenities, too. There continues to be rising interest among seniors for smart home features, such as voice-activated assistants or emergency alert systems. When proposing new offerings like these, having the data  to back up these decisions makes it more likely that senior leadership will consider and approve these new ventures.

Keep Tabs on Competitors

How well is your community performing compared to local competitors? How familiar are local seniors with your community compared to others? What do seniors think of your competitors?

Another benefit of market research is that it allows you to benchmark against competitors to see how attitudes toward your communities differ. If you find that your community is less well-known among seniors than a competitor’s, you may want to invest in a brand awareness campaign or ask residents to provide more reviews of your community online. You may also discover unexpected reasons that seniors are choosing another community over yours. It could be that personalized fitness plans with local health professionals or pet therapy on-site have been deciding factors for residents when choosing a competitor over you.

You can also use market research to analyze pricing structures at other communities.  Understanding how residents perceive value allows you to create unique pricing models that cater to the specific needs of your audience while maintaining your high standards.

Improving Positioning and Branding

Another effective market research tactic is to engage with current residents through surveys or focus groups to get feedback on how they feel and think about your community. If residents express a desire for more educational programs, consider offering workshops on topics like technology use or partner with a nearby college or university to offer continuing education classes. This ongoing feedback makes residents feel heard and included in the direction the community is taking. 

You can also use these opportunities to learn more about what residents think about your brand. What impression did they have about the community before they moved there? How did they hear about you? This information can help you develop more strategic positioning for your brand, which is critical for standing out in the competitive senior living market. A strong brand identity developed through market research can resonate more strongly with your target audiences, making them more likely to consider and ultimately choose your community over others. 

Monitoring and Adapting to Trends

Consumer expectations are constantly shifting. This includes the expectations of senior living residents. Market research services for senior living can help your community be more competitive by enabling you to stay on top of these trends. For instance, keeping up with demographic changes in this industry is paramount. As new generations age into the senior living market, the needs and preferences of the people we want to reach will also change. 

Are future generations of seniors going to be more likely to age in place? Or will they be seeking more luxurious housing options? Knowing this will help you develop more adaptable marketing and sales strategies. Market research also helps you make more accurate forecasts about future demand for senior living. This can help you plan expansions, renovations, or new developments that meet the needs of a diverse and dynamic senior population. 

Discover More About Senior Living Market Research from LCS

These are just a few of the benefits of market research! If your organization is seeking a community operations partner with experience in market research, you can rely on the experts at  Life Care Services, An LCS company. We have over half a century of experience in connecting communities with the resources they need to stay competitive. Contact us at 515-642-1744, or complete the contact form below to learn more.