Across the country, senior living facilities have reached record low occupancy rates as they’ve dropped to 78.7 percent in Q1 2021, an 8.7 point decline from a year ago. According to the NIC MAP Vision, this is the fourth consecutive quarterly decline since the pandemic. As more people get vaccinated against COVID-19 and cases and deaths decline, the senior living industry is getting closer to making a comeback.
With that in mind, now is the ideal time to consider conducting a competitive analysis in key markets. A market analysis can provide you with some much-needed insight into your competitor’s pricing, availability, amenities, processes, and more. Here are five reasons your business should partner with A Closer Look to complete your competitive analysis:
1. Sales Processes
Understanding how a competing facility operates can help you better understand your own facility’s performance. By analyzing your competitors’ sales processes, you have the opportunity to learn more about their effectiveness as well as how engaged and thorough their staff are. From website inquiries or phone calls to in-person visits and eventual follow-ups, knowing how a facility navigates the prospective customer’s journey is essential.
A competitive analysis allows you to compare your own facility’s processes surrounding nurturing leads, providing sales information, and ensuring prospects have a positive experience. Identifying these strengths and weaknesses aids in future decisions regarding what changes to make, if any, to appeal to prospective residents.
2. Rates & Incentives
Your prospective customers compare your pricing against your competitors’, and you should do the same. While price isn’t the only factor that prospective residents consider, it does play a big part in influencing their decision. Collecting pricing information on your competitors allows you to see how you match up; are you pricing too high or too low?
It’s also beneficial to learn what incentives other facilities offer, like move-in specials that include a month free, discounted rates and facility fees, and more. A competitive analysis will allow you to decide if you should consider implementing changes to your rates and incentives.
The amenities available can vary significantly between senior living facilities. When shopping around, amenities that make things easier, more enjoyable, or worry-free can be highly appealing to both the resident and their families. Some amenities that could interest them include:
- Fitness centers and exercise classes
- Linen and laundry services
- Medication management
- Swimming pools
- Social clubs and activities
Taking the time to collect and analyze data is the perfect way to gauge how you compare to the competition, allowing you the opportunity to see what changes, if any, should be considered.
4. Reputation Management
Competitive reports provide you with insight into whether your competitors are speaking negatively about your facility, allowing you and your staff the opportunity to address any potential concerns on sales calls or tours. When it comes to maintaining your facility’s reputation, it’s best to get ahead of potential negative buzz.
A competitive analysis is an affordable way to gather valuable information on your competitors from multiple locations. Not only are they inexpensive, but they’re also easy to get started – allowing you to quickly utilize the data collected and implement them into your sales, marketing, operations, pricing, and more.
Reap the benefits of a senior living competitive analysis with A Closer Look
Educating yourself on the strengths and weaknesses of your competitors allows you to establish your senior living facility’s position in the market. A Closer Look’s competitive analysis provides you with data on competing facilities, how they operate, pricing, occupancy, and more.
If you’re ready to see where you stand in the senior living market, contact us today to evaluate your competitors’ facilities.