I recently read a great post by Steve Moran, an astute observer of the industry serving older adults. In his May 8, 2017 Senior Housing Forum Steve highlighted the need for senior housing operators to be aware of the competitive marketplace in which they’re located. He said this is increasingly important as inventory grows. I’d say it’s important all of the time.
A community once new and fresh, competitively priced and positioned in the marketplace, can easily become outdated and out of touch with customer preferences if they are not constantly testing the consumer preferences. We often assume providers are operating the way they have in years past. In the busyness of senior housing operation it can be difficult to keep up with the changing dynamics in the market areas.
A consulting firm can often obtain information not available to local operators. The competitive analysis we include in our market studies provides far more than quantitative numbers useful in calculating market depth or market penetration. It becomes a part of the story for each of our clients.
Unlike a selfie in which a person pictures themselves with a backdrop of their choosing, senior housing operators must place themselves in a real competitive marketplace in which they’re located and take a good look at the picture that results.