Tag: Sales

I thought I was just flying into Fort Worth, Texas, for another sales conference. Instead, attending the 2019 Greystone Sales Adventure from May 1 to 3 was a life-changing experience that challenged me to look not only at my role in sales, but my whole approach to aging services.

The first tip-off that this wasn’t sales as usual was the conference theme: “Get Down in Funkytown.” It reflected a collective commitment by these senior living sales professionals to get down and be rebellious as they seek to reach consumers who demand more control of their next phase of life. Oh, and it offered lots of opportunities for the participants to get their funk on.

The next clue was the keynote speaker, Lois Kelly, co-author of  Rebels at Work and co-founder of an organization of the same name. The essence of Kelly’s book and the organization she represents is a call for us to push all layers of the organization — regardless of respective role or place of authority — to take responsibility for driving improvement, change and innovation.

Lois challenged us as sales professionals to assume a leadership role in driving change across our organizations. In thinking about the undertaking Lois tasked us with, I’ll be lending ongoing attention to the following questions in collaboration with our clients:

1. What are we doing as partners to make the status quo unappealing?
2. How are we helping our teams become more agile and flexible?
3. To what degree are we maintaining our curiosity? What did we learn today?
4. Who did we listen to today, and what was their message to us?
5. Why does the world need us?

One final takeaway: Lois summed up her message to the group by pushing each of us to change the soul of the place in which we work. The challenge is monumental, but the talented group of sales professionals is serious about transforming the field in an effort to serve those yet to be served.

If you were to ask any senior living sales and marketing professional who their greatest competition is, you’ll probably get one answer pretty consistently – “their own home.”

Even from the surface level, it makes perfect sense. If a person is comfortable in the home that they are already living in, and perhaps own, why would they undertake a major move to a retirement community? Usually, the impetus for a move often isn’t a choice, but rather a need, such as health concerns, inability to keep up with regular maintenance, or rising taxes. When these “pain points” become too much to bear, a person may start to look at other options.

There is, however, a new trend surfacing in the aging services space that purports to help people in these situations. Savvy marketers are pivoting their products and services to appeal to individuals who would much rather stay at home than make the move. If these products and services can keep you in your own home longer, at a fraction of the cost, why wouldn’t you consider them? This tactic has become the new marketing sweet spot for a very specific subset of companies – home bathroom remodelers.

One of the biggest hurdles people face as they age is maintaining their lifestyle in a space built for a younger person. Where once the bathtub ridge was easily negotiable, now it is a tripping hazard. In your 30’s, you don’t care if a shower has a seat or a grab bar, but when you are in your 80’s, these are important additions. Also, as human beings, when we are feeling unwell, we gravitate to two rooms in particular – the bedroom and the bathroom. Bedrooms can be pretty easy to rearrange and refurnish since they are just an empty box with a closet until furniture is brought in. But, a bathroom is a different story.

A recent survey of 1,100 homeowners aged 55 and older found that more than half are in the midst of or are considering a bathroom remodeling project. Let that sink in for a minute. More than half of the key demographic for senior living marketers are taking steps to stay in their current home longer, rather than to look at other housing options. The average bathroom remodel costs around $7,000. Even without specific data, we can take an educated guess that someone who spends a significant amount of money in remodeling their home, with accessibility in mind, is far less likely to consider making a big move to a senior living campus.

Accessibility is the true goal in a majority of these remodels. Nearly half of those doing bathroom remodels (47%) are changing their bathroom layout entirely, and a third of all remodels results in the removal of the bathtub. 84% of remodels result in substantially upgraded features, such as showers and vanities. Oh, and these aren’t DIY renovations; 83% of people hire a professional contractor for their projects (although this number does appear to be shrinking.)

While all of these facts and figures are useful, what does it really mean to senior living marketing professionals? Of course, the home a person is already in remains our biggest competition. But, now is the time to start thinking outside of the box on your marketing messages. “Why spend thousands remodeling your bathroom when you can move into a brand new home today?” Targeting ads to Boomers who are considering renovations could be an interesting tactic that few people are considering. In this way, digital marketing could be especially fruitful, because you could present ads to people who are of the right age and who are looking for remodels. This might be your chance to change their mind and entice them to your community!

As you look towards 2019, and even beyond that, how are you going to adapt your marketing message to appeal to these kinds of Boomers? Those that figure it out will certainly end up winning in our space – and forging what senior living is going to look like for the next several decades.

Source

https://www.supplyht.com/articles/101739-baby-boomers-anticipate-aging-in-place-needs-in-bathroom-renovations

In the aging services space, especially as it pertains to retirement community and rehabilitation services, 90 percent occupancy is an important benchmark. If you look at occupancy rates from key sources, such as NIC and Zeigler, you’ll find 91 percent to be about average as of late. At this level, most organizations have their costs covered and are probably in the black financially.

However, many organizations struggle to get above the 90 percent mark for a number reasons, including resident turnover, the time needed to remodel apartments and cottages, and the lead time it takes for a new resident to sell his or her house and move in. Thus, 90 percent has taken on the air of acceptability.

At Varsity, we strive for 100 percent occupied and reserved — not just because it sounds nice, but because that remaining 10 percent can be the difference between new community development, community improvements, higher wage increases and increased resident and staff satisfaction.

Let’s look at it from the financial standpoint first. For this example, we’ll start with a community that has 100 residences: 60 apartments and 40 cottages.

The apartments generate $1,000 a month in profit over and above costs for service, while cottages generate a similar $1,500 per month. (For simplicity, we’re going to disregard entrance fees, contract types and other mitigating factors that could cause confusion.)

This means that, during a single year, the apartments generate $720,000 of pure income, with the cottages creating an additional $720,000 — for a total of $1.44 million per year in profit.

Now, let’s look at the impact of an occupancy rate of only 90 percent each month — meaning that 10 of the 100 residences are unoccupied.

Seven empty apartments = $7,000 in lost income

Three empty cottages = $4,500 in lost income

That’s $11,500 in lost revenue each month, or $138,000 each year! While this a simplistic example, we think it’s important to realize just how much financial impact that 10 percent can have each month.

We do realize that true 100 percent occupancy isn’t sustainable. So, let’s imagine if your team can reach 95 percent occupancy consistently each month — an increase of only five percentage points. Now, you’re only leaving 5 percent of that revenue on the table. That’s an additional $69,000 in yearly income, which can still have quite an impact on the bottom line. It is that additional revenue that will help spur new community growth, provide increased wages and enable staff to address resident satisfaction concerns in a proactive way.

So, how do you tackle the challenge of selling that remaining 10 percent? In our next post, Jackie Stone, our VP of sales consulting, will share some of her insights for overcoming the 90 percent plateau that will help drive your community to be 100 percent occupied and reserved.

In a crowded aging services marketplace, retirement communities are working around the clock to find ways to differentiate themselves from their competitors. These tactics often include new amenities, varied dining experiences, and ever more involved life enrichment programs. While these upgrades are nice, and may help sway some new residents to sign on the proverbial dotted line, they often aren’t the deciding factor in choosing a community. We all know that location and culture trump granite countertops, lobster dinners, and symphony tickets.

So, let’s be honest with ourselves for a second, shall we? Most retirement communities are the same.

This is a blasphemous statement, I know! But, in a world populated by tens of thousands of communities, they just aren’t all that different when you get right down to it. Nonprofit communities all have a mission that involves caring for and supporting their residents to enable them to live their best life. The words might vary, but the intention is often very similar. So, naturally, these communities try to differentiate themselves from their competitors through physical amenities, unique programs, and better marketing.

Yet, as we opened with, these items usually don’t completely explain why someone chooses one community over another; they are supplemental factors to location and culture. Of course, you can’t change your location, but you can change your culture in a way that will make your community truly unique and quickly make you stand out from your competitors, attracting better leads and more new residents in the process. Here are three ways that you can grow your community culture and attract new residents.

SAGE USA

SAGE is a non-profit organization dedicated to assisting an overlooked and growing portion of the senior market. They advocate and provide services to older people who are GLBT. People in this market have special needs and wants when it comes to senior living and they can easily feel out of place at even the most “welcoming” community. Through their sagecare program, SAGE offers education courses for senior living leaders, managers, and front line employees. This education culminates in a credential provided by the organization denoting the level of training received (bronze, silver, gold.) By training staff in working with the GLBT population and implementing a culture of inclusiveness, you can quickly differentiate yourself from surrounding communities and have an inside track with a market that your competitors are probably ignoring.

SeniorAdvisor.com

Thanks to their strong marketing campaigns, you’ve probably heard of SeniorAdvisor. As an independent senior living review site, SeniorAdvisor has shown strong growth in the past few years. Unlike some other Senior Living referral sites, SeniorAdvisor doesn’t cost your community a dime and it performs two very important functions. First, it offers a forum for individuals to rate and review your community, independent of your digital presence. Of course, this doesn’t preclude you from asking your residents to review you on the site and leave feedback. By doing so, you can create a pool of positive reviews that demonstrates the culture of your community and provides a resource for potential residents who would like to know more about your community. Plus, the listings on SeniorAdvisor can create excellent backlinks, boosting your SEO in the process.

Also, SeniorAdvisor.com awards an annual “Best of” recognition to those communities who have had a sufficient number of positive reviews in the previous twelve months. This is a great credential to earn and includes both digital badges for your website and physical awards for your sales office. You should never underestimate the power of an independent review and recognition from an outside organization!

Find your niche.

This one is a little bit harder to articulate, as it’s not a certification or award, but rather a holistic piece of your culture that you must decide on. At one time, nearly every non-profit retirement was designed to service a niche in the local community. This is why we have organizations affiliated with various religious denominations, community organizations, and fraternal groups. They cater to these once large populations with a culture that was directly influenced by the common bond of membership. However, as membership in these groups has dwindled, so has interest in their retirement communities, forcing these nonprofits to go looking elsewhere for residents. Yet, the idea of a niche is still important; you just have to think about it in a different way.

Do you have a strong resident club that plays to a certain interest – perhaps the environment, organic gardening, or philanthropy? Find those niches and embrace them. While you probably can’t focus your entire community on a single niche (although some new communities are doing just that), you can use the interests of your current residents to connect with potential residents and help them see that the culture of your community lines up well with what they are looking for.

Knowing the culture of your community, and who that culture appeals to, can help you better market to future residents that are more likely to move in. While physical amenities can help sway a decision, a strong culture that attracts a broad range of residents can have a greater impact on your occupancy rates than any new restaurant or upgraded kitchen!