A lot of the tips and techniques you find about improving your marketing relate to the actions you and your team take in order to raise awareness and ultimately turn a prospect into a paying customer. From social media to paid advertising, direct mail to email marketing campaigns – there’s no shortage of articles and insights into how to make these efforts even more effective as you look to acquire more customers and ultimately get a signed contract.
Sometimes, we’re able to improve our communities and make our residents and prospective residents happier by doing something simple and obvious. Updating rooms, offering new classes and activities, improving the menu – all of these things, and others like them, are things that don’t really require a ton of research, because it’s apparent that they’ll bring residents a lot of benefit. Who doesn’t love a fresh new coat of paint, an enriching new activity with friends or a delicious new dinner option?
No one would make a major decision, like buying a house, a car or moving to a new town, without doing some research first. In the senior living industry, we expect our clients to spend a considerable amount of time weighing their options and choosing the community that makes the most sense for them.
When it comes to opening a new community, you can have the most exceptional staff, stunning apartments, luxury amenities – and all of this at an affordable rate – but if you chose to root your business in a bad location, you’re doomed to fail regardless.
Whether you’re considering a major product expansion, opening a brand-new community or simply weighing your options for making some upgrades to your existing services, it’s likely that one thing above all else is occupying your mind: finances. Making money isn’t the only reason we do what we do, and some investments pay off in more than cash, but the hard fact remains that in order to continue serving the populations we serve, we must maintain a stable cash flow.
We’ve spent a considerable amount of time sharing our ideas and insight into why market research makes sense for virtually every business, no matter what your challenge. At this point, we hope we’ve at least piqued your curiosity!
Market research, when done right, can do a lot: whether it’s identifying demand for a new product or service, projecting possible revenue, predicting the future market landscape or helping you uncover ways to improve, smart market research is a powerful way to create a successful roadmap for your community’s future.
It’s no secret that the team here at Sage Age Strategies places a significant amount of value on the insight and knowledge you can gain from good market research strategies. The communities that work with us to do in-depth market research inevitably discover why, but there is still a large faction of communities – and businesses in general – that don’t seem to grasp or appreciate why market research is not only great for your business, but a critical piece of your success in an increasingly competitive market.
For most successful businesses, market research is a cornerstone of their business strategy. It influences and informs everything from marketing strategy and advertising budgets to sales efforts and service decisions. In a world where too many businesses rely on bureaucratic hierarchy, “gut” feelings, hunches and egos to make critical business decisions, market research stands apart as a data-driven, objective, factual bedrock on which to base your organization’s plan of action.