Competitive Intelligence

Competition. Paradoxically, it both separates us and defines our commonalities; it can bring out the greed in us and it can bring out our nobility.

In the senior living market, this paradox plays out in a particularly vivid manner. We, who are in service-oriented, eldercare professions, are particularly fond of sharing and spreading our ideas and making the industry stronger and better through collaboration.

At the same time, with senior living communities popping up everywhere to accommodate the aging population, we are also keenly aware that competition to fill resident units can be fierce. Staying on top of the market is smart and doesn't have to get in the way of collaboration. Knowledge is power, and sharing it rarely dilutes it.

There are a myriad of legitimate business reasons you need to continually gather competitive information:

1. Keeping up with the Joneses

A must! In this business, your neighbor's great idea could be the ticket to a key improvement in your programming, your next building configuration or your market basket of amenities.

2. Watching your back

You need to know who is copying you and may be directly targeting your clientele by locating in your neighborhood or by launching an ad campaign that directly targets or copies you.

3. Standing on the shoulders of giants

Isaac Newton, when praised for his genius, demurred by attributing his insights to the foundation built by the "giants" who preceded him. In the senior care business, our genius is no different - we all get better by building on each other's knowledge and experiments, both failed and successful. A broad knowledge of our market and competition is essential to that genius.

The main things you should always know about your market:

• Price comparisons, with "apples and oranges" reconciled to reveal a clear picture
• Programming, programming, programming!
• Key vendors and vendor agreements
• Vacancy rates
• Range of services and amenities, and which are offered separately vs. bundled
• Advertising vehicles, open houses, social marketing strategies
• Trends in building configuration, location, land use, style and decor
• Dining options and costs
• Ratios between independent living, assisted living, healthcare, dementia and rehab
• Staff to resident ratios
• Compensation and benefits
• Your neighborhood: more extensive specifics about the senior care facilities within a 10-mile radius
• Zoning changes and new builds
• A clear understanding of their sales and marketing practices

The LeaderStat consulting team employs a combination of mystery shopping, industry data compilations, news feeds, surveys, and the "genius" from our collective experience in the industry to bring you a comprehensive picture of your competitive position. Instead of keeping up with the Joneses, why not get ahead of the Joneses?

We suggest that in addition to a constant ear to the ground, you conduct a formal market analysis at least once a year to stay ahead of the competition. Let us know if we can help!