Unless you’ve been living under a rock, you’re probably aware that the Baby Boom generation (those born between 1946 and 1964) is coming into retirement. The oldest Boomers are expected to move into a retirement community within the next 10 years, with the youngest about 30 years away. Ten years ago, there were nearly 40,000 senior living communities in the U.S. (including all levels of care). Given the coming “boom,” that number is sure to rise dramatically. According to the New York Times, there will be 71 million Americans over the age of 65 by the year 2030.
Undoubtedly, the competition among new senior housing communities stands to be fierce as supply meets growing demand. These developments will have to announce themselves early and often to be heard above the jackhammers and power saws building more and more senior housing. While new construction projects create a literal “buzz” on their own, there is much more to successful marketing than hulking cranes and a few signs heralding a fabulous new community on the rise.
Indeed, the time to think about marketing for new senior housing is well before the foundation is laid, beginning with a market study and plan after building is approved by the city. Then creative should enter the picture for logo, look, website and message, followed by community mailings and awareness at least three months in advance of your grand opening.
The elements of a successful marketing strategy in modern times are varied and many, and several experts agree that attempting to achieve success without an agency is costly and ultimately inefficient. That may seem counter-intuitive, but the average annual expense of hiring a marketing manager is roughly $80,000 more than contracting with an agency, not to mention that an agency can offer all the necessary talent and services that a single person simply cannot handle.
Marketing for new construction senior housing is considerably more granular, requiring niche expertise and “ground up” tactics unique to the industry. It’s interesting to note too that because senior housing is associated with health care, retirement communities are freer to build than, say, hotels or residential high-rises, as lending and government entities are less wary of financial failure if the economy turns.
Robust marketing strategies for new senior housing (as well as commercial property, health care and non-profit organizations) can be encapsulated in IVY Marketing’s M.A.P.S. approach. M.A.P.S. is a comprehensive, turn-key marketing solution based on solid market research identifying strengths, weaknesses, opportunities and threats (SWOT).
Market Study discovers opportunities based on field and statistical examination of existing market needs, cultures and competitors.
Advertising encompasses the development of your marketing plan, name, logo and brand identity, providing the cornerstone of your outdoor and trailer signage, digital and print collateral, website, direct mail, and all consumer awareness strategies, including publicity and media pitches.
Online content marketing will not only create consumer awareness with messages that are strategic, seductive and strong, it will also build SEO that drives traffic to your website long before residents move in.
Few industries benefit from special events like senior housing. Seeing is believing, and you can show prospects the unique features of your community even before building is complete by hosting pre- or mid-construction events, on or offsite, that pave the way for future residents. Panoramic photos, architectural renderings and wallboards are just some of the materials you can use to help prospects envision life at your community. (Food and beverages are a must, too!) And just imagine the event possibilities when your doors officially open!
As your marketing partners from the ground up, IVY provides you with the market analysis, advertising, public relations and special events (M.A.P.S.) you need to occupy your fabulous new community with equally fabulous new friends.
Did you know? IVY’s comprehensive M.A.P.S. approach can also help launch your commercial property, health care or not-for-profit organization.
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