As the population of seniors continues to grow, so too does the demand for senior living and health care options. Occupancy or engagement rates–whether in Independent Living apartments or Life Plan Communities or services such as Assisted Living, Skilled Nursing, Memory Care, Palliative Care, or Hospice Services for these types of organizations drive the bottom line. Senior Care marketing and sales teams know that occupancy rates drive campaigns, lead generation funnels, and revenue. In other words, occupancy rates present a number of challenges. Here are five big-picture trends marketing and sales professionals need to consider when addressing those occupancy challenges in senior living and care organizations (and how to overcome them!).
1. Low occupancy rates can present financial challenges.
2. Low occupancy rates can affect the quality of care.
3. Marketing is essential to filling accommodations and beds.
4. There are numerous marketing strategies that can be effective in attracting residents: how does your organization build a campaign calendar and use the right platforms to drive growth?
5. Measuring marketing ROI is essential to making sure your marketing efforts are effective.
Low Occupancy Rates can Present Significant Financial Challenges
One of the biggest challenges that senior living and care organizations face is low occupancy rates. When beds or housing units are not filled, it can present a number of financial challenges for an organization. This impacts financial and asset forecasting, revenue generation, and operating costs. Low or unexpected dips in occupancy rates mean that there is less revenue coming in, but it also means that there are more fixed costs that need to be covered. This can put a strain on already tight budgets and make it difficult to maintain high-quality care for residents.
Low Occupancy Rates can Affect the Quality of Care
In addition to financial challenges, low occupancy rates can also have a negative impact on the quality of care that an organization is able to provide. This is because there are often not enough staff members available when occupancy rates are low (not to mention our industry is in a recruitment dry spell). This can lead to burned-out staff members and a decrease in the quality of care overall. It is important for senior living and care organizations to find ways to overcome these challenges so that they can maintain high-quality care for their residents.
Marketing is Essential to Occupancy Rates
An effective marketing strategy is essential to filling beds in senior living and care organizations. There are a number of different marketing channels that can be used to reach potential residents, such as print, digital, and social media advertising, direct mail, public relations, and event marketing. It is important to create a well-rounded marketing mix that uses multiple channels so that you can reach your target audience in the most effective way possible. For example, if you are targeting seniors who are age 65+, you may want to use print advertising in addition to digital advertising since this demographic tends to consume print media at higher levels than other demographics.
Learn more about how Senior Care Growth’s marketing experts can help your organization grow their lead funnel.Schedule A Free Occupancy Strategy Session
How Does Your Organization Build a Campaign Calendar and use the Right Platforms to Drive Growth?
There are a number of different marketing strategies that can be used to attract residents to senior living and care organizations. Some common strategies include providing tours of the facility, offering free trials or short-term stays, hosting open houses or community events, partnering with local businesses or community organizations, and offering discounts or incentives. It is important to experiment with different marketing strategies until you find those that work best for your organization. (Learn more about putting together a complete digital marketing plan in our recent article.)
Measuring Marketing ROI is Essential to Making Sure Your Marketing Efforts are Effective
Let’s hear it for data driven marketing. We all talk about it by setting up clear goals and then measuring the return on investment (ROI) of your marketing efforts so that you can ensure they are effective.
There are a number of different ways that you can measure ROI, such as by tracking website traffic, leads generated, sales made, or resident move-ins. By measuring the ROI of your marketing efforts, you will be able to make informed decisions about where to allocate your resources going forward. Low occupancy rates present a number of challenges for senior living and care organizations. Marketing is essential to filling beds and there are a number of different strategies that can be used. Measuring marketing ROI is essential to making sure your marketing efforts are effective.
By understanding these challenges and taking steps to overcome them, senior living and care organizations can ensure they are providing high-quality care for their residents.