As a senior care provider, your community is filled with residents from the Silent Generation and maybe even some from the Greatest Generation. Yet the reality is that the face of your operation is going to change.
Baby Boomers are the future of your community. While they may not live there today, they are making the buying decisions for their parents and will ultimately become the residents themselves.
Now is the time to take a proactive stance to increase occupancy and revenue in the years to come by fully understanding what makes Baby Boomers buy.
In this article, you’ll get a jump start on this important generation. Here are 12 statistics on your future residents:
#1 Baby Boomers could contribute to a 75% rise in a need for skilled nursing.
According to the Population Reference Bureau, in the coming decades, Baby Boomers may be behind a 75% increased need for nursing home care for adults over 65. However, selling to Baby Boomers isn’t a distant possibility for future years. Check out the next statistic.
#2 Each week, 70,000 Baby Boomers retire.
According to Investopedia, 10,000 Baby Boomers retire each day. This and the previous statistic might seem to indicate you have an unlimited source of potential residents for your independent living communities and CCRCs. Don’t make assumptions, and read the next must-know fact.
#3 Over 30% of Boomers lack retirement fund savings.
According to this article, the Insured Retirement Institute reports some important statistics: for Boomers in the workforce, 31% have no retirement savings, and for Boomers who are retired, 50% have no retirement savings. According to the article, the savings rate has dropped since 2011.
This is critical data for you and your sales directors. When selling to Baby Boomers, be sure to have financial tools at the ready, from VA benefits to LifeCare Funding Solutions and more. Many Boomers are going to need funds to make a move to Senior Living a viable option.
Be aware that those who can afford your communities will be sought by your competitors. You’ll need a top-notch sales system and a quality community with strong differentiating factors if you want to drive move-ins.
#4 Over a third of Boomers look to Social Security.
According to the previous article, the Transamerica Center for Retirement Studies found that 36% of Baby Boomers look to Social Security for the future. Once again, this is weighty news to operators. Increasing occupancy and revenue is going to require strategy, adaptation, and excellency.
#5 At least 50% of Baby Boomers spend a minimum of 10 hours a week on content.
Creating a digital marketing strategy is one way to generate leads and the move-ins needed to fill in years to come. The good news is your future residents love content.
According to this infographic published on the SocialTimes, at least 50% of Baby Boomers spend at least 10 hours each week with online content. When selling to Baby Boomers, don’t completely rely on print marketing. Invest now in digital marketing tactics.
#6 Over 20% of Baby Boomers consume content from 9:00 a.m. to 11:59 a.m.
According to the previous infographic, this time block is the most popular content consumption time for Baby Boomers. As you strategize how to release quality content promoting your communities, remember that your revenue opportunities might increase based on when you distribute your content. Be sure to provide more during slower traffic cycles.
#7 Over 40% of your future residents love their laptops.
The previous infographic also reveals that laptops are preferred by over 40% of Baby Boomers. This is important information for your community. Begin creating spaces where your future residents can use their laptops. For instance, you may expand to include cozy libraries, cafes, and reading nooks. Train your sales team to highlight these important socialization areas during community visits.
#8 Over 80% of Boomers are on Facebook.
According to a study conducted by DMN3, 82.3% of Baby Boomers use Facebook. When selling to Baby Boomers, consider promoting your community on Facebook. It’s an excellent platform for running ads and writing quality posts to attract prospects. (To learn how Bild & Company can help you create online campaigns, visit our marketing services.)
#9 85% use the internet for product investigation.
DataMentors states that the majority of Baby Boomers research products using the internet. Be sure your community has a strong online presence. When Baby Boomers start searching for a care community, you want them to find important information for their decision on your website.
#10 In the United States, there are almost 75 million Baby Boomers.
This year, Pew Research released a statistic reporting approximately 74.9 million Baby Boomers. Understand that you will be selling to this demographic, not just once but twice (first for their parents and second for themselves). With many Boomers having chronic conditions, you may see them coming to your communities sooner than expected.
#11 Baby Boomers have a longer life expectancy.
As this article in the New York Daily News explains, a government study reveals life expectancy at birth has increased by at least a year, indicating longer life expectancy for Boomers in a fifties to sixties age bracket. This means you will care for some of these residents longer.
#12 Some Baby Boomers stay in the workforce longer.
According to U.S. News, the Bureau of Labor Statistics found that 2014 saw an increase in the number of working individuals aged 62-64. The article states a minimum increase of 10%, compared to a previous benchmark.
If you operate an independent living community, begin training your sales team to highlight how your community will help residents maintain an active lifestyle for seniors who wish to stay busy and continue to make a contribution via their work.
These statistics on your adult Boomer children and future residents aren’t just important for your own planning. You’ll want to take these 12 facts to educate your sales team. Arm them with these insights so they can begin incorporating this knowledge into inquiry calls and on-site visits as well as your annual marketing strategy. Here are some ways this can be accomplished:
- During on-site visits, ask prospects if they’re on Facebook to build the emotional connection and relationship.
- Emphasize your affordable care offerings, such as shared rooms and studios, to Boomers who seem to have little retirement savings (these are often the hardest to sell anyway so now you will have a strategy to make them desirable!).
- Point out community activities that relate to the Boomers’ previous line of work and introduce them to residents who worked in the same or similar occupation.
The landscape of senior care will be shifting. Prepare for this shift by giving your operational and sales directors a systematic way to drive occupancy and revenue.
Sales training and strategic marketing plans help your departments build a culture that meets the needs of prospects—whether your prospects are from the Baby Boomers or the Silent Generation.
You can shoot me an email at email@example.com or text 813-390-3349 with your name and number to discuss a strategy customized for you. Together we will find a training solution to support long-term growth.