“We have potential for more upside in senior housing…but we don’t know what the silver bullet is.”
“My communities are capable of achieving 95% occupancy and stellar ROI. I can’t pinpoint why my census is never stable.”
“When we built this property, we easily estimated we’d be ⅔ full by now. Why is growth so slow?”
In the senior housing industry, it’s common to realize there’s a gap between your current growth and what your portfolio can actually achieve.
Bild & Co regularly encounters leaders who know their operation is capable of more. The problem is, they haven’t identified the missing link or the silver bullet that will help them achieve their goals.
While there isn’t a panacea for increased ROI, bridging the gap between your current performance and future goals is possible.
What’s more, it’s critical for your long-term viability.
That’s because the same way you solve underlying occupancy issues is the same way you’ll navigate industry disruption—a win-win for your organization.
In this article, we’re continuing our discussion of industry disruption, revealing what you need to do to…
- Meet industry disruption head-on.
- Achieve the growth you never thought was possible.
(In our last article, we discussed how the senior housing industry is poised on the verge of industry disruption. In case you missed it, you can read it here.)
Let’s dive in…
Why Senior Housing Must Radically Address Customer Needs
In our last article, we discussed why senior housing leaders need to focus on innovation when it comes to their sales process. And you saw why radically transforming your sales process innovates where it counts most for your revenue.
However, the heart of being innovative (and increasing your occupancy) is this:
You must radically serve customer needs in a way that’s disruptive.
This isn’t a new concept when it comes to running a successful business. It’s a philosophy that’s been embraced by the greatest minds in business.
Take Jeff Bezos, who said…
“The most important single thing is to focus obsessively on the customer. Our goal is to be earth’s most customer-centric company.”
Or Steve Jobs, who explained…
“Our DNA is as a consumer company – for that individual customer who’s voting thumbs up or thumbs down. That’s who we think about. And we think that our job is to take responsibility for the complete user experience. And if it’s not up to par, it’s our fault, plain and simply.”
The problem is, most senior living operations have this mindset after the resident moves in.
That’s a serious problem.
If you want to address growth challenges and take the first step toward innovation that disrupts, you must meet customer needs sooner.
In fact, at Bild & Co, we believe that serving customer needs begins the moment your future resident contacts a property.
Are You Radically Addressing Customer Needs? A Quick Quiz
It’s important to measure the gap between how you currently meet customer needs and best practices. Here’s a quick quiz to see if your portfolio is radically servicing your customers.
If you don’t know the answers yourself, don’t hesitate to bring in your regional directors or have Bild & Co. conduct mystery shopping or an on-site analysis.
- How quickly do your properties respond to incoming calls or online queries?
- Is someone always available at your communities to conduct walk-in tours?
- As your teams interact with people, are they quick to listen, show empathy, and ascertain needs?
- Are on-site tours—a critical part of increasing occupancy—planned around the needs of individual leads?
- Do your teams offer future residents and their family members creative solutions that help overcome objections?
- Do your teams follow up?
Taking the First Step toward Senior Housing Innovation
Most senior housing organizations can’t answer yes to each question in our quiz.
However, don’t think you can solve each problem in a day, a week, or even a month. Getting innovative with your sales process takes time.
While most senior housing operations need a comprehensive strategy, here’s an easy way you can start addressing customer needs and closing your revenue gaps.
Have your regionals target the inquiry process.
At Bild & Co, we’ve found that the inquiry process is a critical—but neglected—part of driving revenue…and that most senior living operations face challenges in this area.
Here’s where you can start:
- Listen to your inquiry calls…for both customer needs and sales team performance. (Consider if you even have a way to do this. If not, check out our solution for monitoring your inquiry process.)
- Have your regionals analyze calls for two things: what the lead needed and what the team member provided.
- Challenge your regionals to create an action plan based on their findings.
Again, the inquiry process is only a small piece of what it takes to truly create industry disruption. But this will help your operation start thinking about what’s needed to spark industry disruption.
Why Senior Housing Organizations Experience a Disconnect
Perhaps you know your sales process is completely inadequate. It didn’t take our series on industry disruption to tell you that your operation’s future and current growth are at risk.
The question you must answer is this: what’s holding you back from success?
At Bild & Co, we’ve found that, in senior housing operations, there’s usually someone who understands something is wrong with the sales process…someone is seeing the handwriting on the wall.
But here’s the problem.
Organizations don’t know how to turn a good theory into actual practice. They don’t know how to scale an effective strategy on a large level.
And that’s understandable. It takes work to make buzzwords come true.
In senior housing, it takes extreme systematization, alignment, and a culture of accountability.
At Bild & Co, we’re more than happy to tackle the complicated—and often unglamorous—work of servicing your customers’ needs. We’re here to help your organization, as a whole, implement a strategy that increases occupancy and empowers you to realize your dreams.
From mystery shopping your communities to executing change through one-on-one coaching, let us bridge the gap between where you are and where you want to be.
To see how you can fulfill your potential, request a complimentary strategy session. This is your opportunity to tap into Bild & Co.’s expertise for your operation.
And be sure to check our blog next week. We’re sharing a key quality for driving revenue and industry innovation…