The senior housing industry is ripe for disruption.
And if you’re not prepared for the shift that’s happening, your senior living operation is at risk of being displaced and marginalized by competitors.
At Bild & Co, we’re issuing a clarion call for all senior living leaders in the nation.
Whether you’re a CEO or an investor, you need to recognize that market factors are converging, setting the stage for a disruption that can radically alter…
- How you listen to the needs of your clients.
- How you create organizational change.
- How your operation communicates.
- And more.
Knowledge is power.
And—for senior living leaders—proactively anticipating changes can mean the difference between a viable, financially healthy organization and an operation that’s a shadow of its former self.
In this article, we’re helping you proactively analyze what’s on the senior housing horizon.
Keep on reading as we dive into the topic of industry disruption, disruptive innovation, and what these mean for your organization…
Why the Senior Housing Industry Is Ripe for Disruption
The senior housing industry is never stagnant.
It isn’t hard to find a headline announcing a new technology or amenity in the industry.
But senior housing faces a change that goes far beyond a new approach to memory care or a cutting-edge wearable device.
The disruption we’re talking about?
The Silver Tsunami of Baby Boomers.
Just consider that…
- The Transamerica Center for Retirement Studies reports that 10,000 Baby Boomers turn 65 every day.
- What’s more, these Baby Boomers are bringing distinct needs, tastes, preferences, and expectations to senior housing…that don’t align with your current message. (To read more about this, check out our article here.)
This influx of seniors won’t be your ticket to automatically increased occupancy.
Instead, as Baby Boomers retire, they’re creating an environment that’s ripe for industry disruption.
And there’s evidence of innovative senior housing options that can meet their needs.
Take, for instance, the rise of…
- University-based retirement communities where Baby Boomers can get assisted living care…while they attend college classes.
- Or the rise of cohousing…a communal approach to housing that challenges the traditional independent living community. (Check out this article in the Herald-Tribune to read more about this movement.)
These few examples underscore how the traditional approach to senior housing is poised for disruption.
Bad food and bingo are on borrowed time.
Just take a look at this video from our CEO, Traci Bild, as she explains that disruption is coming to the senior housing industry…
The Role of Disruptive Innovation
It’s important to note that both cohousing and university-based retirement communities (or any other alternative, for that matter) have one thing in common: innovation.
In fact, innovation is the primary cause of all industry disruption.
So, it’s no surprise that disruptive innovation is your only way to survive market forces.
When it comes to the senior living industry, creating innovation that not only adapts to change, but also creates its own new standard is simple. It all comes down to asking…
How do I meet my customers’ needs?
Asking this question isn’t about providing incremental upgrades.
It’s about the radical pursuit of solving your market’s needs.
It’s about putting their challenges first and your business model last.
It’s about creating a solution that will address their most complex challenges…even if you tear up the status quo.
What Senior Housing Leaders Need to Know about Disruptive Innovation
If you’re a senior housing leader, more than likely, you’re committed to innovation.
After all, continuous growth and improvement are an important part of helping your organization stay financially healthy.
But here’s what every senior living CEO, investor, principal, and C-suite officer needs to know.
Most operations spend too much time innovating within their services.
From better dining programs to expensive upgrades, operations pour time, energy, and resources into improving their properties or services in distinct ways.
But that doesn’t keep these communities from suffering from average or declining occupancy.
That’s because organizations are still in the dark ages when it comes to their sales process. Innovation that disrupts the status quo and impacts top-line growth simply isn’t in the picture.
Not enough leaders are talking about how to revolutionize the customer journey or how to approach occupancy challenges in creative ways, leaving operations vulnerable to industry disruption.
Innovating…Where It Counts
At Bild & Co, we’re here to help senior housing organizations create disruptive innovation that impacts growth and changes industry norms.
Most CEOs would radically transform their dining program or their care model if they knew they could achieve an ROI of 2 to 10%.
However, we also know that investing in a system, proven to increase occupancy, can yield ROIs of 9:1.
Don’t let industry disruption create declining occupancy.
Innovate where it counts with Bild & Co
Thanks to our diverse portfolio and our research division, we constantly listen to marketplace developments. Our insights allow us to identify important trends…and introduce services that disrupt the status quo in senior housing.
If you’re an operation ready to execute agile change, schedule a call with us to discuss how to best achieve your growth goals.