Assisted Living Services – It starts with a Market Study
A comprehensive assisted living market study is essential for developers and current facility owners who want to build or expand an existing facility. Assisted living market studies examine a range of crucial factors that can impact the success of a new or renovated facility, including competition, market size, market income, and demographic data. Each market is unique, and an assisted living market study can help identify special opportunities and avoid unforeseen challenges.
At Senior Consulting, LLC, we recommend our assisted living management clients commission a study as early as possible in the project so that the results can positively influence and direct major decisions from site location to internal layout.
An assisted living market study focuses on analyzing your facility’s local market: how many people are in your area? Who is part of the target demographic? What are the defining economic and age characteristics of your target market? It also attends to the competition in your area: how much are they charging? What are their differentiating points? What’s their current occupancy? What’s the current market penetration in your area? As part of the market study, we will mystery shop all of the identified competitors, both on the phone and in person, to get as much information as possible.
Unlike other companies, Senior Consulting, LLC, doesn’t simply draw a circle around your facility and analyze everything within it: we carefully examine your geographic region and craft a custom service area that takes influencing factors, such as consumer draw and common travel, into account. The result is a much more specific and accurate look at your market and competition.
Our assisted living market study will provide your facility with recommendations, upgrades, and plan adjustments where appropriate when it comes to things like overall project size, services and care levels, as well as the sizing and mixing of units, their pricing, and potential add-on services and amenities.
Contact Us today to speak to a consultant about how our assisted living market study can enhance the quality and success of your assisted living facility.