The idea that a single initiative could give you and your team answers about everything from proper pricing models and expected vacancy rates to the ROI of a community renovation may seem like fantasy, but thanks to the world of in-depth data, it’s 100 percent a reality. That data is what comes from smart market research, and it can provide in-depth insight into a whole slew of questions you may have about your community, your market and your audience.
Advanced market research is something we specialize in at SageAge Strategies. To show you how profound such a process can be, we’d like to share with you a case study from a client of ours, Clarity Pointe.
The community began with the goal of offering high-quality, research-based memory care assisted living for individuals living with Alzheimer’s and other forms of dementia. The goal? Offer luxury-level accommodations while continuing to provide the latest in science-based care.
Clarity Pointe’s Need
Having secured financial partners for their development efforts, Clarity Pointe now needed the following:
- A rapid identification of new markets for development
- An assessment of said markets to ensure demographic fit
- An assessment of said markets to assure need and price-point fit
- An assessment of industry competition in said markets
How SageAge Helped
Our team has a long-standing relationship with this organization of communities. Based on that, Clarity Pointe chose to rely on our expertise to help them with their needs. So, we got to work!
Market Identification: It’s not a pretty process, but it’s absolutely necessary. We started by conducting statewide analyses to cull out highly populated pockets of affluent seniors based on their zip codes. We honed in further, conducting some preliminary market research to refine these groups. Upon identifying each new market, we continued our market research to determine unit counts in each one and where the current market penetration rate sat. Through this in-depth analysis, we were able to decide which markets warranted further research.
Market Overview: Our years of experience have taught us that while some senior living consultants may stop here, we needed to go more in-depth with market research to provide a truly valuable service to our client. To make sure each market we had identified was truly viable, we conducted market overviews of each. These mini-reviews provided the Clarity Pointe team with high-level insight into each market, what competitors resided in each, and the raw, untapped demand they’d find in each.
Comprehensive Feasibility Study: No, we weren’t done yet! Once we all decided on a market that demonstrated solid demand, we provided our client with a full, comprehensive market feasibility study, which included in-depth analysis of the competitive landscape, a demographic analysis of the area identified and more.
Going from the bird’s eye view to a highly detailed, laser-focused view allowed us to thoroughly but also rapidly come to a well-educated conclusion about the markets Clarity Pointe should pursue. As a result, Clarity Pointe’s leadership is currently exploring several options and are initiating the planning and development process for their newest community.
Having long-standing clients who trust us with these initiatives is a hugely rewarding part of what we do at SageAge.
SageAge Strategies is a multiple award-winning, strategic growth and marketing organization that provides multiple strategic growth solutions. For more information, please call or e-mail Malissa Illiano at 717-695-6740 / firstname.lastname@example.org.