Acquisitions, developments, and re-brands: Why it’s important to target your niche market
Like it or not, as consumers’ focus shifts from convenience to personalization and corporate integrity, a lot of large chains are dying. Gone are the days of the one-size-fits-all, cookie cutter approach when it comes to pleasing a potential customer, especially in high-end markets. Here are some tips on how to target a niche market and embrace individuality during a rebrand, acquisition, or new development:
1. Do your research.
In addition to the traditional market research, like local landmarks and attractions, proximity to major highway systems and travel routs, and average household income, it’s also important to learn as much as you can about your current customers, and draw conclusions from what you learn. For example, during an acquisition, make an attempt to spend a significant amount of time in the building and get to know the residents. What are their favorite activities? What are their favorite meals? What religious or cultural customs do they share? By observing trends, it will be come overtly apparent which brand and operational changes will be well received, and which ones will go over like a lead balloon.
2. Be specific.
A lot of senior living providers use blanket terms, descriptions, or even photography on their websites and other collateral to avoid an over-commitment or ruffling feathers. Avoid the pitfall of being so vague that your resources say next to nothing at all by always using community-specific floor plans, calendars, photos, and descriptions on all of your collateral, both print and digital.
3. Don’t be afraid to try something new.
As senior living providers, it’s crucial to have set standards, policies, and procedures to help our communities run seamlessly…. but what if a current policy flies in the face of a market’s key selling points? Don’t be afraid to break the mold and do what works, even if it’s not what’s “always been done.” Every community, group of existing residents, and market is unique, so don’t be afraid to branch out and take (well educated) risks.
Want to learn more about The Hearth’s approach to acquisitions and developments? Contact our development team at firstname.lastname@example.org or (315) 849-9277.