Multi-Generational Marketing: Getting Prospective Residents and Their Families on Board Argentum Conference Denver May 2016
Why Multi-Generational Marketing?
73%
Adult Children are involved in 73% of senior housing decisions (ASHA 2014)
2
Why Multi-Generational Marketing?
Caring Data: When Inquirer = Adult Child
3
3X 3X
Move-in rate is 3X higher vs. “Self�
2.5 X
For AL, move-in rate is 2.5X higher
3.5X
For IL, move-in rate is 3.5X higher
Understanding the Market
Caregiver Study
Resident/Prospect Study
• Target: People searching online for senior care
• Varsity’s Project Looking Glass III study
• 2,098 completes of online survey
• Target: Senior housing residents and prospects
– 50% adult child or other relative – 30% spouse
– 20% self
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• 15 focus groups • 435 online survey completes
Housing Decisions: Adult Child Perspective What prompted your loved one’s move to senior housing? 58%
Health Considerations Caregivers’ needs
27% 20%
No specific cause 10%
Death of a spouse Loneliness
8%
Closer to family members
7% 5%
Financial considerations 0%
10%
20%
30%
Source: Caring.com Caregiver Journey survey, Fall 2015 5
40%
50%
60%
Housing Decisions: Resident Perspective We asked participants “What motivated decision to move?� Health change: spouse
44.5% 44.0%
Health change: you Home maintenance responsibilities
30.6%
24.2%
Peace of mind and security Children/family encouragement
22.5%
Desire for social interaction
12.5%
Availability of meals No longer able to drive 0.0%
4.4% 2.3% 10.0%
20.0%
30.0%
Source: Varsity Branding, Project Looking Glass, 2015 6
40.0%
50.0%
60.0%
How Did You Make the Decision? Adult Children Which of these did you use to select a community? Local knowledge of senior housing options
45%
40% 40%
Recommendations from friends/family members Online directories, such as Caring.com The community’s website
35% 30%
34% 29%
27%
25% 20%
Recommendation from professional or clergy Only option due to geo, financial, other constraints My loved one knew this facility and selected it him/herself
15% 10%
5% 0%
Source: Caring.com Caregiver Journey survey, Fall 2015 7
17% 14% 8%
How Did You Make the Decision? Residents
65%
41%
41%
Stopped by communities they already knew
Asked friends for recommendations
Searched online
Source: Varsity Branding, Project Looking Glass, 2015 8
How Did You Make the Decision? Residents What was important in making your decision?
Significant Factors
Non-Factors 38%
84%
82%
Religious Affiliation
Financial Stability Friendliness Of Staff Expertise of Staff
71%
Attractive grounds/buildi ng Friends who live there
Source: Varsity Branding, Project Looking Glass, 2015 9
32%
14%
Adult Children of Non-Residents For adult children whose parents still live independently in their own home, only 25% are satisfied with living situation Why don’t they move?
47%
38%
22%
AGREE
AGREE
AGREE
My loved one would never consider moving out of his/her home, so we must cope the best we can”
“I’m getting concerned for my loved one’s health or safety, and feel we will need to make a change”
Source: Caring.com Caregiver Journey survey, Fall 2015 10
“Due to financial constraints, I think this is our only
Senior Non-Residents What is holding you back from making a move? 61%
35%
28%
26%
Just not ready/still active, healthy
It’s too expensive/ I’m still working
I have too much stuff/downsizing
I want to be independent
“Bottom Line: The belief is still prevalent that you move into a retirement community when you are sick, disabled and/or need help.” Source: Varsity Branding, Project Looking Glass III, 2015 11
Conclusions
Health considerations drive most senior housing decisions
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Seniors fear loss of independence
Adult children’s own needs drive many move-ins
Both are happier once older loved ones are in senior housing