September 17, 2024
Focusing on the “Why” Could Broaden Our Market
Only 2-10% of older adults consider senior living—how can we change that?
In this Senior Living Minute, Dave Ensor explores why so many seniors avoid considering senior living and how the industry can break down misconceptions to expand the market.
Learn how shifting the narrative around senior living can increase interest and demand.
Transcript: Focusing on the “Why” Could Broaden Our Market
Over the years, numerous statistics have highlighted the senior population that could benefit from senior living, as well as the percentage of that population that has ever even reached out to inquire. That number has consistently ranged between 2% and 10%.
This is something I have thought about a lot. The first question that comes to mind is: why is that the case? Understanding the reasons behind people’s actions allows us to determine what we can or need to do to change that trend.
I believe societal norms, prejudices, and outdated perceptions of what senior living is—or what it was—keep many from reaching out. Currently, our industry is competing over just a small sliver of the total potential market. If we took a longer-range approach, I wonder how that would impact those numbers.
My suspicion is that if we shift our focus more toward the prospect, their families, and the underlying reasons behind their decisions, we would see significant growth. If we truly prioritize the ‘why’ behind what we do, there will be more than enough opportunity for everyone.