Great Expectations: Keeping Up with Changing Consumers Margaret Wylde ProMatura Group, LLC 1
Mar 06, 2016
Great Expectations: Keeping Up with Changing Consumers
Margaret Wylde ProMatura Group, LLC
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Age of Residents at Year of Entry Among Previous Year and Current Year Move-‐In
55.6%
27.8%
11.1%
5.6%
29.1%
25.6%
30.8%
14.5%
0% 10% 20% 30% 40% 50% 60%
<80
80-‐84
85-‐89
90+
Percent within Age Group
Age Grou
p
2012 2001
Same Store
Same Store all opened 2001 or before
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DistribuQon of Residents by Age 2001-‐2012 All ProperQes
33%
32%
23%
12%
18%
25%
32%
25%
0% 10% 20% 30% 40% 50%
<80
80-‐84
85-‐89
90+
Percent within Age Group
Age Grou
p 2012 2001
All in 2012 4
Self-‐RaQng of Health
2% 6% 20%
29%
55%
49%
24% 16%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2001 2012
Excellent
Good
Fair
Poor
Same Store 5
Use a Walker
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Fallen in Past 6 Months
15% 16% 14%
25% 33% 34%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
CCRC -‐ EF Combined Free-‐standing
2001 2012
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MeeQng ExpectaQons: 2001 and 2012 AcQviQes and RecreaQon – Same Store
2% 5% 17% 8%
57% 54%
24% 34%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
2001 2012
Exceeded
Met
Nearly met
Not met
Same Store 8
MeeQng ExpectaQons: 2001 and 2012 Food Service – Same Store
14.7% 8.3%
18.9% 13.4%
47.4%
47.6%
18.9% 30.7%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2001 2012
Exceeded
Met
Nearly met
Not met
Same Store 9
MeeQng ExpectaQons: 2001 and 2012 Housekeeping – Same Store
5.4% 3.6%
19.4% 10.8%
60.2%
51.2%
15.1%
34.4%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2001 2012
Exceeded
Met
Nearly met
Not met
Same Store 10
This Community Offers Me Good Value for My Money – Combined IL/AL
0.4% 2.8% 6.8% 9.9%
23.0% 29.1%
45.5%
45.7%
24.3% 12.5%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
80.0%
90.0%
100.0%
2001 2012
Strongly agree
Agree
Neutral
Disagree
Strongly disagree
Combined IL/AL
11.8%
5.5%
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I Consider This Community My Home – Combined IL/AL
0.0% 0.8% 0.4% 2.2% 7.0%
15.0%
49.2%
60.5%
43.4%
21.5%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
80.0%
90.0%
100.0%
2001 2012
Strongly agree
Agree
Neutral
Disagree
Strongly disagree
Combined IL/AL
21.9%
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SaQsfacQon with Quality of Life in Community
45.0% 31.3%
47.4%
51.6%
6.9% 14.3%
0.7% 2.1% 0.7%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
80.0%
90.0%
100.0%
2001 2012
Very dissaQsfied
DissaQsfied
Neither saQsfied nor dissaQsfied
SaQsfied
Very saQsfied
Combined IL/AL 13
13.7%
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1. Consumers choose what they want, rather than what they need. 2. Hyper-‐abundance and choice. 3. Consumers don’t like wasQng their Qme, money or effort on
anything.
4. Your compeQQon is everywhere and everything.
5. Must be aware of innovaQons from around the world. 6. Consumers are more aware of and excited by companies that get
‘it’ right (customer service, markeQng tone, design or usability).
Buy
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Do not want seniors housing. 18
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1. Consumers crave informa9on. 2. And can get it from anywhere in the world and have it translated to their language.
3. Online, everyone has a voice – and know their power.
4. Consumers use reviews to ensure the perfect purchase.
CLEAR HEALTH COSTS
Crowdsourcing platform informs patients of healthcare prices in the local area 23
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TRANSPARENCY
Appropriate, relevant, personal and useful informa9on that is delivered wherever, whenever and however they need it.
WELLTHY GOOD HEALTH IS NOW AS IMPORTANT TO
SOME CONSUMERS AS HAVING THE BIGGEST, NEWEST OR SHINIEST STATUS SYMBOLS
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“73% of consumers consider being physically fit important to being ‘well,’ with 74% including ‘feeling good about themselves’ .”
- The Hartman Group, August 2010
WELLTHY | SIGN OF THE TIMES
What does this mean for you in what you do?
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The happiest moments of the happiest life….are here and now.
You must know what makes your prospecQve buyers happy.
Total Qmes telephone dialed 85,646 Total number of households contacted 22,337 100% Refused 16,607 74% Disqualified -‐ living in age-‐qualified housing 492 2% Disqualified -‐ < 70 years of age 514 2% Completed telephone survey 4,724 21% Total number of households qualified and invited to complete mail survey
3,974
18%
Agreed to complete mail survey 1,204 30% Completed and returned mail survey 488 41%
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Recently (approximately last 3 years) tried to sell, sold, or thought about selling home.
7%
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Sold home 40%
Tried to sell 16%
Thought about selling
45%
Selling of Home by 7% of Non-‐Residents
62% at desired price 3 months 38% less than desired ($53,000) 8 months
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Aware of IL Community in Area
76% 73% 71% 67% 56%
< 75 75 to 79 80 to 84 85 to 89 90+ Age Group
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70% of 4,718 aware of IL community 18% knew name of a community in their area 51% heard of subject community
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Number of CommuniQes (Total = 91)
Percent of Telephone Respondents
Named Community
Winner 86% 2 53% 2 40% to 47% 1 30% 9 20% to 27% 13 10% to 19% 49 1% to 9.9% 14 0 %
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Opinion of Community
23% 28%
3% 1%
44%
Very posiQve
Somewhat posiQve
Somewhat negaQve
Very negaQve
No opinion
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Opinion of Independent Living Community
44% 48%
5% 3%
41% 51%
7% 2%
Very posiQve Somewhat posiQve
Somewhat negaQve
Very negaQve
Near Term Next Wave
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Reason for NegaQve Opinion
49%
17%
11%
8%
7%
6%
5%
5%
2%
Expensive, cost too much, can't afford
Too confining
Rules/regulaQons
Poor quality of care
Unappealing atmosphere
Poor locaQon
Prices keep going up
Being with only older people, frailer people
Don't know
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Percent Who Felt at Least A LiRle to Very Lonely by Health Status
12% 19%
26%
41%
Excellent Good Fair Poor
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Very PosiQve Opinion by Loneliness
41% 42% 45%
63% 58%
Not at all lonely
A liole lonely
Somewhat lonely
Lonely Very lonely
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Among those unlikely to move….
What could community do? N Percent Lower Costs 60 48% Variety of ages/people 12 10% Beoer care 11 9% Larger residences/make more spacious 8 6%
Increase services/ameniQes 7 6% Hire more staff 6 5% Allow pets 4 3%
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Likelihood of Moving to Independent Living
4%
16%
27% 27% 26%
Very likely Likely Neither likely nor unlikely
Unlikely Very unlikely
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SaQsfacQon with Daily Life
41% 45%
12%
0.9% 0.2%
43% 43%
10% 3% 0.6%
Very saQsfied
SaQsfied Neither saQsfied nor dissaQsfied
DissaQsfied Very dissaQsfied
Non-‐Resident Resident
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Percent of Non-‐Residents Thinking of Moving by Type of Neighborhood Considered for New Residence
To an independent living community 52% To a house in a neighborhood that is restricted to people 55+ 26% House in a neighborhood where people of any age live 24% A rental apartment that does not include any services 22% To an assisted living community 19% To a conQnuing care reQrement community 18% To the home of a family member 13% To a nursing care facility 7% (Note: Columns do not add up to 100% because more than one opQon could have been selected)
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What They are Looking for in an Independent Living Community
Less home/yard maintenance 28% Dining/Food Services 11% Less lonely/Around other people 11% AmeniQes available 9% Making new friends 7% Safety/Security 5% Less responsibility 5% AcQviQes/Services 5% Being around people own age 4% Having own private space 4% Medical support available 3% Convenience 3%
Would consider
IL
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4%
85%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90%
Before Aqer Lifestyle shown during research
IMPACT OF LIFESTYLE ON LIKELIHOOD OF PURCHASE
2025% 2025%
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What is age-‐qualified housing?
Answer: The only form of legal discriminaQon in housing.
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aging in place 48
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what the prospect and customer experience cannot be leq to chance
What the prospect and customer experience must match their spirit of life….not their limitaQons
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We must focus on the human spirit…
not age not limitaQons not care the spirit of the individual… and what makes them happy
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