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The assisted living market analysis will work to analyze the competition and demand for key memory care needs, such as independent living, assisted living, or dementia care. A memory care manager can utilize an assisted living market analysis to help determine appropriate pricing for new or expanding services in their facility.
The analysis works by focusing on a specific area in assisted living, such as memory care, and then analyzing the demographics of potential customers and also the potential competitors in your area. A comprehensive market analysis will utilize a mystery shop to examine competition and also draw from a variety of data from licensing authorities to telephone surveys to discussion with area planners and agencies geared toward elderly services.
Assisted living market analysis can be done by memory care consultants and can be a really informative element for helping to identify competition and also the market pricing and opportunity.
It is important to know that there is no assisted living market analysis that is complete without including all of the following data points: interviews and analysis of psychological, natural and economic demographics and site visits. Memory care consultants can use a variety of ways of choosing primary and secondary service areas for memory care development by extrapolating a radius from a defined site.
An important piece of an assisted living market analysis is the impact that the local elements could have on a build site, such as the physical boundaries of the terrain, and other elements like highways, mountains, and rivers. A build site is best marketed when it is easily accessed by major transportation means, but it is equally as important that the site be not smack-dab in the middle of a high-congestion area to increase its appeal to potential residents. Work with your memory care consultant to discuss the limits and opportunities of your site.
A good assisted living market analysis will also be sure to share with you recommendations, upgrades, and plan adjustments where appropriate when it comes to things like overall project size, services and care levels, as well as the sizing and mixing of units, their pricing, and potential add-on services and amenities. ?We also recommend a demographic segmentation analysis that includes age, income, and amenity needs is included.
Contact us to speak to a memory care consultant for more information or if you need help with any aspects of studying and planning for your next memory care consulting project.