Marketing senior living communities requires a nuanced approach, especially between entrance fee (life plan) communities and rental communities. Each model attracts distinct audiences and necessitates tailored marketing strategies, particularly concerning the timing of campaigns for blue sky projects.
Target audience distinctions for entrance fee (lifeplan) v. rental
Entrance fee (life plan) communities
Life plan communities typically appeal to proactive planners who prioritize long-term security and comprehensive care. Typical prospects may include:
- Age range: Late 60s to early 80s
- Financial profile: Possess substantial assets, often from home equity or investments, enabling them to afford significant upfront costs.
- Health perspective: Generally healthy but seeking assurance for future health care needs. Those on the younger end may have an early diagnosis or chronic illness prompting them to shore up future care or may have helped a parent through an emergent health event and want to prevent their children from needing to do the same.
- Decision drivers: Desire for a continuum of care, estate planning benefits and a stable community environment.
Rental communities
Senior living rental communities attract prospects who value flexibility and may prefer not to commit substantial upfront funds. Prospective residents may include:
- Age range: Mid-70s to late 80s
- Financial profile: Prefer to maintain liquidity, opting for monthly rental payments over large initial fees.
- Health perspective: Generally independent or may require some assistance with daily activities.
- Decision drivers: Emphasis on flexibility and options, lower initial financial commitment and the ability to adapt to changing circumstances.
Blue sky marketing timelines for new construction
Entrance fee communities:
Given the significant financial and lifestyle commitment, marketing for new “blue sky” entrance fee communities should start well in advance of the goal opening date:
- Pre-construction phase (24–36 months before opening): Your initial marketing launch date will depend on a few factors, such as existing brand awareness in the market, current waitlist viability, number of residences, audience knowledge of senior living, seasonality and more. In the very early phases, we may tease the community without revealing too many details to build excitement and an initial seed list.
- Construction phase (12–24 months before opening): As we move down the path, we’ll introduce the community, its vision and opportunities for early reservations. Building community among future residents and a solid program of pre-move-in benefits is key to mitigating inevitable deposit cancellations. Ensure your modeling of deposits accounts for a typical cancellation rate to set yourself up for success. (If you outperform it, great! If not, you’re prepared.)
- Pre-opening phase (6–12 months before opening): Engage potential residents through personalized consultations, finalize reservations and organize community-building events.
Rental communities
With a lower financial barrier and emphasis on flexibility, the marketing timeline can be more condensed:
- Pre-construction phase (12–18 months before opening): Prospects typically shop for a rental community with less lead time. With a 12-month lease commitment, they’re more willing to try it out and see how they like it. Early campaigns may focus on the benefits of rental living, such as flexibility and lower upfront costs.
- Construction phase (6–12 months before opening): Offer virtual tours, highlight amenities and provide clear information on rental terms and available services.
- Pre-opening phase (3–6 months before opening): Facilitate open houses, simplify the application process and promote immediate availability.
Messaging
Whether an entrance fee or rental, putting the time in early on to find your unique selling propositions (USPs) and leaning on them for your messaging will pay off in the long run. You want to showcase how your community is meeting prospects’ needs and wants while differentiating yourself from the competition. Make pricing transparent and easy to understand: Provide clear information on monthly costs, included services and any additional fees to build trust and clarity.
Specific to entrance fee communities
Within your USP messaging, you’ll want to highlight the value of the continuum, financial security and vibrant lifestyle your community will offer.
Specific to rental communities
While still focusing on your USPs, messaging should highlight flexibility, options and, again, active lifestyle.
Develop a comprehensive plan before you act
Effectively marketing your community requires a deep understanding of the distinct motivations and preferences of your target audience. By aligning marketing timelines and messaging with these unique attributes, communities can attract and retain residents who resonate with their offerings, ensuring mutual satisfaction and long-term success.