Great Expectations: Keeping up With Changing Customers

Great Expectations: Keeping Up with Changing Consumers

Margaret Wylde ProMatura Group, LLC

1

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

3

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

6

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

7

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%

11

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%

12

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%

14

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

15

Do not want seniors housing. 18

22

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?

27

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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%

29

Recently (approximately last 3 years) tried to sell, sold, or thought about selling home.

7%

30

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

31

Aware of IL Community in Area

76% 73% 71% 67% 56%

< 75 75 to 79 80 to 84 85 to 89 90+ Age Group

32

70% of 4,718 aware of IL community 18% knew name of a community in their area 51% heard of subject community

33

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 %

34

Opinion of Community

23% 28%

3% 1%

44%

Very posiQve

Somewhat posiQve

Somewhat negaQve

Very negaQve

No opinion

35

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

36

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

37

Percent Who Felt at Least A LiRle to Very Lonely by Health Status

12% 19%

26%

41%

Excellent Good Fair Poor

38

Very PosiQve Opinion by Loneliness

41% 42% 45%

63% 58%

Not at all lonely

A liole lonely

Somewhat lonely

Lonely Very lonely

39

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%

40

Likelihood of Moving to Independent Living

4%

16%

27% 27% 26%

Very likely Likely Neither likely nor unlikely

Unlikely Very unlikely

41

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

42

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)

43

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%

45

What is age-‐qualified housing?

Answer: The only form of legal discriminaQon in housing.

47

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

50

We must focus on the human spirit…

not age not limitaQons not care the spirit of the individual… and what makes them happy

51

Great Expectations: Keeping up With Changing Customers

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