As the baby boomer generation continues to age, the need for senior healthcare is higher now than ever before. New market forces and the expanding number of providers eager to serve this generation can make it difficult to succeed in this emerging field, especially if relying on demographics alone to guide your real estate decisions. If you are planning to enter or expand into the eldercare industry, here are three undeniable truths to keep in mind when trying to distinguish yourself from others in the market:
Senior population is growing
By the year 2060, the 65-and-older population is set to reach 98 million, nearly double the size from 2014, according to the U.S. Census Bureau. Since we have four decades of potential medicinal advancements before 2060, this provides ample room for improvements in health and life expectancy. This demographic is swelling at an astounding pace, presenting eldercare businesses a huge opportunity to capture market share in the coming years.
Not all seniors are created equal
Just like millennials, not all seniors are created equal. A variety of life events makes it difficult to segment this group. They are not a single group with similar purchasing patterns and needs. Instead, things like health, lifestyle and income should be considered when analyzing their healthcare consumption behaviors.
It’s not just about the patient or senior – the “initiator” plays a role
An “initiator” is usually the children or relatives that make key decisions in the healthcare and living choices for the senior. In addition to making care related decisions, many also contribute financially to healthcare or living expenses. It’s crucial for providers to deliver convenience to initiators as well as patients. Those that do so will thrive in the coming years.
Smarter Decision Making with Analytics
Seniors are typically lumped into one big group but their differences in life stages show differences in what they want and where and what marketing messages will resonate with them.
Use customer analytics to see the big picture and take your senior market knowledge to the next level.
Read our report 3 Big Realities of Senior Healthcare for a more in depth look at this growing population segment and how to apply patient analytics to your healthcare strategy.