The New Year has arrived – a great time to evaluate your organization overall to ascertain what is working and what needs some attention. Call me old-school, but my review employs the Five P’s of marketing: product, price, promotion, place, and profit. Two areas of great focus should be product and price.
EXAMINING OR RE-EXAMINING YOUR PRODUCT
Let’s begin with product. When you have a misfit product the public does not want, only a very low price has the possibility to attract people to it. Whether you are considering new inventory by way of expansion of homes and/or services or through construction of a greenfield, it is crucial to examine the following product areas with a critical eye:
- Current trends in finishes, paint colors, floor coverings
- Appeal to specific personas
- Design innovation
- Unique selling proposition
Assess each attribute by asking the following questions to determine if implementation is a “go” or a “no-go”:
- Is it competitive with other offerings in my primary market?
- Does it appeal to the personas my community is attempting to attract?
- Does it attract possible influencers of the decision-makers?
- How does this product fit with other inventory within my community?
- What is the potential longevity of the product?
Stay tuned as we further dive into the well-being check-up of an organization’s product and pricing.
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About the Author
Patty Scotten is a consultant with Retirement DYNAMICS® and serves as their marketing manager. Patty has over twenty five years’ experience in the senior living industry and has led several communities in preselling expansions or increasing occupancy levels. She graduated from Elon University and holds a Masters Degree from University of North Carolina at Chapel Hill. Patty is licensed as both an assisted living and nursing home administrator.