Having an in depth understanding of the first market space being served by your group and the way the demographics and origin profile tendencies could also be altering will probably be essential for the longer term success of all communities.
Though the definition of a PMA for a brand new to-be-developed undertaking is considerably of a speculative course of, present communities have — or ought to have — a wealth of in-house data on their present and former residents. For instance, the earlier tackle and ZIP code of the residents could be analyzed to establish the precise PMA being served and, if historic knowledge can be found, this data can also mirror how these tendencies have modified over time.
Utilizing ZIP codes will let you purchase and analyze intimately demographic tendencies within the PMA. You may establish the areas of the density of present and future age- and income-qualified older grownup prospects and in contrast that data with present and historic resident origin profile tendencies. These knowledge could be helpful in focusing on future areas of alternative for potential new prospects and creating focused advertising and marketing and outreach actions.
In senior dwelling market analyses, it’s conservatively assumed {that a} PMA typically will signify 70% to 80% of the potential residents. An evaluation of 25 market research performed by MDS signifies that absorption from inside an outlined PMA really can signify 35% to 90% of the residents relying available on the market space and the choices of the senior dwelling group. In quantifying the potential future continued demand, having an correct PMA definition and absorption issue can scale back the danger of inadvertently overstating or understating this future demand.
Resident origin profile tendencies could be influenced by a number of components, such economics/affordability, local weather, household/mates, demographic shifts and group affiliation with affinity teams comparable to faith-based, faculties/universities and healthcare organizations. Understanding the origin profile tendencies of your residents and the general demographic tendencies will probably be essential to establish potential new prospects and to develop extra focused messaging and a novel market positioning available in the market space.
Lynne Moore is president of MDS Analysis Firm Inc., a nationwide senior dwelling and healthcare consulting agency primarily based in Fort Price, TX, that has been serving shoppers for greater than 50 years. MDS is a two-generation firm – she is following in Jim Moore’s footsteps. Ms. Moore is chargeable for all MDS market research-related tasks involving all points of senior housing and well being are. Lynne Moore could be reached at (817) 731-4266 or lynnemoore@m-d-s.com.
The opinions expressed in every McKnight’s Senior Dwelling visitor column are these of the creator and will not be essentially these of McKnight’s Senior Dwelling.
An abridged model of this column appeared within the April 2025 print concern of McKnight’s Senior Dwelling.
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