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Strategic Considerations When Setting Prices in Senior Living
Setting pricing strategy in most senior living communities is often based solely on budget considerations. Unfortunately, the pricing tactics that worked for you in the past may be misaligned with your evolving marketplace. Unprecedented market forces are altering seniors’ needs, expectations, and ability to pay.
Ensuring there is a strategic alignment with your organizational priorities and your target market is critical to long-term enterprise survival. Determining what your target market really wants and is willing to pay for is essential to establishing effective pricing strategies that meet your budget needs and occupancy goals.
Leveraging the understanding of costs, profitability and market positioning provides powerful insight for developing pricing that is aligned with your target market and long-term organizational viability. This understanding can also provide you with a more realistic platform for establishing your pricing strategies. Ultimately your pricing strategies must be carefully matched to your target market.
In this Executive Briefing, management consultant Jill Johnson shares her extensive senior living expertise to provide you with a more comprehensive approach to considering how you will develop your pricing strategies. These insights will offer you a deeper consideration for developing the pricing strategies you need to stay viable, competitive, and valuable for the long term.
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