Publish Date: February 12, 2018
Industry ratings organizations forecast that the independent and assisted senior living industry is growing by a compounded annual growth rate (CAGR) of 4.7%, reaching a total market size of $59.0 billion in 2019. However, there is an absence of quantifiable performance metrics for the industry, its communities, and its customers. Further, the same rating organizations show that the in-home senior care market is growing at a much faster pace, forecasting $20.4 billion in 2019 with a 9.45% CAGR, creating more competition in the market.
Collecting and analyzing feedback from residents and adult children (decision-makers) is important to not only provide a highly satisfying experience, but to also better understand perceptions, expectations, intentions, and behaviors, which can help identify and prioritize performance improvement initiatives as well as maximize the overall return on investment. J.D. Power’s actionable market intelligence can help your organization retain current residents and identify how to increase loyal customers who are advocates for your brand and communities. For the purpose of this study, we surveyed both senior residents and adult children who are making decisions on behalf of seniors. Henceforth, both respondent types will be referred to as “customers.”
The J.D. Power 2018 Senior Living StudySM measures satisfaction with the largest senior living providers in the industry (in alphabetical order): Atria Senior Living; Brookdale Senior Living; Capital Senior Living; Five Star Quality Care; Holiday Retirement; Life Care Services; Senior Lifestyle Corporation; and Sunrise Senior Care. Life Care Services has been removed from the official ranking due to an unequal distribution of completed survey instruments, but the data collected will still be provided to subscribers. Further, J.D. Power targeted customers using other providers and the data collected will be modeled and provided as an “Other” competitor.
The overall senior living experience is comprised of the following factors of satisfaction (in alphabetical order): Community Staff; Food and Beverage; New Resident Orientation/Service Set-Up; Price/Cost; Problem Resolution; Room, Building, and Grounds; and Senior Service and Activities. These factors were all modeled against overall satisfaction, advocacy, and loyalty, which J.D. Power will quantify based on the Voice of the Customer.
The study, which provides the senior living providers with insights into the evolving needs and demands of seniors and decision-makers, includes the following objectives:
- Model and Quantify performance metrics among residents and decision-makers
- Benchmark satisfaction enabling comparisons against competitors; subscribers will get their information as well as information on their competitors
- In-depth look at the shopping behaviors of your customers
- Analyze attrition and why residents left your brand for another
- Capture brand and industry image data
- Deliver insights into what drives resident loyalty and advocacy