Multi-brand portfolios: A strategy to gain senior living market share?
Senior living operators who can successfully deliver multiple brands may be able to capture a greater percentage of an increasingly diverse senior population. Partner Dana Wollschlager discusses the benefits of multi-brand strategies at Senior Housing News.
Some senior living providers are taking a page from the hospitality sector, with positive results. Leveraging multiple brands to attract different types of customers, an established hotel tactic for gaining market share, is now a growing approach to the senior living business.
In the case of senior living, the multi-brand strategy consists of launching new brands personalized for specific consumer segments — such as price point, resident acuity, geography or environment, and lifestyle — in a “family” of brands that can appeal to a variety of seniors.
Plante Moran Living Forward Partner Dana Wollschlager expects senior housing to segment primarily around three income levels:
- Low-income for seniors at or below 30% of the area median income
- High-end for those who can afford significant entrance and monthly fees
- Middle-market for individuals in between
Whether segmenting based on income, acuity, geography, lifestyle, or some combination, an operator who can successfully deliver multiple brands could capture a greater percentage of an increasingly diverse senior population.