Middle market baby boomers have crept up on the senior living industry — en mass. And they have created a huge demand for housing solutions that don't currently exist. The rush is on to find new solutions. How the industry will meet middle market housing needs is one question. How communities will successfully market themselves to this diverse and demanding group is another.
Who Are They?
The middle market is comprised of middle-income seniors considered too wealthy to qualify for public assistance, yet not wealthy enough to afford the private senior living options that exist today. These middle-income seniors:
- Have less retirement income.
- Are more likely to be divorced.
- Remain in their homes longer.
- May lack family caregivers.
- Typically have fewer children who are less likely to live nearby.
By 2029, the middle market will double, reaching over 14 million. And for 54%, housing and care will be financially out of reach.* Government assistance programs (Section 202, a program that helps expand the supply of supportive and affordable housing ) use eligibility formulas that often leave seniors at the lower end of the middle income market out in the cold.
What Do They Desire?
Middle income seniors place a high value on their personal space. They want housing that offers modern amenities as well as independence. And they approach their retirement in an entirely different way than previous generations. They want:
- Greater independence and freedom.
- Higher quality of life — amenities, experiences, services. And they want it to fit within their budget.
- Technology! It’s essential to their daily lives. In fact, these tech-savvy baby boomers are the fastest growing online demographic.
Middle market seniors aspire to both luxury and subsidy. It needs to be inclusive, attractive AND affordable.
The future middle income senior population is growing 8 times faster than the low income senior population. This is not just a large group, it’s diverse. A one size will not fits all approach to marketing will not work. They vary broadly by age, market and income. They are more racially and ethnically diverse, more educated than today, less likely to be married and more likely to be women than today’s seniors.*
LeadingAge, a not-for-profit education advocacy and research organization dedicated to expanding the possibilities for senior living, conducted a research project on 10 Disciplines Necessary for Success in Development of Mid-Market Housing. In the findings, Brand Identity was identified as having “tremendous influence”.
3 Things You Can Do Now
1. Leverage Branding
Use your website to differentiate yourself and create your unique value in the minds of prospects. Most first impressions happen online — that’s your digital front door. A beautifully designed, optimized and responsive website will set your communities apart and increase awareness.
“Competing effectively in the growing middle market will require brand messaging that connects precisely with mid-market expectations — while also setting your brand apart in clear and distinctive ways.” Bill Pemberton, VP of Client Relations and Strategy
2. Leverage Digital Marketing — Measure and Track Results
Spend your marketing dollars wisely:
- Implement a digital marketing strategy that will help you increase brand awareness and resident acquisition.
- Utilize a lead management system to ensure no lost leads, allowing you to quickly and accurately track leads and measure results.
- Know which direct mail, keywords, pay per click ads or print media deliver the greatest ROI.
3. Leverage Relevant and Reliable Content
Keeping your website fresh and relevant is essential to meeting your marketing goals. From event updates, to photos and videos, to blogs, a content management system manages all your content efficiently and easily.
Messaging Will be Key
The baby boomer generation is retiring with high expectations. As new and innovative housing solutions are realized to meet the growing demand, now is the time to consider your marketing strategy. Reaching the right people, at the right time, with the right message and through the right channel will be essential to optimizing your marketing efforts.
Our senior living partners use C2. It’s a cost-effective, all-in-one SaaS platform with a built-in CMS and LMS. It offers a state-of-the-art, responsive website design where you can share information about your communities. It delivers a clear view of the exact audience you want to reach. And all the tools you need to reach them.
Talk with a Bluespire’s Senior Living strategists about your middle market plan and request a demo of C2 to see how you can drive leads and acquire more residents —now and in the future.