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6 Reasons to Leverage Market Intelligence in Senior Living

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How Skypoint’s market intelligence helps senior living operators improve staff retention, increase resident satisfaction, and boost their reputation.

As a senior living operator, you’re providing care for your residents at a critical moment in their lives. Running your business is about more than just driving revenue—you want to deliver a high-quality care experience for your residents and peace of mind for their loved ones.

So how do you improve your quality of care while staying profitable? The answer is market intelligence. 

Make Proactive, Not Reactive, Decisions for Your Community

By analyzing the data on how both your residents and staff perceive your quality of care, as well as scanning indicators from the broader market, you can make timely, accurate, and data-driven decisions.

Reputation analytics helps you understand how the public perceives your brand, identify areas for improvement, and proactively address issues. Sentiment Analysis, on the other hand, taps into public reviews to help you pinpoint staff challenges and resident concerns so you can proactively improve quality of care.

Here are some of the benefits that you stand to reap from leveraging market intelligence in your senior living community: 

1. Increase Resident Satisfaction

Resident satisfaction should be any senior living operator’s priority. After all, 83% of companies that prioritize customer happiness also experience revenue growth. 

But sometimes it can be tricky to know which changes are most likely to move the needle on satisfaction. 

With the right market intelligence, you don’t have to fly blind. Analytics can provide you insights into the attitudes, comments, and emotions of your residents and their families. 

You can also glean in-the-trenches opinions from your staff, who have their ears open to the residents every day. How are you giving your staff the opportunity to help you see the best opportunities for meaningful improvements to services and amenities in your communities?

2. Improve Operational Efficiency

Staying competitive means improving your bottom line without impacting the quality of care. You don’t want to cut costs where your residents will feel it, but you also don’t want to overspend in areas that don’t warrant it. 

Improving operational efficiency is critical to achieving this balance by making sure that you are getting the most out of every dollar your community spends.

Market intelligence helps you leverage analytics to identify inefficiencies and internal shortcomings. For example, how many hours do your employees spend on manual and repetitive tasks that could benefit from automation

By understanding the qualitative and quantitative impact of investing in new technologies, you can make decisions to optimize ROI.

3. Monitor Brand Reputation (Reputation Management)

People research online and read reviews before making a decision. In fact, 49% of consumers trust reviews as much as personal recommendations from friends and family. Word-of-mouth marketing is one of the biggest advantages that senior living communities can have working for them. 

Sentiment analysis can help you understand what people think about your organization by monitoring social media and online reviews. It provides insights into how the public perceives your brand, so you can proactively manage your online reputation and project a positive impression. 

If you uncover an area that needs improvement, you can get ahead of it. But similarly, if you discover an aspect of your services or facilities that gets people buzzing in a good way, you can strategize how to highlight and further invest in it. 

4. Staff Retention

Staff shortage is a major challenge for many senior living communities. But due to the hands-on and personal nature of the job, having a strong team that stays with you is critical to providing consistent, high-quality care. 

Data intelligence and analytics help you track and measure your staff’s attitudes, opinions, and emotions. These insights allow you to proactively address potential issues and cultivate a positive work environment that inspires staff members to do their best. 

5. Ensure Quality and Compliance

Quality control, regulatory and privacy compliance involve monitoring everything in your facility and ensuring employees follow all the guidelines and procedures. 

Unified data analytics and market intelligence capabilities help you track and evaluate resident and family feedback to gain insights into the quality of care your staff delivers. You can also analyze these comments to ensure compliance with regulations, policies, and procedures.

5. Industry Benchmarking

Do you know how your organization stacks up against your competitors? Can you identify low performers in your portfolio to focus your improvement efforts?

Market intelligence allows you to compare satisfaction rates across locations and top competitors to see which properties need attention and mitigate potential management issues. You can also analyze conversations across the industry to understand overall market sentiment and get ahead of trends.

Proactively Engage Residents and Staff With Market Intelligence for Senior Living

We gather and consolidate review data from leading sources so you can proactively engage your communities and compete with confidence. 
We gather and consolidate review data from leading sources so you can proactively engage your communities and compete with confidence.

Unified data analytics is the foundation of accurate market intelligence for senior living. The good news is that you don’t have to figure this out on your own without a great tool!

Skypoint Cloud allows you to extract data from hundreds of publicly available data sources (i.e., a Place for Mom, Yelp, and Google), covering up to 35,000 communities and 9,000 operators across the nation for benchmarking and analytics. 

You can also enrich your data and community listings with our senior living reference data to gain insights into industry trends and community sentiment to inform data-driven decisions.

Check out our use case page to learn more about our market intelligence solution for senior living providers or email me directly to have a conversation about our market data intelligence and setup a demo to see our robust analytics capabilities in action!

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