In the competitive landscape of senior living communities, effective sales and marketing strategies are crucial for successful lease up. One approach that has gained significant recognition and success is Prospect-Centered Selling. This technique has a positive impact on lease up rates and is a strategy that any senior living community can implement.
Understanding Prospect-Centered Selling
Prospect-Centered Selling stands in contrast to traditional sales approaches by prioritizing the prospect’s individual needs, preferences, and emotions. Unlike impersonal and transactional methods, Prospect-Centered Selling focuses on building trust, establishing rapport, and genuinely understanding the prospect’s concerns. This approach recognizes the importance of emotional intelligence in the sales process and emphasizes the power of connecting with potential residents on a deeper level. By adopting a Prospect-Centered Selling approach, senior living communities can benefit from increased customer satisfaction, higher lease up rates, and improved resident retention. When prospects feel understood, valued, and supported, they are more likely to trust the community and make the decision to move.
Key Ways Prospect-Centered Selling Impacts Lease Up Rates
1. Building trust and rapport with potential residents
By demonstrating genuine care and understanding, sales professionals can establish a strong foundation of trust and rapport. Trust is crucial for prospects to feel comfortable making a life-changing decision like moving into a senior living community. Making this top priority will increase the likelihood of success for the next three keys.
2. Identifying individual needs and preferences
Prospect-Centered Selling involves active listening and understanding the unique needs and preferences of each prospect. Because they recognize their desires and concerns, sales professionals can tailor their offerings and provide personalized solutions. By engaging prospects with this empathetic approach, they increasingly become more at ease and receptive.
3. Tailoring marketing and sales strategies
This key calls for customizing marketing and sales strategies to address the specific concerns and interests of prospects. This ensures that messaging and communication resonate with potential residents, increasing the likelihood of conversion. Every prospect should be treated as an individual with unique needs, concerns, and desires.
4. Enhancing resident satisfaction and referrals
Prioritizing the needs and preferences of residents leads to higher resident satisfaction. Satisfied residents are more likely to refer others to the community, contributing to ongoing lease up success. Being intentional with residents to gather feedback and promptly address concerns makes an impact on not only the residents’ life, but also the reviews their loved ones can post on online platforms.
Strategies for Implementing Prospect-Centered Selling
1. Staff training and development
Invest in comprehensive training programs that equip your team with the skills and knowledge to effectively utilize Prospect-Centered Selling. This includes emotional intelligence, active listening, empathy, and effective communication techniques. 12 Oaks’ dedicated Solutions Consultants, RVPs, and Executive Directors are trained to develop sales teams abilities to engage in Prospect Centered Selling.
2. Create a welcoming and inclusive environment
Foster a cultural norm of inclusivity and warmth within the community. Prospects should feel welcomed and comfortable during their visits, ensuring a positive first impression. This can be accomplished in a variety of ways, including a customized tour based on prospect’s interests and priorities.
3. Utilize technology to personalize the sales process
Leverage technology tools to gather and analyze prospect data, enabling personalized interactions and tailored marketing efforts. CRM systems can provide valuable insights into individual preferences, allowing for more effective communication. 12 Oaks utilizes a proactive, relationship-based leasing system via the Sherpa (now Aline) CRM to effectively manage customer leads from initial contact to placement, heavy digital presence (SEO, PPC and marketing automation), and targeted collaterals.
4. Collaborate with healthcare professionals and referral sources
Establish partnerships with healthcare professionals and referral sources who can provide recommendations and refer potential residents. These partnerships can range from doctors offices, hospitals, rehabilitation centers, and home health care. Collaboration enhances the community’s credibility and widens its reach in the target market.
12 Oaks Success Story
12 Oaks was engaged by ownership as the management company for a 105-unit Assisted Living and Memory Care community in Broken Arrow, Oklahoma. The property was suffering from a slow lease-up trajectory in an overbuilt market under previous management. 12 Oaks proposed to increase lease-up velocity and one of these proposed solutions was through Prospect-Centered Selling.
Shortly after taking over management, 12 Oaks assessed and revamped the marketing and leasing team through new hires and training in Prospect-Centered Selling to maximize tour-to-close ratios. Upon engagement, the senior living community occupancy was 55% and a year later the community achieved 88%, averaging 6.5 move-ins per month. This case study demonstrates the positive outcomes and improvements in lease up achieved through person-centered selling.
Begin Your Success Story Today
Prospect-Centered Selling is a highly effective approach for senior living communities to enhance lease up rates and achieve success in a competitive market. By prioritizing the individual needs, preferences, and emotions of residents, sales professionals can build trust, establish rapport, and genuinely understand their concerns. This approach not only increases customer satisfaction but also leads to higher lease up rates and improved resident retention. With a comprehensive approach focused on the prospects, senior living communities can thrive in this competitive landscape and attract new residents to their communities.