Choice, Choice, Choice leads to Analysis Paralysis
Despite the pandemic's concern among older adults, the latest numbers indicate a strong lead base for senior living communities (per Enquire, a leading CRM in senior living sales and marketing). Recent positive vaccine news has boosted market optimism and financial markets have responded. Senior living operators should be optimistic that their communities can quickly see occupancy recovery with the booming real estate market as a bonus. And the potential for pent-up demand could be problematic for senior living sales professionals.
The interesting thing about marketing and selling senior living to older adults and baby boomers is that they want choices - and more of them! Choices in the foods they eat, choices in what floor plans they buy and finishes from which they can select, and choices in the way they lead their lives. But with all that choice, an underlying difficulty within human behavior has become a critical obstacle for older adults when thinking about senior living as an option for their future. And we’re not talking about cognitive decline here.
Think about the last time you sat down at a restaurant and ordered from a rather extensive menu. Macado’s, for example. I love the experience they've created within their restaurants, with old sports gear, classic concert memorabilia, and other oddities (picture a life-size stuffed gorilla hanging above your table). But every time I visit Macado's in Boone, I know I'm going to struggle with my meal decision. Take a look at just the sandwich menu alone! And now think about trying to make a decision. Apart from anxiety, it causes analysis paralysis!
The extensive menu options at this popular restaurant in Boone, NC often leads to “Analysis Paralysis”.
And that term's anxiety-inducing state has been studied heavily with regard to consumer purchasing behavior. Some sources have indicated we make over 35,000 decisions per day (yes - that number is correct). Noted researcher Sheena Iyengar, a Columbia Business School professor, co-authored “When Choice is Demotivating: Can One Desire Too Much of a Good Thing?” This study, done in 2000, analyzed how consumers purchased more jams and jellies if they had fewer options on the grocery store shelves. How can that relate to senior living?
The challenge that so many operators are faced with is one that is derived from choice - and too much of it! Think about the buyer journey in senior living for just a moment. If the prospect already understands that senior living is the right choice as opposed to staying isolated in their own home (major decision #1), the prospect must now determine what floor plan fits their needs and budget. In many cases, we've seen nearly 30 apartment floor plans alone in some life plan communities - not to mention, cottages, villas, hybrid apartments, duplexes, or other housing options. And we haven't even discussed the lifestyle options that come into play yet, which are often deciding factors that drive a senior living purchase for older adults.
Suffice it to say, many senior living providers may need to take a cue from online retailers! As we enter the holiday shopping period, we're about to witness - and likely take part in - what should prove to be a major shift in consumer shopping behavior. A recent Wall Street Journal article indicated how many retailers were culling their product mix, primarily to streamline the shopping experience. One shopper interviewed for the article suggested she actually decides not to decide when presented with so many options.
And so in a time when we're revisiting our senior living customer experience, perhaps it's time to analyze how many choices to present your next prospect. That requires a substantial amount of discovery before you show them the very first floor plan. Our belief is that the senior living buying decision is actually comprised of many different decisions that the prospect must make. It’s imperative that our sales professionals focus on personalization to that prospect, avoiding the feature dumping menu of endless options that only complicate the process. Relationship building, consultation, and guidance will win the day over a pushy, rushed sales approach. And that's the crux of the YourTour, our virtual tour sales enablement platform. It's designed to enable your sales counselors to help your prospects make decisions and shorten what we call The Vectre - that conversion path from Visitor to Resident. Register for a demo here.
And next time you head to a Macado's for lunch, let me save you some time and the stress of making a decision. The Babe Ruth with a side of mac and cheese is absolutely the best thing on the menu!