Retirement Community Marketing: The Price is . . . Right?

marketing your retirement communityOne of the more troublesome aspects of marketing a retirement community is the issue of pricing. It’s tempting to think that when people are considering a retirement living situation for themselves or for a loved one that price doesn’t really play a role. If you’ve been in the industry for a while, you know it’s also a bit naive.

Your potential clients want (and frankly, need) to know what the financial realities of retirement community living are. And as a service provider, you don’t want to waste their time (or your own) if you are worlds apart on what you think is a reasonable price for the services your offer. So what kind of emphasis should you put on pricing in your marketing communications?

Generally speaking (and there are exceptions), price is not the primary concern people have when considering retirement living. That doesn’t mean it’s not important. It doesn’t even mean that price isn’t the first thing they will bring up. But it’s probably not their main concern. So lead your conversations (whether online or offline) with the things that are most important: service; quality of care; safety; expertise; environment; amenities; etc. But make pricing information easily accessible. Your potential clients will look for it! Don’t hide the pricing or avoid talking about it. Many people won’t look any further if they have no idea what the cost is.

There are so many variables in retirement community living that it’s often difficult to publish an accurate price. It’s best to talk in terms of a price range. When you talk about pricing, make sure you clearly specify that the prices are estimated and that they generally fall in a certain range. One of the advantages in talking about a range of pricing is that it actually gives you the opportunity to talk about how your care is customized to the specific needs of your residents. Your care isn’t “one-size-fits-all” and your pricing reflects that.

Remember: Part of your job is to provide potential clients with information that will help them make a good decision. That includes pricing. It’s not a “selling point”, and it’s not something you want to over-emphasize, but it’s information your clients want and need. Make sure they can easily find it, but don’t let it dominate the “conversation.”