Market Research for Aging in Place Franchises

Market Research for Aging in Place Franchises

December 6, 2022 By Rob Cantrell
Categories: Blog

At Senior Helpers®, we are proud to consistently be ranked among the best aging in place franchises in the country. While we believe our success is in large part due to our commitment and passion for helping elderly adults, we also know that the right marketing strategy plays a crucial role in the success of any business, including aging in place franchises.

If you’re interested in becoming the owner of an aging in place franchise, building a solid marketing strategy will be key to your growth and profitability. It will also play a crucial role in your ability to reach the families in your community who are in need of your services. 

If you choose to become a franchisee with Senior Helpers, you’ll have the advantage of an experienced team of marketing professionals by your side to ensure your business has a strong foundation for success.

Below, we’ve gathered information about two important types of marketing research that are required for a thriving senior care business:

  1. Research conducted to select the right location for your business
  2. Research done to reach the target market within your chosen area

Researching Potential Markets for an Aging in Place Franchise

There are many considerations to make before purchasing an aging in place franchise, including, but not limited to:

Selecting the right territory is so important because it determines your ability to ultimately turn a profit. Ensuring the territory you choose has enough families who require your services is essential before taking the leap to purchase a franchise territory. 

Here are a few factors that make a given market a strong choice for opening an aging in place franchise location:

  • The size of the aging population in the local area.
    The number-one consideration to be made when choosing a franchise territory is the presence of an elderly population in the area. Looking up these demographic statistics is simple and can help you get an idea of the local demand for senior care services, both now and in the years ahead.
  • The percentage of households with the ability to afford aging in place services.
    It’s also important to look into whether families in the community have the disposable income to afford the services your business will offer. Otherwise, you may find there is a need for your services, but not a customer base large enough to keep your business running.
  • The service gap and number of industry competitors.
    Are there already several senior home care providers in the community that families know and trust? You may struggle to build a customer base if a number of industry competitors have already tapped into the local market.

Because we know that choosing the right territory is such an important part of opening a successful senior care business, we set our franchisees up for success in the way we structure our Senior Helpers franchise territories. Each of our territories includes a protected service area with a minimum of 30,000 seniors. As a result, you can have confidence that all of the franchising opportunities we offer will have the foundation required for thriving business operations.

Creating a Market Research Strategy to Reach Your Target Market

Once you’ve selected your franchise territory, it’s time to go deeper by conducting market research on the target market within your territory. As with marketing any business, marketing an aging in place franchise requires the creation of a well-thought-out plan based on a detailed strategy and understanding of your target market.

As the provider of senior care services, your target market will be the adult children and partners of older individuals, as they are typically the ones coordinating care for their elderly loved ones. Additionally, you’ll have to keep the care recipients themselves in mind, as they may also play a part in researching your services prior to agreeing to home care. Sources of local referrals could also form part of your target market, including medical professionals. 

Here are some factors to consider that can help you create a market research strategy to reach this target market:

  • The needs of your target market.
    What qualities do your target buyers look for in a senior care provider? How can you make sure these qualities are highlighted in your marketing materials?
  • The decision-making process of your target market.
    How does your target market come to the decision to invest in home care? How can you assist them in this journey?
  • Types of marketing channels that can be used to reach your target market.
    What forms of marketing are most likely to catch the attention of your target market? What amount of resources will you dedicate to these marketing channels?
  • Measurement of the performance of your marketing efforts.
    What performance indicators will you use to assess the effects of your marketing efforts? When and how will you know that it’s time to change tactics?

When you become a Senior Helpers franchisee, you can have confidence that you’re getting started with a solid marketing plan based on in-depth research on your franchise territory. Our experienced team works alongside each new franchise owner to craft an individualized “Off to the Races” marketing plan.

This plan will cover everything from a marketing and lead generation campaign that kicks off in advance of opening day to a rich selection of marketing materials and proven strategies that you can leverage to continue building your local presence in your chosen territory.

Are you ready to learn more about how we help franchisees conduct marketing research for their aging in place franchises? Just schedule a call with our team or contact us online for details about the exciting opportunities available through Senior Helpers!