VisionLTC offers tools and data that can help Sales & Marketing teams connect with local referral sources, identify neighborhoods and zip codes for potential community events and assess the market conditions around portfolio assets.
Referral Insight – Professional Referral Source Database
If your company subscribes to Referral Insight, then you have access to VisionLTC’s database of millions of professional referral sources.
How do I know if I have access? You’ll see a Referrals section on your sidebar that looks like this:
Referral Insight gives you access to the Name, Phone Number, and Address of millions of professionals, which allows you to identify, prioritize and engage with the local professionals in your marketplace. For medical professionals you also receive access to patient volumes, medication types & volumes, and service types & volumes.
For example, you could identify all of the Physicians in your market that have prescribed dementia medication or where the closest Elder Law Attorney practice is located.
This data can be used to curate lists for each of your communities to help you:
Identify Professionals of Influence/Interest
Connect with Professionals for community-specific events (i.e. invite a group of Physicians to the community for dinner)
Put together Tours for your sales team to follow and engage with
Using Analyses & Explorer to My Advantage
Whether or not you subscribe to Referral Insight – if you’re reading this article, then you have access to Analyses and Explorer. Here are some ways for you to utilize these market research tools for your sales & marketing teams.
Use a Market Evaluation Analysis to assess the zip codes and census tracts that your communities are located in.
Run a Market Evaluation and on Step 2: Sites, select either Zip Code or Census Tracts. You might also find value in the Neighborhood option, which is based on Zillow’s Neighborhood file.
On Step 3: Benchmark, I recommend selecting the MSA Comparison, so you can have some context for your data.
Once the analysis is complete, go to Reports and look at the demographics for each geography or go to Explorer and view the data visually.
In the Reports section, compare the selected Zip Code to the benchmark MSA and evaluate how well the Zip Code’s market performs against your KPIs. Make sure to look at metrics that are most relevant to your product offerings (IL, AL, etc.) and target demographic. Some of the categories of metrics to examine include:
Demographic Counts and Growth Rates
Income and Income Growth Rates
Home Value (i.e. Average Home Value 65+)
Net Worth (i.e. Average Net Worth)
Disability/Incidence Rates (i.e. Cognitive Impairment Rate among 75+ seniors)
Supply Counts
Construction
Demand & Demand Growth Rates (Based on your chosen methodologies)
In Explorer, you could display background layers of income qualified seniors ($35K+ Income Qualified 75+ CY), incidence rates (ADL Disabled Senior Rate), or home value metrics (Median Home Value CY) to visualize the market conditions of each census tract around your community. How do the market dynamics shift as you look in different neighborhoods?
Below you can see that the Dynamic Metric Layer displays the median home value in the market. Based on this map, we can tell that the wealthy neighborhoods are to the immediate east and south of our portfolio asset.
In the second image, you can see the number of 75+ Households with incomes over $35K. In your analysis, look for trends in the same census tracts. Are the target demographics central to one census tract or spread throughout the market area? In this example, the census tracts to the east and south of the site that represented the higher median home values also indicate more income qualified seniors.
Now that you’ve assessed the zip codes and census tracts local to your assets, it’s time to take the next step and engage with the part of the local community with the most ideal market dynamics and target demographics.
Good luck and let us know if there’s anything we can do to help!