The National Investment Center (NIC) unveiled new branding at its 2016 Fall National Conference at the Marriott Marquis in Washington DC last week. The triumvirate of Data, Analytics and Connections (see image below) emphasizes a renewed focus for the programs and products that define NIC’s status as a leader in the Seniors Housing & Care Industry.
The “Seniors Housing & Care” tagline has been seemingly subordinated in a move that exhibits how the industry is being redefined. Although it was not stated explicitly, the original NIC symbol conjured a capital/institutional sentiment with its currency-inspired graphic whereas the new combination mark reflects a sea change that recognizes how data and its interpretative analysis are paramount to the survival of products and services that are now defining a broader sector – one evolving from “need driven” housing & healthcare services for seniors and now extending to “market driven” wellness and lifestyle delivery – ultimately for everyone.
As business and financial advisors focused on supporting regional providers of the industry, we value the NIC Conferences as an opportunity to step away from the trenches and immerse ourselves in ideas and best practices that represent a “collective IQ”. While we foster new messaging for our industry identity, we are reminded that we are all experiencing dramatic and unprecedented change, ripe with opportunity for those alert to exhibiting trends and signals.
As the NIC tagline suggests, data is of little use absent analysis and connections. In his opening remarks, Former Utah Governor Mike Leavitt relays similarly that “information gathering and making sense of weak signals is critical to success.” In this post, we share takeaways from the opening session together with select NIC Talks featuring Ken Dychtwald, Billie Jean King and Joseph Coughlin. When you synthesize the talking points it becomes clear that cost, value and messaging need data, analysis and connections if a clear narrative is to emerge.
Mike Leavitt suggested in his opening remarks that the value-based payment system is one of the most significant changes confronting the US Healthcare system and its future remains uncertain. How can we drive the implementation of these changes more quickly and who will take center stage? Senior care providers can respond in three ways; (1) fight and die; (2) go along and have a chance; or (3) lead and prosper. More specifically, he offered that there is an open opportunity to become what he refers to as a “Strategic Aggregator” in our evolving coordinated network. In simple terms, this role could be understood as the “general contractor for medicine,” someone who is able to crack the code of a fee-for-value service world.
Connection, Purpose and Meaning
“Who are the boomers going to be when they get older? If you get that wrong, you’re out.”
As the Founder and CEO of Age Wave, Ken Dychtwald relays that messaging, marketing and communications provide the largest barrier to our industry and that we will likely be challenged to turn market sentiments around. In sharp contrast to the linear model of aging that we are accustomed to, there is a “longevity bonus” on the horizon and we will need to establish a new narrative for how to keep connection; purpose; and meaning at the center of our offerings. Ken proffers that “if you are building your communities, and your marketing and your intelligence is based on the 20th century notion that people will really want to stop work, separate from society and not do much of anything other than relax and socialize and be called seniors, you are going to fail. I don’t want you to fail.”
What can we do? We need to tell a better story that works to address the core issues of loneliness and peace of mind but emphasizes how we support a reinvention of life so that the prospect of new active aging possibilities are front and center. We need a new narrative that better communicates our offerings – displacing negativity and ignorance about the industry. We need to create on-ramps for reinvented offerings and exit-ramps from the “Fortresses for the Old”.
Relationships, Learning and Problem Solving
Billie Jean King framed her session with recognition that “Sports is a Microcosm of Society.” From an early age she had a purpose and a goal that intentionally leveraged her tennis career to champion social change. As the active aging ambassador for Atria, she shares her insight that inner and outer successes rely upon relationships, learning and problem solving. Atria doesn’t use the word “senior” any longer but Billie highlights the value she has always placed on older people – while admitting that she now feels the influence of ageist stereotypes personally.
Elders are a source of wisdom where we can better tap into and leverage the value of life experiences they offer. Stay active, keep learning and recognize that relationships are everything. Personalized engagement is key to promoting well-being and should be fostered through important opportunities for acts of kindness. “Active is happy.”
Excite and delight
We are reminded by Joseph Coughlin of MIT’s Agelab that it is the convergence of technology and the consumer that bring real innovation into the marketplace. He advises us to focus on what we are trying to accomplish first and then try to find technology that will help to accomplish those goals. Technology is the “tool box”. While musing about the impact of “aging in place” technology, he notes that a tech-enabled service that could keep you in your home for an extra six months could have a $34B impact on the industry.
The major takeaway? Senior providers have the expertise to hop over the fence and develop relationships with people in the community before they even need your services. Building a pipeline into the Home & Community service realm is critical but we must be reminded to “excite and delight” with our offerings. “Generation Expectation” believes that there is a “product, policy or pill that will enable them to live longer and better” and innovators that can answer the call will be well rewarded. New players will be branded by collaboration in a newly defined sharing economy. Life on demand through apps will continue to emerge with a focus on wants as well as needs. Having it all and owning none of it is the value proposition. Above all, you’ll need a good marketing team to get your messaging right.
Where do we go from here?
Recognize that your are missing out on 90% of the market and focus on strategies for minting new customers (and staff) while reinventing and effectively messaging. Don’t try to guess what the whole market wants/needs.
- Cultivate your own identity and engage followers wherever they are.
- Seize opportunities to augment and or integrate your current offerings with community programs and services that are beyond your walls and intergenerational.
- Find ways to incorporate programs for active aging, longevity and wellness.
- Promote opportunities for lifelong learning, engagement and problems solving through new relationships and technology that “excites and delights” all ages.
- Get your messaging right and get it out there effectively.