Seniors Housing Business

AUG-SEP 2015

Seniors Housing Business is the magazine that helps you navigate the evolution of the seniors housing industry.

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But digital branding is not just about the sales process. SLC recently rolled out an internal social media platform for its employees named CHEERS (a reference to the immensely popular TV sitcom of the 1980s and early 1990s set in a Boston bar "where everybody knows your name"). The system allows employees to communicate across the company and give digital "recognitions" of each other's positive efforts. The company averages 585 recognitions per day across its 170 communities, which Dupor credits for greater brand awareness within the com- pany and happier employees. "The program has really bridged the gap between corporate and the communities." The system even includes rewards points based on recogni- tion from peers. Employees can redeem points for prizes such as gift cards, electronics or vacations. Measuring results is key Unlike a more direct marketing campaign, the results of brand- ing are diffcult to track. Without a concrete return on investment, it can be diffcult to show that strong branding yields positive results. GlynnDevins recommends resident satisfac- tion surveys to determine if a community is living up to the brand's promise. SLC's Dupor suggests that one way to advance the industry is to stop comparing brands within the sector, and instead look at the best brands in other industries for inspiration. "We have tended in the past to set our brand standards against our peers," says Dupor. "Instead, seniors housing operators should compare themselves against best-in-class organizations overall." Love & Company conducts brand awareness studies that gauge the success of a brand based on reputation in the surrounding community. "Research is one way to mea- sure impact of branding — bench- marking awareness ahead of time, then measuring what has changed against that same consumer group," says Pearre. "Does the audience have a better understand- ing of the organization, what it stands for and what it provides?" Pearre acknowledges that bud- gets are a major factor in the seniors housing sector, and that opera- tors largely avoid an ad campaign solely to promote a new brand. "But you take that brand and fow it into all marketing materi- als, and it becomes a part of your company." Pearre suggests annual budget benchmarks of $25,000 to $40,000 per sale for a start-up independent living community or major expan- sion, and $5,000 to $20,000 per sale for an existing community, depend- ing on its census situation. How- ever, she does note that many, many factors go into deciding a budget. "For providers who want to explore what might be the right approach and investment for their organization, the best thing to do is talk to a professional marketing frm with extensive experience in our industry to explore options." n "Soon it will be commonplace for seniors to post an online review like we do when we travel or visit a restaurant," says Sue McClure, president, COO, GlynnDevins. © 2015 General Electric Capital Corporation. All rights reserved. All transactions subject to credit approval by GE. Funding may be provided through GE Capital, Healthcare Financial Services affi liate, GE Capital Bank, Member, FDIC. Responding to our customers' needs, our healthcare financial services team provided $3.5 billion in financing for senior housing, skilled nursing and medical properties in 2014. That kind of commitment is what makes us one of the leaders in healthcare real estate financing. If growth is in your plan, give us a call. For more information, visit www.gecapital.com/ seniorhousingbusiness1. HEALTHY GROWTH FOR YOUR BUSINESS: IT'S WHAT OUR HEALTHCARE FINANCING EXPERTISE IS STILL ALL ABOUT. $32,500,000 First Mortgage Administrative Agent & Lender $20,000,000 First Mortgage Administrative Agent & Lender $150,000,000 First Mortgage Administrative Agent & Lender $12,300,000 First Mortgage Administrative Agent & Sole Lender $72,000,000 First Mortgage Administrative Agent & Lender $64,000,000 First Mortgage Administrative Agent & Lender $15,000,000 First Mortgage & Construction Takeout Administrative Agent & Lender $99,000,000 First Mortgage Administrative Agent & Lender $225,000,000 First Mortgage Administrative Agent & Lender www.seniorshousingbusiness.com 55 August-September 2015 n Seniors Housing Business "Give your apartment buildings names that help fulfll your brand and your mission," says Robert Adams, partner, SB&A and Brooks Adams Research.

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