At the beginning of 2014, we introduced a series of articles relating to home modification and the aging-in-place market. These past 11 articles have introduced the market, offered tips for developing a strategy, evaluated the home room by room, identified strategic product and installation partners, helped market the business and given financing tips and alternatives. Each article has shown a different facet of the game plan designed to help you best develop your aging-in-place business model. After a speaking engagement at Medtrade 2014 in Atlanta, an HME dealer approached me and asked the million-dollar question: “I have gone through the series, developed my strategy, chosen my partners, prepared for the financial impact and am ready to go—now what?” The answer is this: Now it is time to act on all of that information. In this final article, I will sum up the game plan to help you kick off 2015.
Know Your Market
Understanding who the customer is and how you are going to market to that customer is crucial to your success. Today’s fastest-growing market is the baby boomer demographic. In review, the market-size numbers tossed around are varied, but they all tell the same story. Birth records from 1946 to 1964 indicate 76 million births, and approximately 4 million of those people are deceased, netting about 72 million baby boomers. However, the 2000 census counted 79.6 million people in that category. Regardless of which population size is considered the most credible, this market segment is among the largest the HME industry has ever seen. The needs of this group—who prefer aging in their homes versus nursing or assisted living facilities—will drive an increased desire for aging-in-place devices and equipment, from home access ramps to aids for bathing and mealtime. Unfortunately, many of the current approaches to this market are reactive rather than proactive. The needs are identified after an event has happened, rather than being defined before an event such as a fall in the bath has occurred.
Understand the Assessment
Taking on the role of the expert when you are assessing your customer’s home can make the difference between success and failure. Get as much information as possible about the customer’s condition and mobility equipment usage prior to the site visit so that you are fully prepared when you arrive. At the home, use a consultative approach to soften the customer experience and give you the ability to clearly identify the needs. As you talk with customers and identify ways to provide them with the environment they desire, you will give them a sense of control over their accessibility needs. This in turn gives customers fulfillment in doing business with you. Take this opportunity to assess each room in the house, and do not confine clients to just the bath and bedroom. Help them access the entire house, from family areas and the kitchen to the backyard and more to ensure they can continue living an active lifestyle. Once you have identified the modification needs, help customers prioritize these solutions. Training from your manufacturer partners should have prepared you with the knowledge necessary to assist clients with establishing a priority list for completion and help keep them in your circle of care throughout the process.
Offer Comprehensive Options
One of the biggest obstacles in an individual’s home modification process is obtaining the financing to complete the job. Doing your homework in the early stages will be of significant help here. The best assessments in the world cannot be fulfilled if you are unable to help clients navigate this stage. Prioritization of the necessary modifications will also come into play during this stage, as many of these items will not be reimbursed by insurance. (On the plus side, these items represent cash revenue to your business.) The more relevant options you can offer your customer, the better your conversion rate. Consider the following options to help alleviate the financial barrier of home modifications.
- Cash sale
- Refinance or second mortgage
- Family assistance
- Rental/lease options
- Nonprofit assistance:
- Church
- Community
- Charity
- Other time-payment options
Remember, many of your manufacturer partners can assist you in developing a bank of ideas.
Identify a Completion Plan
As you begin the modification process, fulfillment can be as simple as delivering a few products to your customer, or as complex as a complete home remodel. Throughout this process, you have built up trust with your customer by defining needs, identifying products to fulfill those needs and helping navigate the financial waters. Communication is as important now as it was early in the project. Having manufacturer partners that are able to fulfill your product requests immediately is crucial to maintaining the trust that you have developed with your customer. Additionally, having the same level of commitment from any labor partners you have established will remove any unnecessary barriers. Once you have established the timeline with your customer, keep in constant contact as the process is being completed. This will help keep him or her happy and allow for a great referral source when the job is completed.
Create a Strategic Marketing Plan
Once the first stage of a progressive job or a total home modification job is completed, create a timeline for circling back to check in with the customer. Not only is this good customer service, but also it can reap benefits fo you as well. Additional products may be necessary as the aging process continues, or maintenance may be required on current products or work. These are all chances to obtain referrals or testimonials from a happy client. Each job that you complete should be a part of your growing resume of success stories. In the social media environment that we live in today, some great testimonials and pictures can go a long way toward growing your business. In order for your business to grow, your to-market plan needs to involve more than walk-in business. There may be some providers that have the perfect location, with people knocking down their doors to secure home modification work, but that is far from the industry norm. Develop a network of professionals and organizations with whom you can connect. Demonstrate your knowledge within your local community by hosting events that will draw PTs, OTs, medical professionals and local community members. Offer to speak at senior centers and community events to help establish your expertise in the field. Finally, use the power of the Internet—your website, social media opportunities and your manufacturer partners’ websites—to grow your business. The fast-growing home accessibility and modification market can be a successful business model component for those who strategize, plan, prepare and execute a good program. It is not a market for the faint of heart or those looking for an easy cash stream that involves little work. By taking advantage of the many resources that are available to your business and harnessing the power of your manufacturer partners, your business can become the community expert on home modification and accessibility. This is the final article in a 12-month home accessibility series. Each segment focused on a particular aging-in-place need to provide the insight and resources necessary to be successful in this growing market. You can read all of the articles in this series on our website.
