When businesses experience high efficiency, increased output, accelerated speed, high revenue and improved cash flow, this is typically called organic growth.
When business owners use resources outside of their own means, this is usually considered inorganic. Entrepreneurs that are planning to start a residential assisted living home hope to avoid inorganic business practices such as loans and entering into mergers and acquisitions.
Securing outside capital creates anxiety for people who are interested in starting a new business.
Organic growth is a process of more natural business growth.
UNDERSTANDING ORGANIC GROWTH
In order to best benefit from organic growth, entrepreneurs need to understand four aspects of the target market.
- Research Your Potential Residents
- Brand a Well-defined Niche
- Develop differentiators that make your business stand out
- Balance traditional and digital marketing
Research, branding, development, balance and visibility is the best way to reach and maintain the attention of your target audience. This short article focuses on organic growth by looking at the five proven strategies for generating it.
- Research Your Potential Residents
Develop a clear picture of your ideal target resident and what motivates their decision-making.
Businesses that conduct regular research on their target audience grow up to 2x faster. Research allows owners and operators of residential assisted living businesses to keep homes fully occupied.
- Research reduces the risk of marketing missteps
- Research reveals what you don’t already know
- Research develops a competitive advantage
It also enables you to generate effective marketing strategies and provide the kind of quality care needed in the residential assisted living industry. Learning information and identifying key concerns of your target market enables business owners to succeed.
Research is an extremely relevant aspect of organic growth.
- Brand a Well-defined Niche
Focusing on a specific niche will allow you to narrow your focus to concentrate on well-defined success.
A niche enables businesses to reduce competition and marketing expenses. A niche allows your business to surface above others like a big fish in a small pond – it stands out like a sore thumb – everybody sees it.
Residential assisted living is a well-defined and very profitable niche within the extremely large senior living market.
Did you know that 10,000 seniors turn 65 every day, and 4,000 seniors turn 85, which is why America has a serious senior housing demand? These baby boomers are changing the assisted living industry by demanding small homes as opposed to big box nursing facilities.
Studies show that high-growth businesses are 75-percent more likely to have a well-focused niche.
- Develop differentiators that make your business stand out
If your assisted living home is highly specialized or positioned in a well-defined niche, you’ve got a differentiator.
A differentiator is a key benefit that sets your business apart from the competition. For example, if your assisted living home provides memory care services, that becomes a high-value differentiator in senior housing.
You must ask yourself, is what you’re claiming true, relevant and provable. The least effective differentiators are those that offer no direct benefit to seniors.
- Balance traditional and digital marketing
The fastest-growing businesses have a more balanced approach to marketing, mixing digital with traditional. This is a great place to use your research to target the right prospects while utilizing your marketing budget effectively. Afterward, track your growth closely.
Five Digital Marketing Metrics to Focus On
- Brand Awareness
- Website traffic
- Social media engagement
- Lead generation
- Conversion rate
Tracking your analytics puts your business in a position to sustain continued organic growth.
Make your Residential Assisted Living Home Visible
One of the greatest challenges is to make the expertise within your assisted living home visible. This can be done in a variety of different ways.
Carefully construct a campaign of blogging and article writing, speaking, social media conversations and search engine optimization.
Residential Assisted Living Academy provides a proven model that works best to get new investors and owners ready to initiate a success plan in the assisted living industry.
During the 3-day comprehensive course, Gene Guarino and his team of professionals will show you how to invest, own and operate your own small residential assisted living home.
Start planning now by contacting RALAcademy for more information about growing an organic and lucrative residential assisted living business.
The payoff is enormous when your business becomes visible in the digital landscape.
