Grow and Market Senior Housing Communities with NIC MAP Vision
November 7, 2023
NIC MAP Vision’s sales and marketing clients are using our platform and proprietary senior housing market data to better grow and market communities in the senior housing industry.
In this article, we discuss best practices for three distinct NIC MAP Vision use cases:
- Market Insight – Better understand market areas and competiton in specific markets with mapping functionality that includes dynamic metric layers and heat maps Referral Insight – search over a million different medical and non-medical referral sources across the country and learn how they interact with Medicare beneficiaries in specific areas.
- Market Insight – get a better understanding of the detailed inner workings of a market area both geographically and psychographically.
Precise Insight Into the Competitor Pipeline
The Explorer tool within the Market Insight product gives you a visual representation of the competitive landscape in any area you’re interested in exploring. Quickly understand markets by seeing where every property is located, and truly know who your competitors are.
Access a variety of data layers visualized by colored census tracts that users can drop onto the map and interact with. For instance, when viewing competitive data in a particular area, all of the competitors will populate on the map as icons colored by the community’s own majority type. This allows users to see all of the information NIC MAP Vision has compiled on any one competitor. Another functionality of the tool is a dynamic metric layer that includes over 800+ demographic displays by census tract. Metrics covered include: home values, medicare beneficiary counts, net worth, income, and psychographic profiles.
Heat Map for Resident Origin Patterns
Another feature of the Explorer tool is a heat map for NIC MAP Vision’s proprietary database of resident moving history called Resident Origin. This tool offers an analysis of how resident migration patterns change based on important factors such as unit mix, profit status, operator, and location. See where residents lived before they moved into a specific building and the mileage range. Anticipate which areas your competitors are targeting from the migration data and spot gap areas that could be ripe for an advertising campaign to market your properties.
Mapping Pipeline Data
Be prepared to enter any area with knowledge about which competitors are coming into the market and when.The Explorer interactive mapping functionality displays pipeline projects in various stages of development. When evaluating the market area, you can understand if projects are an expansion to an existing building or a new construction. Additionally, you can investigate what the proposed amenities and care levels are slated to be included in the build.
Dynamic Metrics Layer
For a quick and efficient way to get to know any market, Explorer enables you to apply over 800 different demographic layers to specific buildings and map psychographic profiles for all households in all populations across the country. Track things like net worth, home values, migration rates, and Medicare beneficiary counts tied to specific diagnoses, for instance.
Identify, Prioritize, and Engage Professional Referral Sources
With the help of Referral Insight, you can make data-driven outreach decisions to establish mutually beneficial relationships to any community. Rather than casting a wide net, you can focus on the best connections for your business and prioritize your outreach strategy.
Get instant visibility into the top active medical professionals in the markets around your communities. Quickly secure contact information, offered services, quality measures, Medicare beneficiaries, and more. Understand provider specialties and treatments by geography and professional category.
Within Referral Insight, Medicare beneficiary data related to specific diagnoses like Alzheimer’s is tied to the most commonly prescribed medications and treatments for that disease by a system that maps 120 different ailments. This enables users to prioritize areas where the most physicians and providers are treating a specific disease or chronic condition and to determine how their business fits into those markets or senior housing communities.
This innovative referral source management tool with over a million potential medical and non-medical referral sources including medical categories like: geriatric care managers, physicians, physical therapists, and Medicare Beneficiaries. The non-medical categories include services such as golf courses, gyms, churches, and others that enhance the senior lifestyle.
Drill Down Into Demographics and Market Dynamics
NIC MAP Vision’s analysis engine is part of Market Insight, a powerful geospatial market analysis tool custom-built for the senior housing industry. Sales and marketing teams can produce desktop market studies on the fly and garner real-time insight into local market dynamics nationwide:
- Understand demographics and all key metrics directly related to any senior housing community.
- Understand underlying complexities of rate and occupancy.
- Understand who your most similar competitors are.
All you need is an address to define your target location and a target distance from your location to define a geographical context for the market area. Define up to 15 different market areas at once.
Use machine learning to generate a custom list of competitors. Benchmark areas of opportunity and apply different demographic thresholds and qualifiers that can be utilized for custom outputs. All so you can make better informed decisions with more confidence in less time.
To learn even more about the area surrounding your target communities, you have several format options for exporting Market Insight Data.
- The raw data report exports about 1,000 unique data points for each market area in an analysis.
- The site detail report with its executive summary helps sales and marketing teams view migration rates in context with the benchmark average, different infliction rates, NIC MAP average rents, and more.
Ready to Try NIC MAP Vision Yourself?
Schedule a demo with one of our product experts for a detailed explanation of how you and your team can benefit from all the products in our platform, save time in an increasingly competitive market, market your community brilliantly, and scale your business.
NIC MAP Vision gives operators, lenders, investors, developers, and owners unparalleled market data for the seniors housing and care sector.