In his provocative presentation, Bob Kramer of NIC Nexus Insights challenges the senior living industry to rethink its future. With rising demographics, he questions if boom times are ahead or if complacency will lead to disruption. Kramer stresses redefining the industry’s value proposition and adapting to new customer expectations and innovative delivery methods, especially in care-driven sectors, to avoid severe consequences.
Key insights
- ???? “Are we being bold enough yet?” – Bob Kramer challenges the senior living industry to push the boundaries and think outside the box.
- ???? It is vital for the care-driven sector to define its value proposition and deliver on it, or face severe implications for the industry and older adults.
- ???? The top 10% have seen wealth growth of 41-43% while the cost of senior living has grown at a rate of 17-22%, highlighting a significant wealth gap in the industry.
- ???? The coverage of the senior living industry has changed, and we are now on the main stage facing intense scrutiny.
- ???? The cost of traditional senior living is too high for 90% of the market, creating a huge opportunity for disruption.
- ???? Boomers are looking for a Continuum of Engagement and experiences that make life worth living.
- ???? Changing the paradigm and giving seniors a sense of purpose can lead to longer, healthier lives.
- ???? The value proposition of senior living is to offer a sense of contribution and problem-solving, not just entertainment.
The senior living industry needs to be bold, redefine its value proposition, and provide a continuum of engagement and purpose for older adults in order to address the wealth gap and meet the changing needs of the market.
- 00:00 The senior living industry must be bold and open to change in order to redefine their value proposition and avoid disruption in the face of demographic demand.
- The speaker discusses the need for the senior living industry to be more bold and provocative in their value proposition.
- The senior living industry must not be complacent in the face of demographic demand and must be open to change in order to avoid disruption.
- The speaker emphasizes the need for the senior living industry to recognize new opportunities and redefine their value proposition in both lifestyle-focused and care-driven settings to avoid severe implications for the industry and older adults.
- 04:28 The senior living industry must address crucial questions about the age, financial resources, and potential need for dementia care services of their customers.
- The speaker presents six crucial questions for the senior living industry to consider and encourages engagement and discussion on the answers.
- The senior living industry must consider the age and financial resources of their customers, as well as the potential need for dementia care services.
- 07:37 The senior living industry must address the growing number of middle-income seniors and create models that appeal to the top 10% while shifting towards longevity clubs for the Boomer generation.
- The top 10% of wealth holders have seen a 41-43% increase in wealth, while the majority have only seen a low 20% increase, which has barely kept up with the increase in costs for senior living.
- The senior living industry must address the growing number of middle-income seniors and the emergence of new disruptive business models from other sectors.
- The senior living industry needs to focus on creating models that appeal to the top 10% who don’t want to move into traditional communities, and should shift towards longevity clubs for the Boomer generation.
- 11:32 The senior living industry has transitioned from niche to mainstream investment but now faces scrutiny and criticism.
- The senior living industry has been in a state of preparation for the past 30 years, waiting to be discovered and recognized on a larger scale.
- The senior living industry has transitioned from being a niche alternative asset class to a mainstream investment, but now faces scrutiny and criticism.
- 13:36 The senior living industry must adapt to survive and address the opportunity for a positive and active next stage view of retirement.
- The senior living industry is under intense scrutiny and must adapt to survive.
- The senior living industry needs to address the opportunity for a positive and active next stage view of retirement.
- 16:05 The senior living industry must adapt to high demand and costs or risk being disrupted and going out of business by reevaluating its value proposition and not relying solely on wealthy boomers.
- The senior living industry is at a crucial moment where it needs to either adapt to the huge demand and high costs or risk being disrupted and going out of business.
- The senior living industry needs to reevaluate its value proposition and not rely solely on the current demand from wealthy boomers.
- 18:25 The senior living industry must address the ongoing sense of loss and lack of purpose, and shift towards an aspirational pull model to attract and retain boomers.
- The senior living industry must address the ongoing sense of loss and lack of purpose in their promise to provide care.
- The speaker contrasts the avoidance model, driven by decline, with an aspirational pull model built around growth in the senior living industry.
- The senior living industry must offer purposeful longevity and a continuum of engagement and experiences to attract and retain boomers.
- 22:00 Senior living industry must focus on growth, ask residents about their goals and talents, and shift mindset to view them as problem solvers and contributors.
- The focus of senior living should be on growth and asking residents about their goals, accomplishments, talents, and what is important to them in the next stage of their lives.
- Encore Palm Beach County coordinates volunteer and job opportunities for adults over 50, partnering with senior living communities to give residents a sense of purpose and value, leading to longer and healthier lives.
- Senior living communities need to shift their mindset to view residents as problem solvers and contributors, offering an aspirational vision and fulfilling value proposition.
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