A comprehensive understanding of your competition is prudent business. “Competition” can be in the form of existing providers or ones that are in development. In your drive to be #1 in your market, you must know what the others are doing.
Why Is a Competitive Analysis Important?
You must assume that your competition is constantly looking for ways to improve and grow. It is wise to monitor their strategic movements. In doing so, you can respond proactively when the need exists.
A competitor may make a strategic move that substantially impacts your facility. Loss of your referrals, loss of your staff. You should be prepared.
Do not think that your competition is not watching you. They are. You should be conducting competitive analyses regularly.
Assisted living facilities must do them. Skilled nursing facilities must do them. All long-term care facilities must conduct competitive analyses.
How Does a Competitive Analysis Help Me?
You need a competitive analysis. It does not matter if you have an existing operation or are planning on opening a facility.
| Strategic Planning | Thoroughly understanding your competition allows you to make meaningful strategic plans. Decisions on issues such as price points or service lines cannot be made in a vacuum. |
| Threat Detection | Absolute knowledge of your competition is a great defense. It helps you to know when a new competitor is entering your market. And when an existing competitor changes their strategy, you will know that. |
| Comparative Analysis | You need to know how you stack up to the competition. Your residents, patients, and their families do. You want to position yourself in the market. You need to know how you compare to the competition. |
Why The Fox Group?
An independent expert can be of great assistance to you. We can be extremely useful partners to you when investigating your competition.
| Unbiased Perspective | An independent third-party expert brings a fresh set of eyes to your market. Our observations and analyses may have a different viewpoint. Objectivity can bring greater awareness. |
| Operational Experts | We are professionals who have a significant amount of operating experience in the long-term care industry. We can apply that operational wisdom to properly evaluate your competition. |
| Boots on the Ground | Our consultants are not known entities to your competition. They can gain entrance and mystery shop them without attracting attention. |
What is Included in a Nursing Home or Assisted Living Competitive Analysis?
You are planning or operating assisted living facilities, nursing homes, or other long-term care facilities. The intelligence you get with a competitor analysis assists you in maintaining that important competitive edge.
| Executive Summary and Recommendations | We will tell you the bottom line to start. We will summarize our findings. We will provide you with actionable recommendations. |
| Competitor Profile | We specify a variety of competitor characteristics. Location, exterior, occupancy, price points, and service lines are included in this section. |
| Mystery Shop Results | We visit your competition as a consumer and shop each of your competitors. We gather both qualitative and quantitative data from our visits. |
| Competitor Ranking | Based on an in-house developed system, we assimilate our observations and analyses and assign letter scores to each of your competitors. |
| Observations/Analyses | From the notes we gather on our mystery shopping visits, we report back to you. Since we have done many competitive analyses we can provide you with valuable insights. |
You Benefit From Working with The Fox Group
You must maintain a competitive edge in the market. Regardless of the type of long-term care facility you operate, you must know your competition.
By partnering with us, you gain an industry expert. We become an important part of your team. The Fox Group can help assure your continued success in the market.
