When conducting a market study competitor analysis, many tools and sources of public information are available right from your desktop. The task may seem overwhelming, especially if the market is highly competitive. But here are some best practices to follow:
NIC MAP 2.0 offers supply and construction data at the metro level. Excel workbooks can be downloaded and manipulated easily.
Next, find online or pick up the phone and request a disclosure statement. The disclosure statement is a one-stop-shop for the lion’s share of the competitive information. Disclosure statements include:
Finding disclosure statements on the web requires some creativity. A Google search for “disclosure statement” (in quotes), including the community, organization and/or corporate name often yields results. Other ways to search for disclosure statements include by license number, state and local government websites, and EMMA® (The Electronic Municipal Market Access System), which is the official repository for information on virtually all municipal bonds. With some persistence, searching EMMA® can return bond offering statements that will include disclosure statements.
If a disclosure statement can’t be obtained, or if what you find is more than a couple years old, begin by reviewing competitor websites. Consumers often shop for senior living options online and expect to find much of the pertinent information on the website, so communities may post current prices and sales incentives. Locate press releases and scan news channels such as Senior Housing News and local business journals. And, review community photo albums and floor plans to evaluate the aesthetics and conditions from a distance.
While random web searches aren’t advised, try plugging in the community and corporate names into a search engine and include a common file suffix such as .pdf, .exl, .ppt, and .doc to retrieve internal documents that find their way to the internet. These can include board presentations, Excel worksheets with budget and occupancy figures, legal filings and annual reports.
For the more qualitative or subjective information needed to add depth to your competitor analysis, visit social media. Nowadays, many communities interact with their prospects and resident family members on Facebook. Yelp ratings and Google reviews offer insight, and job sites like LinkedIn, Monster and MyCNAJob include information on employees and job postings. Additionally, blogs and discussion forums often yield insider information, and sites like glassdoor.com offer former employees a platform to describe company culture and morale.
Architect and builder websites are also often good sources of information about a new development or renovation. They frequently showcase their senior housing projects in photos and renderings online, and may include community common space square footages, unit size, design and layout.
In summary, when conducting your desktop competitive analysis, use all the available tools. Be creative and organized, and you will be well-prepared for conducting site visits. With the hard data already collected, you can focus during the site visits on more of the soft or subjective aspects of the competitive analysis.
For more detail about conducting a competitor analysis from the desktop, look for the May Insider and watch for the recorded webinar that will be posted on May 24.