Summary

Customer Lifetime Value (CLV) is the total impact, both financial and communal, a resident has throughout their stay in a senior living community. CLV varies across different types of senior living communities, such as independent living, assisted living, memory care, and CCRCs. Independent living residents have a lower turnover rate and a longer average stay, resulting in a CLV range of $180K to $480K. Assisted living residents have a shorter length of stay but higher fees, with a CLV range of $84K to $252K. Memory care residents require specialized care, leading to a CLV range of $85K to $242K. CCRCs offer a full spectrum of care and have the highest CLV, averaging over $500K. CLV should be the guiding light for senior living providers as it focuses on building lasting relationships and delivering excellence. Strategies to increase CLV include personalizing the resident experience, using technology to enhance interactions, and gathering feedback to refine the community's offerings.

Takeaways

Sound Bites

"CLV is the total impact, both financial and communal, a resident has throughout their stay in your community."

"When your brand is being recommended to others by your own customers, you've done your job well."

"CLV in senior living communities can be influenced by factors like service level, resident engagement, and pricing strategies."

Chapters

00:00 Introduction

01:12 Understanding CLV in Senior Living

12:51 Why CLV Should Be Your Guiding Light

17:08 How Do You Strategize for Higher CLV?

22:35 Conclusion