Bill McDonald, CEO of the Arvida Group, shares his insights on translating customer value into business value within the context of the retirement community industry. Bill and show host Julia discuss how consumer needs evolve with generations, the complexities of managing multiple types of buyers, and how Arvida's purpose of "transforming the aging experience" defines the organization's goals. Julia shares her plan for March's CX Mini Masterclass episodes, which will focus in CX metrics and measurement.

 

 

CX and the "Silver Tsunami"

 

Baby boomers represent a major population group in most economies. It's a generation that is fast approaching retirement, and in the US alone the population of people 65+ will grow 90% between 2010 and 2040. As baby boomers age up and the "silver tsunami" approaches, there is a heightened focus on the types of experiences these consumers will be looking for in their retirement.

Many retirees opt, or need, to change their living situation to align with changes in their life while aging. It's a huge decision, and one that can impact the most important facets of a retiree's life. I had the opportunity to speak with Bill McDonald, CEO of the Arvida Group about how his organization is preparing for the coming wave of older consumers, and the role of customer experience in this.

 

Insights from an industry expert

Bill is an experienced leader in the retirement community (aka retirement village) industry. He has held a number of senior executive roles in the New Zealand and Australian retirement sector including General Manager of ING’s retirement assets division in New Zealand and Regional Operations Manager for Stockland Limited in Victoria, Australia.

 

Bill McDonald, CEO Arvida Group

Bill entered the industry as acting CEO for a community owned organisation in county Victoria, Australia where he successfully guided the organisation through the accreditation process. Bill subsequently joined the Buxton Group to assist in the development and operation of the acclaimed Rylands facilities in Melbourne. The development projects won multiple awards from the Urban Development Institute of Australia and Australian Institute of Building. They are recognized as benchmark retirement operations in Australia and internationally.

Bill is focused on building a retirement and aged care business that aligns with the demands of today as well as those of the future, through the principles of resident well-being and positive community interaction. It's this focus on the customer that sets Bill and his team apart.

 

Industry and consumer trends

To realize the principles of resident well-being, the team at Arvida needs to keep their finger on the pulse of changes in the industry and consumer preferences. Here are some highlights of insights about Baby Boomers from my conversation with Bill:

 

* A do-it-yourself generation - if Baby Boomers can't find a solution to what they're looking for, they're likely to create one for themselves. This means that retirement villages and other industries offering services to this generation need to stay attune to the needs of customers or the consumers might end up developing a competing offer

* Staying integrated with the world - retirement products and services that "isolate" this generation of consumers from the rest of the community or marketplace won't be appealing

* Enjoying the fruits of their labor - those in the si...