Understanding the Importance of Customer Lifetime Value (CLV) in Senior Living

Understanding the Importance of Customer Lifetime Value (CLV) in Senior Living

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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

  • Customer Lifetime Value (CLV) is the total impact a resident has throughout their stay in a senior living community, both financially and communally.
  • CLV varies across different types of senior living communities, such as independent living, assisted living, memory care, and CCRCs.
  • Strategies to increase CLV include personalizing the resident experience, using technology to enhance interactions, and gathering feedback to refine the community’s offerings.
  • CLV should be the guiding light for senior living providers, focusing on building lasting relationships and delivering excellence.
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