By Steve Moran
Whether you’re a senior living owner/operator or a solution provider, you need solid answers to these critical questions:
- What problem do you solve?
- What makes you better than your competitors?
- How do you create value?
Reality Check
In my conversations with leaders and salespeople, too many struggle to answer these three fundamental questions clearly.
Understanding the Problem You Solve
What you do isn’t the same as what problem you solve. While senior living communities provide housing, meals, activities, and transportation, the real problems they solve vary by prospect. These might include combating loneliness, enriching life experiences, providing care, or even facilitating romance. For families, the solutions often center around stress reduction, peace of mind, and reclaiming their own lives.
For solution providers, having a cool, clever, or novel product isn’t enough. Long-term success depends on solving real, pressing problems for your customers.
Standing Out From Competitors
Understanding why your community is better — or at least different — than competitors is crucial. This isn’t about criticizing competitors; it’s about differentiation. I once visited a community where the salesperson couldn’t answer this question, essentially suggesting price was the only differentiator. Unless you’re deliberately competing on price, this approach leads to more losses than wins.
Solution providers often have only a vague understanding of their competition. Without knowing what you’re up against, you can’t effectively position your offering.
Creating Meaningful Value
While this may seem similar to identifying the problem you solve, it’s distinctly different. You might solve a problem and outperform competitors, yet still not provide enough value to create a viable business. The key question is: Why would someone invest money and staff time in your solution?
The value proposition must be substantial enough to justify the investment.
How about you? Can you confidently answer these questions? Share your thoughts in the comments.
