The Cost of Customer Acquisition versus Retention in the Assisted Living, Home Support, and CCRC Industries

Our focus in today’s market is primarily geared towards acquiring new clients rather than retaining existing clients. This should change immediately! According to research, it takes on average five times the cost to acquire a customer than to retain one.

There are a few simple steps to retain customers in the senior care industry, for example, surveying residents more frequently. Too many organizations rely solely on annual satisfaction survey information to garner consumer feedback.  By the time the survey is rolled out, collected, and the findings presented, much time has passed.  Instead, weekly feedback should be acquired through surveys following key meals, activities, and more.  This helps improve operations and subsequently helps retain residents daily.  This seniorDECISION article details more of the benefits of focusing on customer retention in the senior housing industry.