Who is Your Market in an Aging Life or geriatric care management business? The Rich and Famous people who are your concierge clients. This is why you need to serve that top 10%. Demand and not need determines the success of an eldercare business like aging life or geriatric care manager business. This fundamental fact of life must be taken into consideration when developing a business plan for a for-profit, fee-based, Geriatric care management business.
The target market for a private geriatric care management business is not the 65 million families who need those concierge care management services, but the much smaller subset of those families who can afford to hire a GCM or aging life care manager, are willing to pay for the services that GCMs and can actually find their way to you.
This subset really represents the top 10% of the economic spectrum and more precisely the top 1% who actually held onto its share of national wealth in the 2008 economic crisis, and may have even gained a bit.
Meanwhile, the share of national wealth held by the bottom 90% fell to 25% after the Wall St and Housing collapse and these elders are tragically not the market for geriatric care managers because they cannot afford the service.
Whether you are a nurse care manager, geriatric social worker, nurse advocate, geriatric care manager , aging life care manager , any of the alphabet soup of care management names, if you have a private geriatric care management business, you can only make money and thrive as a business by marketing selling and be signing up the top 10% elder client.
Bob OToole MA ,long time geriatric care manager,wrote a highly researched chapter in the latest edition of Handbook of Geriatric Care Management 4th edition Private Revenue Sources for the Fee-Based Care Manager- Need Vs Demand in the Elder Care Market which show aging life and geriatric care manager why you need these 10% elders and their Families as customers.
Learn 5 critical success steps to start and run a profitable, GCM business, including marketing to Concierge clients, from Cathy Cress, the author of the Handbook of Geriatric Care Management now in its 4th edition. Sign Up Now
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Cathy Cress MSW