Who is Your Market in an Aging Life or geriatric care management business? Wealthy people. 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 such a business is not the 65 million families who need geriatric care management services, but the much smaller subset of those families who can afford to hire a GCM, 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.
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.
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