Who is Your Market in an Aging Life or geriatric care management business?
As the holidays arrive adult children of concierge clients will begin the call you, as they see their faltering older parents at holiday gatherings and begin to worry.
Your market as a geriatric care manager is the rich and famous people who are your VIP clients and their adult children who call you to help their failing elder family members. The lower 90%, only call when there is a crisis and that crisis usually leads to homecare. Homecare costs between 4000-6000 a month. This is why you need to serve that top 10%. The upper 10% can afford that according to Pew research, in this nation of broad income disparity, and 90% below cannot.
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.
Who Can Really Afford Geriatric Care Management
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 are VIP clients and can afford to hire a GCM or aging life care manager and a private duty home care agency, and are willing and able to pay for geriatric care management services and homecare at 4-6K a month.
The Rich Have Gotten Richer
This subset really represents the top 10% of the economic spectrum and more precisely among the rich and famous,VIP elders – the top 1% who actually held onto its share of national wealth in the 2008 economic crisis, gained quite a bit with Trump’s tax cut in 2019
During COVID President Biden remarked in his late April address to Congress. “At the same time, roughly 650 billionaires in America saw their net worth increase by more than $1 trillion . . . and they’re now worth more than $4 trillion.”
Concierge Client’s Who Can Afford You& Their Adult Children Need VIP Pain Products
The adult child who calls these coming holidays about their concierge aging parents will choose you -the geriatric care manager over your competition
if you have a menu of pain-point products and Four Seasons services to deliver those products- rivals do not have.
Products make sense to a high-end customer who is brand /product-oriented in purchasing anything that reflects who they are. Think Gucci purses, Rolex or Montblanc watches Dior dresses.
All care management customers in the upper 10% relate to products not peace of mind
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customers are over age 85 or are disabled younger people with incomes in the range of the top 10% in your community. Your customers are also the local overstressed adult children of clients, long-distance caregivers with family members who need help and live in your community, and third parties like Trust Officers who may hire you as a GCM such as trust officers, attorneys, conservators, or guardians.
improving results; that is, change tactics to do more of what is working.
