2020 is here and no, it's not waiting for you to get organized. A new year can mean a lot of things, but in the home care industry it usually means that the time has arrived to make adjustments to your service and pay rates. Truthfully, change isn't always good. Making adjustments to your business without having a solid read on what your competition is doing can cause major damage.
In 2019, Onsite Performance Solutions conducted market research for over 25 Comfort Keepers franchisees. The biggest take away? Every market is unique. The market trends in Pittsburgh, Pennsylvania are not the same as Jackson, Tennessee. You should be wary to implement changes to your business based on national data. Plenty of companies (we'll not mention names here) are eager to offer rate suggestions to home care providers based on national research. I hate to be the bearer of bad news, but those suggestions could cost you BIG TIME if you aren't careful.
If you have conducted market research independently, you already have an idea of just how time consuming it can be. Onsite Performance Solutions offers the Competitive Market Analysis report which can be tailored to your specific needs. A $700 investment can deliver a final report which offers detailed profiles of your top competitors including service rates, employee pay rates, benefits, quality engagement scores, and more. Even better, the report then provides suggestions based on your market trends so that you can set yourself apart from the competition.
I recently conducted market research for a client and was shocked to find that not one of her competitors requested any contact information from potential customers. That may not sound like a big deal, but what it really meant was that her competitors were leaving potential business on the table. Potential business = money! Based on the Competitive Market Analysis Report, she implemented a serious follow up procedure for customers that may have inquired about services and never had anyone check back in with them. The results of the report not only allowed her to ensure her pricing was right for her market, but also allowed her to implement a structure that would set her apart from her competition and secure the business they were missing out on.
So....the new year is here. You already know that adjustments need to be made, but making the right moves requires real data. Onsite Performance Solutions offers expertise and real results that can help grow your home care company. Now is the best time to conduct a Competitive Market Analysis and set yourself apart from the competition. 2020 is not waiting for you and neither are your competitors.
To schedule a 20 minute call to learn more about the Competitive Market Analysis Report email us at info@onsiteperformancesolutions.com.