A thorough understanding of your competitors is vital for success in sales. In our recent webinar on competitive intelligence gathering for senior housing companies, my two co-presenters Lana Peck from NIC and Scott Townsley from Trilogy Consulting shared ideas of specific resources salespeople can use to ethically and legally gather competitive intelligence.
Lana and Scott had great ideas, and it’s worth your time to listen to the full webinar. But here’s a quick overview of the resources they mentioned to help you gather intel:
- Google: (You knew this would be first!) Type in community name, but also try searching on the corporate name, the name of an ownership group, or the license number of the specific community. Another tip Lana shared was using the “Advanced Search” option and selecting “File Type” such as .xls or .ppt to find marketing presentations, internal analysis, and other documents that your competitor may have forgotten were publicly accessible. She also suggested doing a search for “CCRC disclosure statement” and/or doing a search with those words and the competitor community’s name.
- EMMA: The Electronic Municipal Market Access database contains a wealth of disclosure documents required if a company raises money from public sources. You’ll find information about new construction, remodels, acquisitions, or other events that trigger financing needs.
- State or Local Websites: In a regulated industry like senior housing, every state has a way to access licensing data, construction permit information, and other required disclosures. Here’s a link to the website for California, for example, but your state has one, too.
- Pubic Job Boards: Troll the popular job listing sites in your area (like Monster.com, MyCNAJobs, or Craigslist) to find out what your competitors are up to, including what services or features they’re preparing to roll out.
- Glassdoor: This website for employee reviews gives you the inside scoop on what it’s like to work for any company including your competition – although many of these reviews are posted by people on their way out the door in a huff, so you need to take them with a big grain of salt.
- Caring’s Partner Portal: If you get leads from Caring.com, you can log into your custom version of the Partner Portal to see which people we sent you actually moved into one of your competitor’s community. This gives you insight into trends like whether you’re losing memory care prospects to Community X, or high-net worth clients to Community Y. Need Portal access? Contact Client Services.
- NIC MAP: This fee-for-access database is the gold standard for competitive intelligence in senior housing, and will make your life easy. Check with your corporate office to see if you already have a subscription – we don’t have one here at Caring.com, but I wish we did!
- Trilogy Consulting: I was so impressed with Scott’s insights, based on over 20 years of experience with senior housing strategy. If you don’t know where to begin with your competitive intelligence gathering, Scott can help.
We’ve also posted Lana’s slides and Scott’s slides for you to peruse:
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