How to develop a network of senior care and service professionals
By Jason Lampa MBA
College Savings Bank
By 2030, 70 million Americans will be over the age of 65. From home care services and medical products to housing options like assisted living, the demand of products and services relating to the care of American seniors will soon begin to experience massive growth.
Investment professionals can begin to take advantage of this opportunity by networking with those companies and individuals who influence the decisions of the elderly population. Consider developing business relationships with the following:
- Physical therapists
- Home health care professionals
- Assisted living facilities
- Medical doctors
- Elder law attorneys
- Senior day care providers
- Medical equipment sales representatives
- Pharmaceutical sales representatives
The process of networking to this group should begin by selecting five specific communities or specialists in which to focus:
2) Assisted living facility managers
3) Sales representatives of diabetes drugs
4) Executives for companies that provide oxygen services
5) CVS and Walgreens pharmacists
Leveraging technology to create a paperless office
Start by presenting some statistical information such as:
1) Professional workers spend more than 50 percent of their time dealing with paper
2) Organizations lose more than 10 percent of their paperless documents
3) More than five percent of all paper files are done incorrectly
Implementing the technology to have a paperless office will:
1) Eliminate lost files and billing sheets
2) Creates a system to easily retrieve files for questions pertaining to billing with insurers
3) The reduced administrative burden gives you more time to see more clients and increase customer service.
Providing a program like this to members of the senior care and service market is going to benefit your business in five ways:
1. Increases your business exposure and visibility
2. Begins to develop a niche market for your business
3. Provides you with an opportunity to market your services and products
I recommend using the social networking tools that are available to aggregate all the people you have built in this new network. Moreover, I recommend that you create a separate Web site for this networking group that includes a financial blog. Some of the social networking tools I recommend include:
- Second Life
The key to making this profitable for you business is to hire an extra marketer to do most of this work for you. The online presentations and social media networking can be handled by an outside third-party. Create a 15-minute video presenting yourself and why you are creating this networking group. The extra marketer will most likely cost $15 per hour. To implement the presentations and ongoing social network, they will be working about 200 hours per year -- basically $3,000. Compare that with the extra $200,000 in revenue. If we look at this on a per hour basis, based on spending 4 hours per year with each of the 25 clients, it comes out to $800 per hour.
When we look at it from this perspective, creating a program like this may make sense for your business.
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