Understanding the Importance of a Transparent Pricing Strategy

A transparent pricing strategy benefits senior living providers by providing accurate reliable forecasting and allowing for consistent billing and revenue flow planning, so they can make informed business decisions.
Transparent Pricing Strategy 02

To survive, and thrive, every industry must earn their customers trust. The senior living industry is no exception and trust is essential given what’s at stake. Every aspect of senior living is built on resident satisfaction and high touch quality experiences. Providers ensuring exceptional, consistent, and responsive services are just the beginning.

In addition to maintaining occupancy, attracting future residents by modernizing dining experiences and spaces, focusing on wellbeing and nutrition and implementing technology solutions, which are considered by leading providers a given – through our operating companies Unidine, Morrison Living and Coreworks, developing a transparent pricing strategy is critical. For CCL Hospitality Group (CCL), pricing transparency is one of the cornerstones of our approach – we are transparent, proactive, and intentional about driving results for our clients. 

What Is Transparent Pricing?

As part of Compass Group, we are a large, but nimble organization and our value and competitive advantage comes from being a one-stop solution for cutting edge global innovations. We do this by developing customized solutions that are data driven bringing value, shared control, accountability – and price transparency.

Working in tandem with our industry partners, CCL has a dedicated support system to cater to your community’s particular needs. Our approach from day one with each of our clients is based on mutually agreed-upon metrics, transparency and tailored to ensure alignment with your organization’s goals. We also foster open two-way communication, forming a lasting partnership where both parties share in the success. While working closely with you, we create comprehensive, solutions that optimize cost efficiencies, add value, and address the evolving dynamics that impact your business.

Through our extended team of industry experts, key areas we focus on together include:

Transparent pricing strategies are not just about numbers; from both a revenue and resident satisfaction standpoint, they help build trust and ensure the financial well-being of clients and residents.

As your partner and advisor, we see both parties actively participating in building the right programming and pricing model to ensure alignment with the unique needs and preferences of your community bringing an authentic sense of partnership and shared ownership.

How Do You Emphasize Value with Price Transparency?

The value of price transparency allows providers to qualify more leads by reducing uncertainty and inspiring confidence in the providers ability to meet the needs of future residents. Additionally, when providers arm prospects with financial information, they not only create more qualified leads, but also decrease the conversion time. It also allows providers to better set pricing and fees and be more transparent in their overall revenue model, which helps with resident acquisition and resident retention. According to a poll by Label Insight, 94% of customers are more inclined to be loyal to a brand that provides transparency, and 73% are prepared to pay more for a product that provides it.

Price transparency also amplifies providers’ value proposition, making conversations with potential clients and residents more authentic and open. Whether it is a current resident who may be considering a change or attracting a new resident – pricing transparency reflects that you are focused on providing consistency for your residents. Through data and analytics, budget forecasting and technology implementation when partnering with CCL, you are showing rather than just speaking to your commitment – and as important – your ability to meet expectations.

Providers also benefit in several ways through a pricing transparency strategy that impacts their financial health. Pricing transparency allows for consistent billing and revenue flow planning, accurate and reliable forecasting so providers can make informed decisions, while also easing the impact of inflation and other sources beyond their control. Access to expert data and analytics strengthens budget forecasting, ensuring metrics and KPIs are met allowing providers to track trends and performance and if necessary, implement adjustments to ensure the best possible outcomes.

About CCL Hospitality Group

CCL Hospitality Group is a nationwide leader in culinary and support services with four distinct operational companies – Morrison Living, Unidine, Coreworks, and The Hub. We provide modern world-class hospitality infrastructure, talent, and innovation. We are shaping the industry’s future leaders with a culture of service focused on elevated hospitality offerings for community living across the country. Learn more here.

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