With 2021 and some of its difficulties in the rearview, many senior living professionals are ready to implement new strategies with growth in mind. According to Forbes, “2022 promises to be the year that more companies leverage the power of data…to spur business growth.”
More senior living brands are being intentional about tracking data (and not just website clicks or email opens). Savvy professionals see how analytics give them more control over their marketing spend per move-in and so much more. If you’re not looking at granular metrics, you could be wasting money and missing leads.
As a recent report asserts, “Digital, technology, and analytics strategies exist for nearly all organizations, yet only 30% have begun to execute on those plans.”
If your business is ready for a big data boost, keep the following tips in mind.
- Your Competitors Are Data-Driven
It’s no secret that the most successful communities are using analytics to study their businesses. Data on its own is completely meaningless. The power comes in being curious about the story your data is telling you. Within that story is a clear path to increase sales, create hiring efficiencies and optimize your marketing.
If your in-house team doesn’t have the capacity or curiosity for this kind of work, avoiding it simply isn’t an option. It still needs to be done if your business is going to survive. Failing to focus on data-driven solutions is a fast track to falling behind. Your competitors aren’t only leaning into big data, they’re building systems for success around it.
- It’s Ok to Outsource
Contrary to what we tell ourselves sometimes, we don’t have to be good at everything. Knowing how to lean in, focus on strengths and work around weaknesses is a skill many leaders spend years sharpening. If you or your team is struggling with a particular element of your role or business, you might need a little help from the outside.
Determining if data analytics is something to keep in-house or farm out to experts is something only you can determine. If you don’t have the bandwidth or its simply not in your wheelhouse, working with the experts at Serviam could provide the level of support your business needs.
- Be Equally Interested in Qualitative and Quantitative Data
At Serviam, one of the most important things we track for our clients are conversion rates. This means we’re looking at the time and outcome between a prospect’s initial inquiry to their move-in or disqualification. Such metrics are easy to roll up and track objectively and are more quantitative in nature.
On the qualitative side, we’re also tracking the disposition of phone calls. When a call comes through, was it a good conversation? What makes it good? What else can we learn by digging deep? Was the lead immediately disqualified? If so, why? Was there a financial barrier or was the prospect looking for a level of care not offered within your community?
At your community, how are you tracking the level of relationship with your referrers and leads? Do you know your speed to lead time? What about how much a missed call is costing your community? How does your data inform you to make better decisions around what’s working and what’s not? These are all important questions your team needs to answer with data.
When thinking about both kinds of research/data, remember that there are benefits to both and one isn’t inherently better than the other.
- Use Data to Reinforce and Redirect
The information you track and analyze can help you determine what’s working best for your business and what might be too much effort for too little return. As one example, Serviam tracks both scheduled and completed tours for our clients. We then compare those figures across referral sources.
What might this reveal? Perhaps that a client has a bias for one type of marketing tactic because of the volume of scheduled tours. In reality, there might be an underutilized tactic that results in far more completed tours. Having this sort of information at your fingertips can help you decide where to focus your energy and dollars.
- Look For Patterns
The team at Serviam also uses data to track the days and hours most of your inquiries come thru. Our US-based contact center fields inquiries after normal business hours end, so we can help you get a handle on all the peaks and valleys. Info like this can help you know the best times to staff-up for optimum responsiveness. Where does that lead? Hopefully to you catching a prospect who’s considering multiple communities before they get in touch with your competitor.
- Beyond Sales & Marketing
Though getting you to peak occupancy is reason enough to take a dip in the data pool, there are other areas where data plays an important role. In our experience with applicant management, the most compelling data points are our contact rates and interview scheduling rates.
For example, in a sample size of 2300+ applicants in 2021, our average “speed to lead” was 7.3 minutes to make contact with a prospect with a contact rate of 97% and an interview scheduling rate (from contacted) of 87%. These conversion rates are easily 50%-100% better than what we see individual communities producing without outside help. In our experience and estimation, it’s rare that communities measure things like speed to contact or conversion rates on their own.
Though it’s likely no surprise that taking an interest in the nitty gritty will yield valuable insights, it may surprise you that in an age where technology and information are more accessible than ever, there are still people who just shoot from the hip and hope for the best. And while that’s certainly one way to do things, it’s not exactly a formula for winning strategically. If you would like your speed to lead conversions and other data tracked for you, start a conversation with us today.