We’ve all heard of the mythical “unicorn” prospect: a senior and their loved one(s) who are out for a drive, notice your community for the first time, stop in for a tour, fall in love with your community and the idea of senior living, and put down a deposit on the spot. A rare occurrence.
In reality, you’re probably making a significant investment in sales and marketing to attract a prospect to your community, nurture them (and their loved ones) to the point they’re ready to connect, and guide them through your sales process until they move in.
Are you getting your money’s worth on your sales and marketing investment? Or, are you in the dark because you find it difficult to accurately track ROI?
Measuring ROI on marketing activities
Before a marketing lead even becomes a sales prospect, you’re probably spending some major dollars to attract them to your community’s website and nurture them until they are ready to connect with you and schedule a tour. Wouldn’t it be great if you knew where a lead originated so you can accurately track the ROI?
With WelcomeHome’s ability to integrate with the most popular senior living marketing and automation tools and incoming leads sources, tracking marketing ROI becomes automatic. Our built-in Lead Source Analysis report lets you perform this exercise with just a few clicks.
Having solid data about your leads across all the marketing channels being used can help you achieve a very direct result: a reduction in cost per conversion.
Take a look at these 3 hypothetical cases for example:
Case A: A pay-per-move-in source (i.e. aggregator) refers 100 leads to your sales team. 20 of them tour, and 5 eventually move in. Your lead to move-in ratio is 5% for this source.
Case B: Your local professional referral sources (e.g. physicians and elder law attorneys) also refer 100 leads to your sales team. 50 of them tour, and 20 eventually move in. Your lead to move-in ratio is 20% for this source.
Case C: Your web lead sources (i.e. paid ads) also refer 100 leads to your sales team. 10 of them tour, and 1 eventually moves in. Your lead to move-in ratio is 1% for this referral source.
Conclusion: In this case, as a regional or corporate sales and marketing leader trying to determine which marketing channel delivers the best ROI and should be prioritized by your sales team, you can see that local professional lead referral sources are much more productive than the others.
Measuring ROI on sales activities
Once a lead reaches out to the community to learn more and schedule a tour, WelcomeHome automatically logs all sales activity, making comparing activity against benchmarks effortless. Among the most important metrics for measuring your ROI on sales activities are Speed to the Lead, Lead to Tour, Inquiry to Tour, Tour to Move-In, and Average Time/Effort to Sale (read more in our blog, “Benchmarks 101”). WelcomeHome reports on all of them and more, automatically and in real time.
The impact of a shortened sales cycle on ROI
In our blog, “How WelcomeHome Helps Senior Communities Move Prospects in Sooner and Extend Length of Stay,” we shared the many benefits of a shorter sales cycle to the prospect, the family, and the senior living community. There is also a major benefit to the senior living owner/operator of moving a prospect in sooner and with a longer length of stay: a greater return on your marketing and sales ROI.
Other benefits of WelcomeHome’s real-time reporting
Sales and marketing departments can work together toward the same strategic goals by sharing the same reports.
Centralized reports that are the single “source of truth” eliminate discrepancies and misunderstandings across all levels in your organization.
Strategic decisions can be made quickly and with confidence.
Customized reports and dashboards deliver the degree of detail required by users at each level of your organization.
Forecast the effectiveness of a marketing strategy based on real past results.
Are you in the market for a new CRM that delivers in real time the reporting you need to make strategic decisions with confidence? WelcomeHome is a game-changing CRM built specifically for the senior living industry. With its intuitive user interface, recommendation engine, and clear workflows, the WelcomeHome CRM is a game changer for both users in the community and owner/operators. Experience for yourself what thousands of senior living professionals rely on to make their job easier: request a free demo of WelcomeHome’s CRM today.