Increase Occupancy While Decreasing Cost per Acquisition
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Slides from a Webinar dated June 6, 2018 hosted by Senior Housing Forum and presented by LeadingResponse
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Increase Occupancy While Decreasing Cost per Acquisition
- 1. Increase Occupancy While Decreasing Cost Per Acquisition
- 2. Presenters: Valerie Whitman- VP, LeadingResponse & Debbie Howard- CEO, Senior Living Smart 2
- 3. Before I Get Started Let’s talk about the handouts 3
- 5. 5 -New strategies to increase your lead base, occupancy & revenue while decreasing your cost per acquisition (CPA) -Peer case study review -Review key marketing automation initiatives that your existing lead base needs today to be a move in tomorrow
- 6. 2.3% – the average response to educational lead generation marketing events, offering both onsite & offsite 12,500 – the number of prospects that attended a community event and participated in this data 27 – the number of unique demographic elements in the profile During this session, we will present the key findings from the profile. 2018 RESPONDER PROFILE BY THE NUMBERS: ABOUT THE 2018 DATA 6
- 7. 7
- 8. COMMON MISTAKES: DIRECT MAIL EFFORTS 8 PURCHASED MAILING LISTS USING BASIC DEMOGRAPHICS POSTCARD MAILER WITH “CALL FOR MORE INFORMATION” OR “ATTEND OUR EVENT 5/9 AT 4:30”
- 9. RESULTS : DIRECT MAIL EFFORTS 9 LOW RESPONSE RATES HIGH COST WITH A POOR ROI FEW ATTENDEES AT YOUR EVENTS
- 10. 10
- 11. Instead try this… DIRECT MAIL EFFORTS 11 PURCHASED MAILING LISTS USING BASIC DEMOGRAPHICS POSTCARD MAILER WITH “CALL FOR MORE INFORMATION” OR “ATTEND OUR EVENT 5/9 AT 4:30”
- 12. A FEW KEY STATS These prospects that attend educational events hosted by you can afford to live in your community have a household income of more than have Income Producing Assets in excess of have a Net Worth of more than have more than in home equity 12
- 16. 16 ROI Chart for Direct Mail DIRECT MAIL RESPONSE RATES 1.50% 2.00% UNIQUE HOUSEHOLDS TARGETED 7,500 7,500 SEMINAR ATTENDEES/LEADS 113 150 NEAR-TERM DECISION MAKERS (60%) 68 90 PERSONAL TOURS FROM SEMINAR (40%) 27 36 MOVE-INS (25%) 7 9 MARKETING PROGRAM COST (.85pp) $6,375 $6,375 MEALS ($30 PER HEAD) $3,375 $4,500 TOTAL INVESTMENT $9,750 $10,875 COST PER LEAD $144 $121 COST PER TOUR $361 $302 COST PER MOVE-IN $1,444 $1,208 AVERAGE LIFETIME VALUE* $554,400 $712,800 GROSS MARGIN (25%) $128,850 $167,325 RETURN ON INVESTMENT 13:1 15:1 *Assuming $3,600/mo for 22 months
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- 27. Once prospects register for an event, they are entered into a workflow They receive a thank you/ confirmation Follow up after the event is automated with a CTA to schedule a tour and an invitation to the next event
- 29. 29 Questions? Valerie Whitman/LeadingResponse Valerie.Whitman@LeadingResponse.com 813.885.8287 Debbie Howard/Senior Living Smart dhoward@seniorlivingsmart.com 888-620-9832
Editor's Notes
- Welcome Quick info of my background & LR
- HANDOUTS: WP TREND REPORT
- As sales and marketing professionals, we are constantly reviewing our marketing plans and watching the performance of each initiative. We also see what each initiative is costing us at the lead, tour, and move in levels. Ensuring you have a good mix of initiatives is critical, such as digital, direct mail, referral partners, etc.. Conversion rates… what do those look like for each initiative? We will focus on a few specific marketing initiatives that when used correctly will lower your CPA as well as increase your lead base and overall occupancy!
- For example, lets review your DM initiatives and how those may be performing… Speak to what a typical DM initiative looks likes for community marketing plans PC to existing leadbase and/or basic demo purchased list Event times are 5, 5:30… or worse…Sunday brunch… Offering only one date and only one way to RSVP… calling between 9-6… Weak CTA… such as call for more information…
- Results of current direct mail efforts: VISUAL: Low response rate Poor ROI High cost Community event with only a few people.. All resulting in a negative perception about the success of DM campaigns overall.. Because of these poor results we tend to decrease our direct mail efforts, understandably so… Let’s review how you can still maintain that integrated marketing plan while increasing your ROI with direct mail efforts…allowing you to decrease your CPA
- For example, lets review your DM initiatives and how those may be performing… Speak to what a typical DM initiative looks likes for community marketing plans PC to existing leadbase and/or basic demo purchased list Event times are 5, 5:30… or worse…Sunday brunch… Offering only one date and only one way to RSVP… calling between 9-6… Weak CTA… such as call for more information…
- Believe it or not, a few small changes to your direct mail efforts can drastically improve your outcomes. For example… we know that direct mail is still the best way to communicate with our consumer segment (the 55+ adult child and senior) First.. How do you find these people? These highly qualified leads? And how do you engage with them face to face? Often times your current direct mail efforts include only basic demographics (age/income/proximity to community). Expanding beyond basic demographics to include data selects such as ailment, familial connections, veterans & spouses of, home equity, and several other financial criteria is necessary to find these prospects.
- Snapshot also speaks to the targeted efforts available and how these leads are provided pre-event upon RSVP allowing the team to have more information to support their sales strategy at the onset of building the relationship…
- Now that you have a very hyper targeted list of qualified prospects… it is crucial that you understand their psychological barriers, preferences, and information needs. Also note the shift we’ve seen as of late that is hopefully a sign of breaking down psychological barriers for some… that is the increase IN rsvp rate for onsite community events… recommend hosting 2 dates… one offsite and one on to speak to those that still have that psychological barrier and give them the option… Segway into ROI chart… by incorporating strong hyper targeted efforts coupled with consumer behaviors… you can achieve the averages our clients do…
- Let’s review what your ROI for this effort can be when you incorporate these changes…(this is same chart on brochure, will have as handouts as well) Compare to your current digital aggregator CPA… conversion rates of digital are 3-5% vs these face to face of 8-10% inquiry to MI. Speak to the option of onsite and 1/3 food cost, however keep in mind psychological barriers so should still offer 1 date offsite Also speak to this qty being on the higher side, can have solid outcomes with a smaller campaign of lets say 5k qty INSERT ROI chart and review… We can have handout of brochure… where this chart exists
- Introduce Andrew Chapin, VPSM, Integrated Senior Lifestyles based out of TX… set the stage for what work they’ve been doing with us… basically shifted their DM resources to us and not only allowed them to decrease their CPA but can now focus internal marketing team on digital efforts such as SEO, further decreasing their dependency on digital aggregators
- Before handing off to Andrew briefly review what these numbers are… and he can speak to the actual events, caliber of leads, etc.
- A second different example campaign with onsite and offsite
- Note the difference in time as well as location… speaking to the psychological barriers and different interests of leads at each… For example, onsite those leads were more interested in seeing the community and trying the food whereas the others offsite were resistant to that as their first interaction with the brand, requiring this first step to be taken offsite in a neutral location
- Intro Debbie and SLS