So, you’ve fully integrated your CRM system and you now have a lean, mean data-generating machine. But, you’ve started to feel a bit overwhelmed with the sheer volume of data available to you. What should you be paying attention to?
Source of conversion
Take a fine-tooth comb to your overall number of conversions and see what referral sources are really driving growth. Local billboards may be a mainstay of your outreach, but may not be bringing you any converting leads. You may think no one is paying any attention to your print ads but find they brought in a half a dozen residents last quarter. Tracking this metric can help take the guesswork out of allocating marketing resources.
Customer acquisition cost
This metric is crucial - tie each of your marketing efforts to how much it costs to get a resident in the door. All marketing dollars are not equal. Say $1000 in direct marketing efforts yields one conversion, but $1000 towards content generation yields five new residents. This will be crucial information the next time you’re budgeting.
Profit per resident per source
Take a good look at which campaigns and referral sources regularly yield the most profit. Are some successful, inexpensive sources of conversion linked to new community members with a high expected Lifetime Resident Value? Understand more granularly which residents yield your highest profits and how they are coming to you.
Appointment, tour, and close ratios
Take an in-depth look at the success and failure rates at every stage in the sales process. How many leads who meet for appointments also schedule tours? What percentage of tours yield move-ins? What is the tour-to-close ratio by referral source? See definitively throughout the sales process where you are losing leads and where you are signing deals.
Sales by month
Tracking sales by quarter is a given, but monthly revenue information provides another valuable guidepost. What resources might need to be reallocated next year in anticipation of another July slump? Use this metric to project future sales and anticipate staff needs.
Sales by sales counselor
What percentage of total move-ins are associated with each member of your sales staff? This can help you determine who needs more motivation, where to provide more incentives, and how to focus training initiatives.
It takes a great deal of time and money to bring a resident into your community. You want to make sure those resources aren’t being squandered. Determine what factors are contributing to move-outs.
ROI of campaigns and events
Stepping back, you want to get a big-picture look at the return on your marketing investment. Which campaigns, overall, bring in the most new revenue? Looking at the bottom line, what annual events have ceased being valuable? Use the numbers to guide your future efforts and to motivate innovation.
Are you looking for more on metrics? Watch our webinar on how to measure success for your community.