SMASH 2017 Recap: Industry Benchmarks and the Power of Understanding Data

 

SMASH-2017-Senior-Care-Marketing-Sales-Summit

Last week, hundreds of senior care sales and marketing executives gathered in Chicago for the annual SMASH (Senior Care Marketing Sales Summit) conference. The 2½ day conference highlighted best practices for effective marketing and sales strategies, with a heavy emphasis on content strategy, digital marketing and utilization of data to optimize community sales and marketing programs.

SMASH 2017 featured over 30 sessions led by industry experts, key insights from thought leaders, and countless opportunities for peer-to-peer discussions and collaborative hands-on exercises through workshops and roundtables.

Using Data to Drive Results

Enquire co-founder and Chief Revenue Officer, Erin Hayes, was joined by Melinda Scott, VP of Sales at Covenant Retirement Communities, to present on Industry Benchmarks and the Power of Understanding Your Data.

During the interactive presentation, Hayes and Scott presented never-before-seen 2017 industry sales and marketing benchmarks for sales activity, sales conversion and marketing tactic performance. The presentation informed attendees about which metrics to focus on when making data-driven decisions for their community and how to use data, such as benchmarks, to drive higher occupancy and yield positive organizational results.

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Leads by Inquiry

Hayes and Scott revealed the top leads by inquiry method in 2017, highlighting the differences between care type: Independent Living has a heavy reliance on call-in and web inquiries, while Assisted Living has the highest concentration of inquiries from paid referrals. Using this information, communities can determine how prospects are inquiring and focus marketing and sales efforts on the lead sources that makes the most sense.

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Sales Trends

Diving further into the industry data for 2017, Hayes and Scott revealed the top sales trends including inquiry to move-in conversion, inquiry to tour ratios, and close ratios (calculated by dividing the first tour into the total move ins).

  • Call ins and unpaid referrals convert to move ins more for all levels of care.

  • Paid referrals convert better for assisted living and memory care.

  • The average inquiry to tour conversion for call in inquiries is 42%.

  • The average closing conversion for independent living is 23% and 32% for assisted living and memory care.

Utilizing trends and data provides more insight into the lead conversion process in the senior care industry and can promote more effective sales activity by aligning the sales strategy with organizational goals. 

Community Activity  

On average, communities are receiving 31 new inquiries per month. Studies show that approximately 50% of sales go to the provider that responds first, emphasizing the importance of engaging prospects and referrals. Sales activity and response rate is essential to achieve high contact and conversion rates, as well as develop an exceptional reputation as an industry leader in customer service. 

Using 2017 data, Hayes and Scott recognized the importance of contact centers. The chart below compares communities who use a call center to capture inquiries, to those that do not. Because call centers ensure that all inquiries are captured, there is a higher amount of sales activity.

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How does your community compare? 

2017 Senior Living Industry Benchmark Report Preview

Great data can guide sales and marketing leaders as they create their strategy to drive census and occupancy. Gain an understanding of what metrics you should focus on to make data-driven decisions for your community to increase sales efficiency and productivity. 

The complete 2017 Senior Living Industry Benchmark Report will be released in January 2018! To preview data and benchmarks highlighted in the report, download the Industry Benchmarks presentation by clicking on the link below. This presentation provides highlights of 2017 industry sales and marketing benchmarks and is paired with case studies on how providers are using quantitative and qualitative data to make better decisions. 

 

Industry Benchmarks SMASH 2017 Download Presentation

 

 

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