Our data show measurable increases in the two most revenue-focused metrics, as well as improvement in new leads, calls and appointments.
As the world around us changes, the impact of COVID-19 on our field has been a uniquely—and extremely—challenging one. It’s fair to say that anyone who works in senior living has worked overtime during the past six months to adjust operations on-the-fly and preserve as much revenue as possible before 2020 comes to a close. We can certainly say this is true for Love & Company clients and are sure it is the case across the board.
Because we’re always thinking, our team of data analysts recently dug into the metrics we’ve seen across our portfolio from January through July 2020, and the data show encouraging results.
Across the board, our clients—the organizations that have remained nimble, consistent and creative—are reporting significant gains in move-ins, deposits, leads, calls and appointments. Here are a few charts to show what we mean.
For arguably the most important sales metric for any senior living organization, our clients have had move-in totals in June and July that exceeded those for January and February.
This strong rebound is encouraging for our entire field and is likely a result of the combined trends from the subsequent charts. These high move-in totals reflect our four approaches to closing sales that are working amid COVID-19 as well as the efficacy of a consistent, coordinated, confluent marketing program.
Although COVID-19 has affected blue sky and expansion projects differently than it has affected existing communities, our research shows similarly encouraging data when it comes to 10% deposits.
June and July combined totals for 10% deposits either match or exceed the combined totals for January and February, and combined June and July totals show a 233% increase over combined totals for April and May. These numbers tell us that prospects see the light at the end of the COVID-19 tunnel, and they understand that choosing a Life Plan Community remains an excellent decision even amid market volatility.
New leads (initial inquiries)
As our clients have been able to navigate the new world of senior living marketing after shelter at home, adapting new lead generation tactics has helped them see a steady increase in new leads each month since March. And this boost in new leads has been most notable for organizations that have preserved—or even increased—their marketing budgets during this time, while exploring cutting-edge digital campaigns and bold creative.
Connected calls, emails, texts
As we wrote in our recent blog highlighting sales techniques that have proven effective during COVID-19, “It is our view that organizational leadership must recognize sales and marketing functions as critical operations, and the time and budget granted to them should be protected if at all possible.” As our research uncovered, organizations that kept their sales teams dedicated to making connections with prospects were the ones that experienced steady connection rates, that is, rates on par or even exceeding those pre-COVID-19 as April 2020 data show.
With stay-at-home orders wreaking havoc on in-person sales appointments this spring, organizations were forced to adapt on-the-fly to new ways to get in front of prospects. By summer, organizations that established digital tools to maintain senior living marketing efforts are now seeing a rebound in the number of appointments. These digital tools include video appointments and virtual tours, for which we have shared seven tips to easily and effectively connect with senior living prospects.
While appointment totals have not matched those from the winter months, our research noted that some organizations are not counting video calls as appointments and are only counting them as calls. That said, the numbers in this graph are not fully representative of all video tours, and we have confidence that the June and July appointment totals are higher than what the graph shows.
Beyond the numbers
If the data from this year so far show us anything, it’s that senior living prospects are resilient and they’re still thinking about the future. Many of them have overcome challenges bigger than this, which has inspired us, too.
We’re encouraged by what we’re seeing for our clients, and we hope that your organization is experiencing similar upward trends for move-ins and deposits, as well as for leads, calls and appointments. If not, let’s talk. Simply click here or call 410-207-0013 today to get in touch on maximizing your organization’s revenue before the books close on 2020.