What was your reach on your last social media post? How many engagements did it get? If you know the answer to those questions, then you can appreciate what social media has taught us all about the value of numbers in a digital world and how you need to drive your data. It’s how we determine if anyone is paying attention to us.
Obviously, senior living communities live by numbers too – the number of tours and number of move-ins each month are popular topics. Those are referred to as descriptive data or descriptive analytics. They define what has already happened. However, there are so many other numbers that, when tracked, can provide your community with what’s called predictive and prescriptive analytics. They define what’s about to occur. Why does it matter? Because using both of these categories of data analytics together can significantly improve occupancy rates.
Here’s Why You Want to Drive Your Data
In order to properly use predictive and prescriptive analytics, communities need much more than the number of tours and move-ins. They need to know the family journey, where their prospects come from and how long they’ve been in the sales cycle. When communities track every single prospect that comes into their database, from every touchpoint in their senior living search process, from online search, community event invitation, every form-fill, every phone call – then marketing strategies can be applied to alter the prospect’s behavior and improve a community’s conversation rates.
“Knowing what’s occurred is great, but predictive and prescriptive analytics is where it gets fun,” says Billy Daniels, VP, Digital Marketing for SeniorVu. “By identifying patterns from the past, we can create a predictive model to not only determine future outcomes for our clients but to make adjustments and find the best way to reach the best outcomes. That’s prescriptive analytics.”
It works like this. When a prospect reaches out online or calls the community, that’s information to track and a date to note. Did it take the community 5-minutes to respond to the prospect the first time they reached out? Or did it take 48 hours or longer? Did they come for a tour immediately? Or did they simply ask questions? If they didn’t come for a tour, did your community stay in touch with them? And for how long? And in what way? And what did the message say? This all probably sounds tedious and frankly annoying if you’re trying to do it manually by yourself but collecting that data automatically is the powerful fuel that allows you to drive your data.
At SeniorVu, we live by the data (we also ‘work to live and live to serve for the Greater Good’ but that’s another blog post.) We believe that only when your data is accurate and thoroughly collected, tracked and analyzed can communities devise a marketing strategy that will improve occupancy. We believe it because we do it for many hundreds of senior living communities every day and it works.
Here’s an example of data-driven success.
What we’ve learned from the past is that 80% of families seeking senior living care will go with the first company that connects with them in a meaningful way. If you’re a community with a limited staff handling various tasks making it difficult to grab the phone every time it rings or answer that email immediately, then it’s impossible to win the speed-to-lead competition. Speed-to-lead is the only way to win that game. It’s the number one reason our client communities use our contact center. We only work with senior living communities and our team of college-educated, trained professionals connect with every prospect within two minutes. Two minutes! This sales enabling process liberates your sales team from their desk and phone and allow us to filter out only those prospects who are likely to convert…winning the speed to lead game and focusing on those families truly in immediate need.
By tracking the data, analyzing the patterns, and adjusting communication communities can begin to provide families with the best experience possible as they search for senior care. What a gift to those families who are often struggling with a very big decision. What a gift for your community when you can be in the driver’s seat.
Interested in learning more about how data can help your community? Just contact Tim Donnelly at firstname.lastname@example.org. Or click here to schedule a demo.