Increasing Senior Living Marketing ROI
Senior living communities have faced numerous challenges over the past few years, from the pandemic to a rapidly changing economy and the anticipation of the next-generation resident persona. Marketing teams have been tasked with doing more with less. This means focusing on creating more strategic marketing plans and optimizing spend to increase senior living marketing ROI or return on investment.
Despite an ever-changing standard for digital and boots-on-the-ground marketing, one thing has not changed: the number of seniors in the United States continues to increase. According to the Population Reference Bureau, “The number of Americans ages 65 and older is projected to nearly double from 52 million in 2018 to 95 million by 2060.” This will lead to a rise in demand for senior living options.
Having a strong marketing strategy and plan in place can empower community administrators and senior living owners/operators to drive interest in their communities and continue to grow the census while keeping their marketing budget in check.
Why Does ROI Matter in Senior Living Marketing?
As an owner or manager, you want to make the most of every dollar you spend. If your campaigns are consistently costing more than the revenue they generate in return, you are losing money. Knowing what the return on investment is can enable you to better allocate your resources and budget. Stop pouring money into strategies that aren’t working.
To calculate your return on investment, subtract how much you invested from how much revenue you generated, then divide by your investment. For example, if you spent $2,000 on an advertising campaign that generated $28,600 in annual income from new residents, you would subtract $2,000 from $28,600, then divide by $2,000 to get an ROI of $13.30 for every dollar spent.
Another financial aspect to consider is the cost per lead. If you are spending a lot of money on a marketing campaign, but few people are responding by clicking on the ad or contacting you for more information, you may want to re-strategize. A $1,000 ad that sparked four leads means you spent $250 per lead. If they converted to high-value sales, you may find it worth the investment, but if they did not convert, it could be a high price to pay.
Solinity Marketing can help you customize your approach and build campaigns that deliver a stronger impact and greater return for your investment.
Strategies for Improving Senior Living Marketing ROI
Solinity Marketing guides managers in how to build content, campaigns, advertisements, and connections that boost ROI and lower cost per lead (CPL). Here are a few tips for getting started:
Focus on What is Important
Know your audience. What are seniors and their families looking for in a senior living community? What sets your community apart from others in the area? Ensure that your content speaks to your unique selling proposition. Build marketing materials around the information that potential residents want to know.
Showcase information such as:
- What their experience may be like living there
- What programs are available
- What amenities the community features
- What safety plans or protocols are in place
- How the community can enhance their quality of life
When creating content, incorporate keywords and phrases naturally to improve search result rankings while making materials easy to read and understand. Search engine optimization (SEO) can go a long way in increasing visibility and expanding your reach. Know what keywords are most popular in senior living marketing and align with what potential residents are searching for.
Today’s seniors are more tech-savvy than in generations past, with 62% of those over age 70 using a smartphone. They are using computers, tablets, and other smart devices too. They are comparing their options before making decisions, especially one as important as where they are going to live next. Make sure your website is easy to navigate and find the information they want. Don’t forget to optimize it for mobile viewing, as seniors may be using devices other than a desktop or laptop to view your site.
Stick to a simple layout and format with larger text that stands out against the background for improved readability. Create menu options that are clear and to the point. Incorporate videos and photo galleries with descriptive text. These are just a few ways to make your site more accessible to individuals of all abilities.
One additional standard to senior living marketing plans is showcasing the community and its features on social media platforms like Facebook, Instagram, TikTok, and LinkedIn. As an added bonus, these platforms are also where potential team members, vendors, and local volunteers may find out about the opportunities at your community.
Take Advantage of Data Analytics
One of the best ways to measure the performance and effectiveness of your marketing is to analyze the data. There is a wide range of free and paid tools available that can add a wealth of information at your fingertips. Data analytics can provide insight into:
- Where leads are coming from (website, Facebook, online ad, phone call)
- How specific advertisements or campaigns are performing
- The demographics of visitors
- How many visitors view your site
- How long visitors stay on your site
- What pages receive the most views
With this data, you can adjust your spend to areas that are performing the best and have a greater potential for a positive ROI. You can also tweak your content and marketing approach to improve impact and reach.
Target Specific Locations
Many seniors want an assisted living facility that is close to home and family. Focus your senior living marketing on specific geographies. Incorporate the names of nearby cities or communities that you want to market to in order to show up in search results. Consider incorporating a dynamic number feature on your website or advertisements that generates a unique phone number for each piece of content to make it easier to track where inquiries and leads are coming from. Rather than always using a 1-800 number, have a local area code as well to show that you are located nearby.
Follow Up in a Timely Manner
What happens when a lead or inquiry comes in? Have processes in place to keep the sales process going and move potential residents through the funnel. Make sure to contact leads in order to answer questions and provide more information. The goal is to convert them into new residents and then referral sources.
Have additional marketing materials ready to seal the deal. This could be educational brochures, flyers, virtual tours, or videos. You want to keep their interest and gain their buy-in. Failing to follow up can be a missed opportunity for revenue.
Enhance Your Senior Living Marketing Approach to Optimize ROI
Stretch your senior living marketing budget and get the most bang for your buck by partnering with a marketing company like Solinity Marketing that can drive results.
“There are so many marketing companies out there that are great marketing companies, great PR companies, but oftentimes they don’t really speak the senior living language,” says Josh Crisp, Founder and CEO of Solinity. “They don’t understand who the consumer is. They don’t understand the customers.”
And that is what sets Solinity Marketing apart. Our team has a specialized focus on senior housing and delivering exceptional experiences for seniors and their families, and a solid marketing plan is an integral part of the process. Take your marketing to the next level by contacting us today.