Not only are existing communities making improvements to stand out from their competitors, newcomers are entering the senior living space.
For example, as Senior Housing News reports, Atlanta-based and privately-held Sterling Estates is building expansive communities focusing on wellness.
Though Sterling’s owner, Mike Brown, has been in the business for decades, this new, high-end business model has been particularly successful.
A very crowded market
Indeed, the senior consumer is changing. The ad campaigns that appealed to their parents will not interest them.
In a prior blog, we identified five major lead generation challenges in this market, based on research we conducted. They were:
1. Too many unqualified leads
2. High percentage of shared leads
3. Too few highly qualified leads
4. Difficulty getting face time with leads
5. High overall Cost Per Acquisition (leads, tours, move-ins)
Now, we’d like to share with you how to tackle all five of these senior living lead generation issues with a single solution.
It’s off-site educational relationship building events.
Over the years, LeadingResponse has developed and fine-tuned the educational seminar model using input from interviews, surveys, and the monitoring of results from large data sets.
Since 1995, we’ve promoted one million seminars for clients, averaging 3,000 seminars monthly, nationwide.
We generate five million print pieces a month to consumers 55 and up, so we understand what they will respond to.
Here’s how seminars will stimulate customer growth.
If you’re only using age, income and proximity to your community to target leads, that’s not enough.
You must capture the behavior of the consumers you’re trying to reach.
With data from LeadingResponse, you’ll get financially-qualified people who are actively exploring their senior living options.
Leads exclusive to you
The leads we produce from a seminar belong to you, the client.
We do not share them with other senior living communities, unlike lead aggregation listing services.
Therefore, operators don’t have to pay for leads that are also being pursued by your competitors.
Identifying viable leads
Each off-site educational seminar consists of two event dates, giving the consumer the option to choose what date works best for them. Typically, these seminars add 100 highly-qualified prospects to the sales pipeline.
We know that events held at a senior living community draw far fewer qualified leads than those held off-site, at a neutral location where psychological barriers are low.
Seminars allow you to concentrate on turning prospects who are financially qualified and ready to engage, into new customers.
Meeting face to face
Experience has shown us if you use only digital advertising, you will generally see lower attendance and conversion rates.
This is because there is no personal connection to you, the senior living provider.
And even if you host a discussion, a wine and cheese gathering or even a luau at your community, many qualified prospects will stay away.
However, some of them will attend an educational seminar in a neutral location, such as a nice familiar neighborhood restaurant, where they will be surrounded by other people in a similar life situation.
In this relaxed atmosphere, they will be more receptive to your presentation about what your community has to offer them.
Cost per acquisition (CPA)
Leads, tours and move-ins add up fast.
Did you know LeadingResponse events will cut these expenses by two-thirds?
That’s right! Our proven solutions will significantly reduce your CPA, at one-third the average industry costs.
Before you view chart below, keep the following in mind:
- In the world of direct mail, a response greater than 1% is considered successful
- Our average response rate is 2.3%
In addition, our average attendance rate is 93%.
*Assuming $3,600 per month for 22 months
Senior living lead generation needs to change
In summary, senior living operators need to shake things up if they are going to attract the current generation of pre-retirees and retirees.
Occupancy is flat, the result of new communities being built and older ones transforming themselves to offer the amenities this demographic demands.
Digital advertising alone cannot establish the personal connection members of this group are seeking. It is still about building a relationship, providing education, and becoming that trusted advocate.
To make a strong impression, you must use the right approach. You must meet them face to face.
This is how you develop a rapport and establish a relationship with prospective residents – by giving them valuable information and insights.
And that, in turn, builds trust.
Even a modest investment in educational face-to-face seminars can generate better leads, better prospects, higher conversion rates; and increase move-ins.
When it comes to senior living lead generation, you’ll lead the pack.
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