The senior living industry is continuing to grow rapidly. There are thousands of senior living communities in the United States, and Statista estimates that by 2050, more than one-fifth of the U.S. population will be 65 years of age or older. This means that the amount of senior living communities will certainly continue to grow.
What does this mean for you? The key to improving your bottom line is to make the most of your sales and marketing efforts with data-driven decisions. Let’s explore how using HubSpot Benchmarks can help you do this and stand out from the crowd.
The senior living industry is a crowded market and will be increasingly so as more units pop up. Let’s dive into how HubSpot Benchmarks supports communities and improves your bottom line.
HubSpot Benchmarks offers valuable metrics that gauge the performance of your marketing and sales efforts against the industry average. With it, you track your progress toward key performance indicators (KPIs) through real-time data.
Tracking KPIs is essential to measuring your progress toward reaching your business goals. You can then use this information to adjust your marketing strategies for better alignment with industry trends.
When you’re evaluating the effectiveness of your sales and marketing efforts, pay attention to:
From a digital marketing and sales perspective, you should also track:
These KPIs offer a comprehensive view of your sales and marketing efficiency. With these KPIs, you’ll also have visibility into the quality of your service and resident engagement.
Common Challenges and How to Address Them with Benchmarks
There are several challenges in the senior living industry. First, you need to make sure your community is standing out in a crowded market and that you’re targeting the right audience. On top of this, you must manage the long sales cycle that’s typical in the senior living industry.
Additionally, you should consider your potential residents and their families. What are their needs? How do they make decisions?
The answers to these questions will inform your marketing strategies. It’s about ensuring you’re reaching the right people at the right time in a way that speaks to them.
Granted, this is a lot to juggle. But it’s also where HubSpot Benchmarks with Databox is beneficial for refining your strategy. You can view your performance standards and goals based on the industry average and better understand where to focus your marketing efforts. By using this information, you can ensure your marketing strategies are more targeted, efficient, and aligned with industry trends.
Benchmarking serves as an important tool for gauging your community's performance relative to your competitors. You can use the data to determine where your community is excelling or lagging. You’ll also have insights into what your targets should be for improvement and growth. Most importantly, it helps ensure your community remains competitive and responsive to market demands.
You can also use the industry average data in Benchmarks to evaluate the shifts in your performance. For example, are the shifts specific to your community, or is it the industry average for multiple communities?
Now that you have a better grasp of why benchmarks are crucial, let’s explore how you can strategically use them to make improvements.
First, identify where you can make improvements. Analyze where your community isn’t meeting the industry average to spot the weaknesses in your funnel. For example, there may be low conversion rates or high customer acquisition costs. By pinpointing where there are weaknesses, you can determine how to adjust your strategy.
Think of benchmarks like a road map. They’re going to show you the path to improvement by highlighting where your performance can improve. You can then use this data to refine your marketing campaigns and enhance the customer journey, which can lead to increased resident move-ins.
Use HubSpot Benchmarks to build performance thresholds that align within the top quartile of the senior living industry. This will help ensure your goals are ambitious yet realistic and attainable. It will also help your community create a culture of continuous improvement and see what you can achieve.
HubSpot Benchmarks can help you increase your lead generation and improve your return on investment (ROI). The key is to align your marketing strategies with benchmark data. You can do this by integrating HubSpot Benchmark insights directly into your planning sessions. This will help ensure that your community’s goals are data-informed from the start.
From this point, it’s important to keep monitoring your strategies’ performance compared to the benchmarks. However, you shouldn’t base your entire marketing strategy on benchmarks. You don’t always know what communities are in the benchmarking group. For example, some organizations could be life-plan communities, whereas others may focus on memory care, which has a narrow scope of care.
With so many senior living communities in the market, standing out is key. Make the most of your marketing efforts by using data-driven insights as your road map to continuous improvement. Check out HubSpot’s Benchmarks for the Senior Living Industry to explore how your data compares.