If you want to get more enquiries from self-funding families to fill beds faster here’s 3 “Got To Know Them” numbers that should be etched into your frontal lobe.
1) How many enquiries you get per month from self-funders.
2) What percentage of those enquiries you convert into viewings (or video viewings during this Covid period).
3) What percentage of viewings you convert to residents.
These 3 “Got To Know Them” numbers are, in truth, what your livelihood depends on.
And Covid19 should have (among all the misery and stress) doubled your awareness of this.
During our diagnostics, care and nursing home operators notify us that any one home receives (dependent upon, reputation, PR and marketing strategies, locality and capacity) between 0 and 20 self-funding enquiries per month.
(Only by knowing how many monthly enquiries you get right NOW can you ever truly know if a PR and marketing strategy generates more enquiries).
But I want to turn your attention to the second two numbers.
They are massively important.
Don’t overlook them.
Again, care operators tell us their conversion rate of from initial family member enquiry (via website, email, phone, Facebook) to becoming a resident ranges from 20% to 65%.
And conversion rates of from viewing to becoming a resident ranges from 50% to 80%.
OK, imagine your conversion rate from enquiry to resident is 20% – with 1 new resident out of 5 enquiries per month.
And imagine you identified and acted upon issues (e.g. better or quicker handling of initial enquiries, more proactive follow-up, improved “sales” skills during viewings) to double that conversion rate to 40% to reach 2 residents out of 5 enquiries per month.
And, let’s say, one average resident stay is 18 months (@£750 per week) to provide you a £60,750 average life-time revenue per resident.
By upping this conversion rate from 20% to 40% means you’ll secure 12 extra residents per 12 months.
And with a life-time value of resident of £60,750 this is an additional £729,000 revenue for 1 home over 12 months.
But even if you hit a 30% conversion rate, rather than 40% that’s still £364,500 additional revenue per 1 home.
And if you operate 10 homes – that’s £7.29m additional revenue across the group with a 20% conversion rate from initial enquiry to resident.
Of course, while improving conversion rates is always possible, it’s not always easy.
But please remember – it’s only by having those 3 “Got To Know Them” numbers etched in that you can ever begin to strategise how to improve, and monitor, new initiatives.