Marketing Metrics that Matter for Senior Living Operators

In today’s digital age, where every click, interaction, and impression is at your fingertips, the abundance of data can be both a marketer’s dream and their biggest challenge.

As a marketer it can be difficult to discern what data truly matters. 

In an effort to properly track ROI on each marketing channel and initiative, how do you know you are tracking the right data points and understanding what efforts impact occupancy?

Pinpointing the right KPIs is the game-changer that puts you in control of directing your budget and resources toward the most impactful channels, maximizing ROI and driving success.

In this blog, we’ll examine the value of KPIs and how to determine which ones you should (or shouldn’t) track to measure success.

Let’s review what a Key Performance Indicator (KPI) is and why KPIs are so important to marketers. 

A Key Performance Indicator (KPI) is a measurable value that reflects how effectively a company or organization is achieving its key business objectives. In marketing, KPIs are critical because they provide a clear and quantifiable way to track the success of campaigns and strategies. They help marketers determine if their efforts are leading to desired outcomes, such as increased brand awareness, higher engagement rates, or more conversions. 

By monitoring KPIs, marketers can make informed decisions, optimize their strategies, and allocate resources more effectively, ensuring that their marketing activities align with broader business goals and drive meaningful results.

There are typically 2 different types of KPIs to take into consideration for your marketing and sales dashboards:

Quantitative KPIs

Quantitative KPIs are numerical and data-driven metrics that can be easily measured and analyzed. They provide objective insights into various aspects of marketing performance.

Qualitative KPIs

Qualitative KPIs are more subjective and focus on the quality of interactions, experiences, and perceptions. These KPIs often require interpretation and analysis to understand their impact.

It’s important to have a mix of both qualitative and quantitative KPIs in your reporting to get a clear picture of how marketing is performing. Early-stage campaigns may focus more on qualitative KPIs to understand customer perception and feedback. As the campaign progresses, quantitative KPIs become more important for measuring concrete outcomes like conversions.

Having the right tech stack is one of the most important items to establish so you can measure the right KPIs. In theory you want to work with systems that integrate and pass marketing data freely amongst each platform. 

Ideally, you want to make sure you have the various platforms integrated in your tech stack:

• • CRM – Customer Relationship Management 
  • MAP – Marketing Automation Platform
  • Analytics Platform – like Google Analytics

Added benefits if you can also integrate:

• • Chatbot platform
  • Social media management platform
  • Reputation management platform

The right tech stack should allow you to follow the customer from the first click on any of your marketing assets all the way through to deposit or move-in. This not only ensures accurate and comprehensive data collection but also enables deep insights, efficient processes, and collaborative efforts.

Without the right tools, marketers risk relying on incomplete or inaccurate data, leading to misguided decisions and suboptimal outcomes. Therefore, investing in a well-chosen tech stack is essential for achieving and measuring marketing success.

Choosing the right Key Performance Indicators (KPIs) is crucial and should be tailored to the unique needs of each operator, as there’s no universal approach to KPI standardization. 

However here are a few items to consider when selecting which KPIs are right for your organization and team:

Your community’s stage of occupancy is crucial when determining which KPIs to track. A start-up community will likely prioritize different metrics compared to a stabilized one. 

For example, a start-up may focus on lead generation and initial move-ins, while a stabilized community might concentrate on resident retention and occupancy optimization.

Consider the technology tools at your disposal when selecting KPIs. Prioritize metrics that can be easily tracked and reported on with minimal manual effort from your team. 

This not only ensures efficiency but also allows for more consistent and reliable data collection, enabling your team to focus on what truly matters—enhancing resident experience and driving occupancy.

Your KPIs should be more than just numbers; they should offer clear, actionable insights that guide performance improvement. Choose metrics that are easy to measure, track over time, and directly linked to your community’s success. 

Actionable KPIs empower your team to make informed decisions that can lead to measurable progress.

Distinguishing between sales-related and marketing-related KPIs is essential for aligning your teams’ efforts. Ensure each team understands which KPIs they are responsible for, allowing them to focus on driving the results that matter most. 

This clarity fosters better collaboration and ensures that both teams work towards the same overarching goals.

It’s easy to get lost in data, but focusing on a select few KPIs that truly reflect your community’s performance is more effective. Identify the metrics that tell a clear, actionable story about your community’s health and progress, and concentrate your efforts there. 

This focused approach ensures that your team remains aligned on what’s most important.

While vanity metrics like page views might look impressive on a report, they often lack the depth needed to drive real occupancy growth. Instead, focus on metrics that directly impact your community’s success, such as lead conversion rates, resident satisfaction, or occupancy growth. 

These are the metrics that will truly move the needle and advance prospects through the decision-making process.

Now that we’ve reviewed why KPIs are important, the different types of KPIs you should be including in your dashboard and tips for selecting the right KPIs for your company, let’s go through Smart Girl’s list of top 12 marketing & sales metrics you should consider in reporting.

8. Occupancy Rate – The percentage of available units that are occupied. This is the primary measure of a community’s success in filling its capacity.

9. Tour-to-Move-In Conversion Rate – Tracks the percentage of tours that convert into move-ins. This metric indicates the effectiveness of the tour experience and follow-up processes.

10. Lead Response Time – Measures the time it takes for the sales team to respond to new leads. Faster response times can significantly improve conversion rates.

11. Engagement Time Per Prospect – Measures the total time spent interacting with each prospect across all channels (calls, emails, meetings, tours).

12. Resident Satisfaction Score – Surveys and feedback that measure current residents’ satisfaction levels, which can impact word-of-mouth referrals and the community’s overall reputation.

Tracking these KPIs will help marketing teams focus on the most impactful strategies, optimize their efforts, and ultimately drive occupancy and revenue growth for senior living communities. 

Take control of your marketing strategy by reevaluating your KPIs and making sure you are measuring the right metrics to lead to success.

If you want help looking at your data and developing a strategy-first approach to your marketing, talk to Smart Girl.

Our team of senior living marketing experts have decades of experience helping operators measure the metrics that matter. We specialize in using your data to help you build an effective digital marketing strategy.