Ask a room full of VPs of Marketing what their biggest headache is and most would agree it’s the lead quality vs. lead quantity discussion. Arguably, some figure the best way to increase qualified leads is to have a larger selection of leads to choose from. The reality is that lead quality rarely correlates with quantity. Getting a higher volume of leads doesn’t mean a higher number of qualified leads ready to have a conversation with your sales team. Even more so when looking at products like CCRCs and life care, where the pool of qualified seniors is significantly less than those that qualify for month to month rental options.
This was evident in recently working with an Elite client. Recently we were assessing their lead gen metrics. One of the properties had a 200% higher lead generation rate than its sister communities. As I dove deeper into the numbers though, it appeared this community also had the highest number of lost leads (with a lead source of website) for the period being assessed. Upon reviewing lost lead reasons, this community was generating a high volume of affordable housing inquiries. Upon reviewing another community within the portfolio with significantly lower lead generation, they had the highest conversion of inquiries to sales.
Marketing and Sales Software Integration
Now on a side note, I want to point out that this provider had done an excellent job of integrating their marketing automation platform and their CRM. Without this integration, the data we assessed would be extremely difficult to track down. Not only was this due to the highly successful integration, but also due to the easy customizing capabilities that allowed them to segment lost lead reasons, as well as segmenting lead sources. Due to the integration, lead source for digital inbound leads was automatically assigned, leaving less to human error and more to leveraging the strengths of a lean, mean CRM machine. While it can be argued that the data exists regardless of customization capabilities and integrations, the question is how easy to access is that data and is the pain of the time it will take to access it worth it to the assessor?
Here are three questions to ask yourself in assessing your lead gen strategies:
Are you measuring conversion of leads generated to sales?
Are you measuring lost lead rates based on lead sources?
Is data transparent within your CRM?