How A “Marketing Allowable” Benefits Independent Living During COVID-19

As senior living marketers, how do we adjust to the COVID-19 pandemic to ensure 90-days from now, we are not experiencing a shortage of new leads, new tours and new move-ins?

Has your independent living community considered adjusting its marketing allowable? Or, in layman’s terms, the cost you are willing to accept today to acquire a net-new lead or resident?

Below are strategies to counteract the temporary uncertain conditions and earn new residents in today’s challenging marketing environment.

Breaking Down the Marketing Allowable for Independent Living

Would a 10%-20% increase in your allowable marketing spend per new lead help bridge this temporary gap? Doing so isn’t guaranteed to alleviate all of today’s challenges, but what it will provide is a potentially more active pipeline of perspective new resident leads when we exit this period.

The marketing allowable is a guiding light that many financial services and retail organizations utilize to guide marketing acquisition campaigns. Those organizations have adjusted their allowables to weather this pandemic, by directing marketing tactics to channels to engage with consumers online.

Marketing tactics that are profitable today are vastly different than what was profitable last week, two weeks ago, and especially two months ago.

Key Items to Review

However, being nimble and agile with your marketing activities can help mitigate this near-term challenge and ensure your move-in lead pipeline remains strong during this temporary disruption. So, what is your marketing allowable for independent living? Only your community can definitively answer that question. Items to assess during this period as you develop your marketing strategy should include:

  • Retention of an independent living resident
  • Additional add-on services revenue for independent living
  • Conversion rates throughout the funnel
  • Available media sources that continue to drive sales qualified leads
  • Communication channels to keep leads engaged during this temporary period, that can re-enforce one-on-one engagement with sales counselors
  • Virtual engagement experiences that keep a prospect and ACI engaged

Each factor above should go into a marketing allowable to understand exactly what you can and should spend to acquire a new resident. Any adjustments to this allowable will allow an agency like Linkmedia 360 to increase spend in marketing channels. Though cost-per-lead, cost-per-tour, and cost-per-resident may temporarily increase, at the end of this pandemic, your senior living marketing team won’t be restarting its process, but will be in a better competitive position because of today’s investments.

Let Our Team Help Optimize Your Marketing Activities & Invest with Confidence

As we “shelter-in-place”, it is hard not to think about the impact COVID-19 will have on engagement with perspective residents and adult child influencers (ACI). With tours and in-person events being canceled due to physical/social distancing, sales activity will be challenged over the next few months. This is a formidable challenge as many communities rely on in-person engagement driven through sales counselors that build close relationships with prospects to secure a new resident move-in.

In summary, your post COVID-19 future depends a refocused marketing strategy and continued investment now. As you navigate through this environment, we would be happy to speak with you about the temporary challenges COVID-19 has imposed on your marketing activities. Linkmedia 360 is comprised of team members who are passionate about senior living and we would look forward to getting in touch to discuss marketing strategy and share our knowledge to support your community in this challenging environment.

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