A friend called last week to say she needed some outside perspective on her marketing and sales… there have been many of those calls in the fourth quarter. A close call or missed bond covenant ratio, a tough initial fill due to COVID, stalled pre-sales, or a review of creative investments…there are many motivations and benefits to a fresh look at your marketing. That’s Marketing with a big “M”, your market, your offering, your process, and how your prospects see and experience your community/service.
Sometimes a quick call is all that is needed…other times there is more to work through. Below are some tips and questions for when you find yourself on this path:
- Who is your audience? Investors, governance, leadership, residents/members, all the above?
- Invite your leadership team, including marketing, into the partner selection process to increase understanding and trust and to improve transparency, and results.
- Do not be afraid (or create fear… perhaps do not call it an audit.) If you are doing what you can with your team and budget, there is nothing to fear.
- Refresh your budget to actual, your CRM data on source of leads and move-ins, and data on what agreements your customers have been choosing.
- Are your challenges market, marketing, or sales driven? Do you have a recent marketing/demographic study for your market area?
- Are your challenges financial in nature? Are they largely due to refunds due on highly refundable entrance fees? Do you have a recent actuarial report?
- Consider your potential partners’ main business lines… do they mainly do creative, management, development, accounting, advising? Does their focus match your needs?
- Focus on the best first actions for early wins to build momentum on marketing, sales and occupancy… the revenue will soon follow.