3 Steps to Harnessing Data and Fighting Rising Advertising Costs

The COVID-19 pandemic hasn’t just reduced occupancy, which is now at an all-time low of 78.8% – it has upended most long-term industry trends that operators traditionally used to combat occupation issues.

Yet the pandemic has created another problem for operators. In early 2020, many senior home marketers naturally cut their spending on digital advertising. As the year progressed and the competition for prospects increased, the cost of digital advertising steadily increased.

Data from the partnership between G5, a MarTech (marketing technology) company for seniors, and Google reveals that cost per click in the senior industry increased 19% year-on-year in the first quarter of 2021. With the cost of the Digital advertising on the rise, operators need to focus on data-driven marketing solutions more than ever, as these strategies allow them to analyze all of their leads and determine which are the most valuable, based on consumer intent .

Here are three steps operators can take to use real-time data to fight rising advertising costs, giving them an edge in the market.

Step 1: Access data through automation

Every time a potential buyer clicks on a digital ad, visits a community’s website, or calls a retirement home operator, that interaction creates a data point. By partnering with a top-notch MarTech provider, operators of senior residences can better understand what the customer wants and how to deliver it.

For example, a G5 customer’s marketing relies on information available on the G5 Customer Data Platform (CDP), which collects first-party data to create a comprehensive baseline of all touchpoints and actions for everyone. leads over time. This provides a roadmap for the buyer’s journey of retirement homes.

The problem is, this is a huge amount of data. To put this in context, the G5 CDP grows by over a million rows of data every day. This consists of approximately:

  • 1.5 million new web session events
  • 18,000 interactions on site
  • 75,000 calls, emails and website form submissions

This means that every day, G5 technology evaluates more than 248 million individual journeys. One million of those trips are considered high intention, which means the prospect filled out a website form or made a qualified phone call.

From this million qualified journeys, G5 identifies the points of contact within the operator’s digital campaigns that are most useful for carrying out actions in the real world, such as a phone call to plan a virtual tour.

Recommended SHN + exclusives

“And remember, this analysis takes place every day, 365 days a year”, explains Marjean Pobuda, data scientist at G5.

The amount of data available is too large for a single person, or even a team of people, to sort through each day, let alone update digital advertising campaigns accordingly.

This is where a first-rate MarTech partner is needed. If their digital advertising is supported by intent-based data associated with automation, then operators are able to focus on building trust and relationships with older people and their families instead of just hanging out. worry about the digital advertising campaign strategy.

“It is this knowledge database that we analyzed to guide our understanding of what happened in the lives of older people in 2020,” says Pobuda.

Step 2: Study the intention, not just the raw numbers

What the G5 team found when looking at the data for 2020 is that even though occupancy rates have declined, phone calls to operators of retirement homes have remained relatively high.

“This is not surprising as the affected relatives depended on phone calls to speak with their beloved resident or check on their well-being,” Pobuda said.

When an adult child of an elderly person takes an action, such as calling a community to schedule a visit, they are more intent on moving in than a current resident who has Googled that same community to view the calendar of activities of the elderly. month.

Within minutes of these two touchpoints, G5’s Intent Trends technology can identify caller intent and, the next day, reallocate an operator’s digital ad spend to ensure that the marketing efforts of the caller. business work to capture more calls like the first one, and fewer like the second.

And while the overall demand for retirement homes weakened in 2020, a notable bright spot for 2021 and beyond is that qualified calls for communities with digital advertising remained stronger than those without digital advertising. In fact, in the first quarter of 2021, digital advertising generated over 7% more qualified calls to communities than those without digital advertising.

Such information eliminates the guesswork that operators would otherwise need to use.

“It might seem small, but it proves that in a rapidly changing market, our technology supports you and ensures that your ad spend is optimized to connect with decision-ready seniors and their families,” says Pobuda .

Step 3: Automation optimizes digital ad spend

There is no way around the cost of digital advertising for seniors right now. As the lead maturation process has changed to include an even longer buying journey, more money is spent in ad space for the same level of demand, which increases costs. Operators must be prepared to spend.

“You can’t guess your path to better marketing results,” Pobuda says. “The data takes the guesswork out of it. “

With better access to data and the ability to analyze intentions, operators can be more efficient with their marketing investments. As they lead to larger moves – and occupancy returns across the industry – operators will have even more money to spend and can create a better marketing cycle to keep generating revenue. results.

“G5 data is an invaluable internal resource that can be leveraged to deliver timely, nuanced marketing information and quickly adjust your marketing tactics,” says Pobuda. “Data nuances aside, when we compare industry-wide and G5-specific data, we find that as the cost of digital advertising increases, there is pent-up demand in the market. . Digital advertising, when paired with G5 Intent Trends, brings more qualified seniors ready to move into your community, even in times of turmoil.

This article is sponsored by G5. To learn more about using data to increase occupancy, download this new white paper from the G5: “Stuck in silos? Data insight provides clarity.

About Cedric Lloyd

Check Also

BIA cuts local ad revenue outlook for 2022 | Broadcast + Cable

BIA Advisory Services has reduced its forecast for local ad revenue for 2022, but still …