Your 2024 Guide to Mastering Senior Living Marketing: Strategic Budgeting & Innovative Strategies for the Future
Achieving success in the senior living industry requires a solid marketing foundation, especially in an environment of continual change and increasingly novel challenges. In this blog, we provide a strategic roadmap for 2024, aiming to empower marketers and executives through meticulous budget planning, aligning with emergent trends to ensure the road ahead is well-navigated.
Industry Outlook 2024
In 2024, the senior living marketing landscape promises a mix of opportunities and challenges, with consumer behaviors, technological advancements, and regulatory frameworks in a state of flux. Our role at ADage Marketing Group is to be not just observers but active contributors, refining and shaping marketing standards to meet today’s consumer – and prepare for tomorrow’s.
In an industry profoundly affected by the global pandemic, senior living communities find themselves poised on the brink of a remarkably optimistic rebound as we gaze into 2024. New data from the National Investment Center for Seniors Housing & Care (NIC) illuminates a pathway back to pre-pandemic occupancy levels, heralding not just a return, but a potentially unprecedented surge in transactions and operational growth.
Return to Pre-pandemic Occupancy: The senior living industry’s optimistic recovery and consecutive growth in occupancy across nine quarters.
Mergers & Acquisitions Uptick: Anticipated “gangbusters” level of transactions and M&A activities in the sector in the upcoming 18 months.
Value Proposition Awareness: A renewed and more significant understanding of the senior living communities’ value among families and residents since 2023.
Operational and Financial Inflection Point: The industry balancing between operational recovery and financially challenging market conditions.
Shift in Industry Dynamics: The transformative impact of the pandemic on the senior living sector, affecting supply growth and operational practices.
Adrienne Mansfield, Co-Founder of ADage Marketing Group, observed, “In a landscape still shifting with recovery and transformation, ADage stands as a strategic partner for senior living providers. Our bespoke census growth and recovery approaches, coupled with innovative marketing tactics, not only navigate but also harness the industry’s uplifting trajectory. We find there has never been a more ideal time for our strategies to sculpt brand perceptions and carve out lucid pathways in the continued ‘Great Reshuffle,’ ensuring our clients not only navigate but thrive amidst the industry’s ebbs and flows.”
Precise Budgeting for Effective Marketing
Effective marketing is hinged on sharp, data-driven budgeting, emphasizing strategic allocation across various marketing channels. The synergy between judicious investment and flawless execution, particularly in the digital realm, is just one way ADage turns laser-focused strategies into measurable triumphs. In navigating into 2024, senior living providers are undergoing a digital transformation, reshaping marketing budget allocations and strategies. A striking 53% of leaders are augmenting their digital marketing budgets despite economic uncertainties, with forecasts indicating digital advertising expenditure could soar to over $695 billion1. Furthermore, the U.S. ad industry is slated to experience a robust 5% increase in 2023, culminating in $363 billion in revenue and perpetuating enhanced investments in digital spaces2.
The expanding digital landscape necessitates a multi-channel marketing approach, especially crucial for small businesses, amidst the heightened competition for online visibility and engagement3. Marketing executives are tasked with crafting strategic budget decisions to maximize ROI without pursuing indiscriminate growth4.
The prospective growth of the video advertising industry in 2024 demands budgetary attention, revealing opportunities for immersive and targeted marketing strategies for the first time in the senior living sector. Moreover, meticulous monitoring of Key Performance Indicators (KPIs), including conversion rates, customer lifetime value, and social media engagement, will be paramount for aligning marketing initiatives with overarching strategic goals and adapting to market trends5.
KPIs To Watch:
Lost Leads
Industry Standard: Generally around 15-25%
Analysis: The lost leads percentage is reflective of the sales team's training and how targeted your marketing tactics are. Continually working to minimize this percentage will maximize the effectiveness of your lead generation efforts.
Inquiry-to-Tour
Industry Standard: Generally around 25-35%
Analysis: The inquiry-to-tour conversion rate may indicate that your inquiry handling or the appeal of your tours could be improved. Consider reassessing your inquiry response process and ensuring your tours effectively showcase your community’s strengths.
Tour-to-Sale
Industry Standard: Generally around 25-35%
Analysis: The tour-to-sale conversion rate suggests that once prospects tour your community, they are being effectively convinced of its benefits.
In light of this, ADage Marketing Group advocates for the strategic, data-informed allocation of marketing budgets across varied, impactful channels. As your steadfast partner amidst the intricate landscape of 2024's marketing trends, we convert strategy into tangible success, ensuring every dollar invested leads to impactful, measurable results in the senior living sector.
Trends Influencing US Marketing Budgets in 2024:
Increased Digital Marketing Spend: 53% of business leaders are amplifying their digital marketing budgets, with an expected surge in digital advertising expenditure to $695 billion in 20241.
Investments in Digital Platforms: The U.S. ad industry is predicted to witness a 5% uplift in 2023, achieving $363 billion in revenue, with a sustained 4.3% growth projection into 20242.
Multi-Channel Approach: A multi-channel approach to marketing is emphasized, especially for small businesses, as they navigate the escalating digital and social media competition3.
Strategic Decisions: Making strategically judicious budget decisions that prioritize ROI is pivotal4.
Video Advertising Growth: The video advertising sector is anticipated to continue its expansion into 2024, offering avenues for visually engaging and innovative campaigns5.
Measurement and KPIs: Rigorous tracking of KPIs, including conversion rates, customer lifetime value, and social media engagement, will be crucial in facilitating real-time, data-driven marketing strategies5.
Innovating While Evolving
Balancing compliance with innovation is a sophisticated act that involves crafting strategies that resonate while adhering to the regulatory guidelines within the senior living sector. Peek into ADage’s approach where our strategies navigate gracefully between disruptive innovation and steadfast compliance.
Diana Moore, Co-Founder, shared, “ADage, deeply embedded in operational, digital, and technological innovation, orchestrates strategies that are not mere responses but proactive measures to unearth and capitalize on burgeoning business opportunities in senior living. From meticulously crafting referral and relationship management strategies to deploying advanced technological solutions and savvy digital communication strategies, we ensure our clients are poised to not only mirror but magnify the industry’s upward trajectory and optimism in every sales, operational, and partnership endeavor.”
By implementing trackable marketing tactics, ADage will continue to work with teams to identify the most effective lead sources in the evolving industry. This allows our clients to invest in more efficient marketing resource allocation, enhancing lead generation and occupancy rates.
Let’s try a real-life example by distributing 100 total leads across the different channels senior living providers utilize, according to the consumer response benchmarks:
Internet Leads (35%): Websites, pay-per-click advertising, social media
– Estimated Leads: 35
Referral Agencies (20%): A Place for Mom, Caring.com, and other referral services
– Estimated Leads: 20
Professional Referrals (15%): Hospitals, doctors, and other healthcare providers
– Estimated Leads: 15
Community Outreach (10%): Events, local partnerships, and community involvement
– Estimated Leads: 10
Direct Mail (7%): Flyers, postcards, and newsletters sent by mail
– Estimated Leads: 7
Traditional Advertising (5%): Newspaper, radio, and local TV advertisements
– Estimated Leads: 5
Walk-Ins & Phone Calls (5%): People who walk into the community or call directly
– Estimated Leads: 5
Other Sources (3%): Other miscellaneous sources
– Estimated Leads: 3
Marketing Relationships
Forge ahead into case studies where ADage has masterfully facilitated lucrative collaborations, enabling clients to carve, expand, and deepen their presence across various platforms, thereby emboldening their marketing pursuits.
Case study - Audience Segmentation Success
Downloading The Digital Dynamics
The digital realm has intricately woven itself into the marketing fabric, necessitating strategies that fully harness online mediums’ potential. Explore ADage’s approach in ensuring brands within the senior living sector not only navigate but also master the digital landscape, ensuring optimum engagement and conversions amidst the digital clutter.
Case study - Organic Social
Case study - Online Reputation
Incorporating Empathy and Authenticity IRL
Genuine connections are fostered when marketing narratives are rooted deeply in empathy and authenticity. Dive into stories and insights from ADage’s previous campaigns which transcended traditional marketing, evolving into sincere connections and engagements within the senior living community and their networks.
Case study - EQMatters