A recap of my 3/22 webinar with Caring.com
As the old saying goes, “Numbers don’t lie.” During the webinar March 22nd, I discussed data from the 2017 Benchmarking Study, and specifically highlighted trends and practices to help home care agencies prioritize their marketing efforts and expand their business. Home Care Pulse, the home care industry’s leading quality management firm, works with home care owners to improve the quality of care, decrease turnover, grow revenue, and provide proof of quality. With monthly feedback from clients and caregivers, Home Care Pulse offers powerful insights, resources, and data that help agencies better serve their clients and caregivers.
Here are seven lessons based on sales and marketing benchmarks found in the Home Care Benchmarking Study that will help your business compete effectively in 2018:
1. Focus Efforts On Top Consumer and Referral Marketing Sources
According to the 2017 Home Care Benchmarking Study, two particular sources are extremely effective at generating new leads: Internet search engine optimization and referrals from clients. Internet search engine optimization was the highest ranked source in the consumer marketing category, while client referrals topped the referral sources category.
Tracking sources of new client growth reveals the growing need to both harness your company’s web presence and double down on referrals from clients. How is your company doing in these areas?
2. Boost Referrals By Understanding Why Consumers Choose a Home Care Provider
As you double down on client referrals, it’s critical to determine whether your clients are currently your top referrers. Of the questions we ask during client interviews, the following five topics correlate with clients’ willingness to refer:
In addition to client referrals, successful agencies draw on other promoters including Caring.com. The Home Care Pulse Satisfaction Management Program facilitates a cycle that provides validated reviews on Caring.com, generating more consumer leads which in turn creates more promoters. It also helps you recognize areas in which you can improve client satisfaction, which will also lead to happier clients and increased referrals.
3. Differentiate Your Agency
The numbers are in: most agencies participating in the 2017 Benchmarking Study listed high-quality caregivers as the top factor that sets them apart. Others felt availability, client satisfaction, customer service, and professionalism are what attracted clients to them over their competition. In what areas do you feel you can set yourself apart from your competition?
4. Develop A Growth Strategy That Addresses Top Threats
Your growth strategy will be more effective if you understand the threats and opportunities already waiting. Here are just some of the threats and growth opportunities revealed in the 2017 Benchmarking Study:
- An overwhelming 77% of respondents listed caregiver shortages as one of the top threats to home care providers. With this kind of consensus, it’s easy to see why recruiting and retaining caregivers are such critical topics.
- 81% of caregivers quit in the first 90 days. Caregivers who stayed through the first 90 days were far more likely to stay long term. This kind of disproportionate turnover in the first three months suggests many possible issues, including inadequate training or the need for a caregiver mentor program.
- Survey participants viewed strengthening relationships with referral sources as the top future growth opportunity, followed by caregiver retention and recruitment programs. Is this true for your company?
5. Boost Your Inquiry-to-Admission Rate
Inquiry tracking is a numbers game, and the results become clear quickly—a little bit of effort to see more potential clients through the pipeline can result in a significant increase in revenue. A company that increases its inquiry-to-admission ratio by just 6% is likely to see an increase of more than $500,000 in revenue. The companies with the highest revenue are usually those that put in the work to generate inquiries from the best sources and then usher them through the pipeline.
6. Client Growth and Acquisition Rates
The above strategies all become more helpful as you prioritize the best ways to find clients. To do this, you need to track your client acquisition costs per medium you use to find clients and compare these costs to the total revenue generated by each source. You may find that some of your biggest ways of finding clients require a much higher acquisition costs. Thorough data gives you the ability to make small shifts in strategy that bring larger increases in revenue.
7. Reviews Program Integration
Online reviews play an important role in bringing in clients and showcasing your quality as a provider. Home Care Pulse integrates with Caring.com to make building your reputation online easier. At no additional charge, Home Care Pulse users can opt to have client feedback gathered from the Quality Management Program pushed onto Caring.com listings as online reviews. The result is relevant, consistent feedback translated directly into reviews that build trust, boost your listing’s ranking, and earn you more business.
Implementing these seven takeaways from the webinar will help you create a data driven sales and marketing strategy to differentiate your agency, drive sales, and compete more effectively in an increasingly competitive industry.
Pre-Order the 2018 Home Care Benchmarking Study for the latest insights on the home care industry.
The information and data I shared during the webinar are only a portion of what’s included in the annual Home Care Benchmarking Study. I’m excited to see what insights we’re able to gain from the 2018 Benchmarking Study, and hope you take advantage of the pre-order pricing (saving $100) which is available through March 31, 2018. Use the code, “CARING15” to receive 15% off the full price.
About The Author: Erik Madsen
Before joining Home Care Pulse as chief operations officer, Erik spent 18 years working with a global consumer products company covering sales, marketing, customer support, and operations. He joined Home Care Pulse after a friend told him that it was a fast company focused on serving people. Erik has a master’s degree in business management from Idaho State University, and he loves using his knowledge and experience to help others succeed and organize chaos into functioning systems and processes. Outside of the office, Erik enjoys spending time with his wife and children, coaching youth sports, hiking, and gardening.
Latest posts by Erik Madsen (see all)
- 7 Takeaways from Home Care Sales & Marketing Benchmarks to Give You A Competitive Edge - March 22, 2018
- How Your Agency Can Opt In to Home Care Pulse Program with Caring.com - December 16, 2016
- In-Home Care: Analyzing the Impact of Highly Satisfied Clients - October 13, 2016