Wellness Expansion: Time to Shape Up the Marketing Budget
Background & Challenges
Beverwyck is a not-for-profit 250-unit upscale Continuing Care Retirement Community (CCRC) in a competitive market in the northeast. The Beverwyck community was undergoing an independent living expansion – adding units as well as a wellness and aquatic center – while simultaneously facing declining new lead generation, increasing deaths in independent living, and lower-than-desired occupancy.
Beverwyck engaged Murdock because of their CCRC experience, national footprint and fresh perspective to senior living. The community’s fill goal was to achieve 100% occupancy in the expansion within five months of opening.
Additional challenges: The community’s marketing budget was insufficient to maintain high occupancy – and what was being spent was being underutilized. In addition, the community’s marketing team needed more coaching, training, and encouragement.
- Completed a thorough assessment of the community’s sales and marketing efforts in order to “get our arms around” the community’s program
- Defined strengths and opportunities for improvement
- Identified market differentiators and made recommendations for growth
- Developed strategic and tactical plan for existing and expansion residences by utilizing an inverse sales pyramid and assessing Murdock’s 12 key marketing components
- Coached sales team members to increase productivity, inquiry-to-appointment ratios, appointment-to-sale ratios, and grow their wait list
- Provided in-depth sales training and additional sales-based resources and tools for the sales team to be successful
- Provided hands-on, in-person sales and marketing oversight and support
- Revised and reallocated marketing budget, while advising on different advertising direction
- Overhauled the sales process to include a number of technologically-driven components
- Financial review and realignment
- Sales and marketing assessment
- Marketing and sales advisory and oversight
- Sales training and coaching
- Brand development
- Digital content strategy
- Email marketing
- Social media development
- Pricing analysis
- Team alignment
Murdock redirected 100% of the marketing budget expenditures with the goal of new lead and re-inquiry generation. This resulted in a 300% increase in new lead generation within 12 months. In addition, Beverwyck move-ins dramatically increased and occupancy rates grew nearly 5%. They have also added a significant number of depositors to their waitlist.