Benchmarking is the process of measuring products and services against your competitors. It is an opportunity for you to determine whether or not your practices, expenses, and conversion rates are in line with other senior living communities. By comparing your internal processes against an external standard, you can easily determine best practices and opportunities for your organization.
Why use benchmarking data in senior living?
Benchmarking data gives you a basis from which to examine and analyze their your organization’s strengths and weaknesses. In addition to establishing where you stand among competitors, benchmarking data also helps you strategize for how to reach your business goals. Here are three ways you can benefit from benchmarking.
Formulating goals
You can use benchmarking data to formulate meaningful, clear-cut goals. By measuring your community against industry standards, you can bring your goals into closer perspective and make sure they are realistic.
Identifying competitive disadvantages
Based on benchmarking data, you can become aware of any competitive disadvantage your organization may have. If your entire team is knowledgeable and informed about opportunities to improve, it’s more likely your business will be able to overcome those obstacles.
Promoting data-drive teamwork
Instead of driving competition based on feelings, incorporating benchmark data into your coaching moments and teambuilding will ensure that everyone is on the same page, motivated, and excited about achieving goals.
How to use benchmarking data in senior living
You can compare the appointment and close ratios of other facilities against your own to analyze potential areas for improvement and make decisions for the future of your community.
For example, do most of your appointments come from phone calls, emails, or walk-ins? Do your appointment ratios for each of these methods of inquiry match those of your competitors? What factors influence your close ratios — how might you increase these numbers while still keeping control of your costs?
Senior living call center and CRM software company Enquire Solutions has recently started publishing quarterly senior living sales benchmarking data. Check them out to see how your community measures up.
