24 September 2023

Digital Technology Guru

Digital Technology Guru Reviews

The Rise of Digital as a Lead Source in Senior Living

2 min read
The Rise of Digital as a Lead Source in Senior Living

A recent review of second-quarter senior living lead sources across 33 states has revealed that digital sources are now the leading source of leads, tours, and move-ins in the industry. According to Bild & Co., digital sources accounted for 47.6% of all lead sources, surpassing paid referrals at 47.1% and professional referrals at 5.39%.

In the first quarter, paid referrals accounted for the highest number of tours at 43%, while digital referrals sources had 38%. However, in the second quarter, there was a shift with 44.39% of tours coming from digital sources and 42.9% from paid referrals. In terms of move-ins, paid referrals still had a slight lead at 37.62%, while digital referrals accounted for 35.64% of move-ins.

One surprising find from the data was the difference in leads generated for assisted living and memory care compared to independent living. Paid referral sources still fueled independent living leads, move-ins, and tours, while digital sources dominated assisted living and memory care. Digital sources accounted for 68% of new leads, 70% of tours, and approximately 67% of move-ins in assisted living and memory care, while paid referrals accounted for 46% of new leads, 38% of tours, and the highest number of move-ins in independent living.

This data challenges the perception that word-of-mouth and paid referrals are the primary drivers of growth in the senior living industry. Jennifer Saxman of Bild & Co. attributes the increase in digital leads to consumers taking a more proactive approach to finding a senior living community. However, Saxman also emphasizes that many communities fail to properly respond to web inquiries, missing out on potential opportunities. She suggests treating digital leads with the same sense of urgency as walk-in tours and prioritizing phone calls and text messages as the preferred methods of follow-up.

The rise of digital leads during the COVID-19 pandemic highlights the need for sales teams to adapt and recognize the significance of online inquiries. Saxman notes that ba boomers, who comprise a significant portion of the senior living market, are increasingly comfortable with engaging in a sales process online. She emphasizes the importance of providing a sales experience and following up on online bookings to gather more details.

Overall, the data suggests that digital sources are now the driving force behind lead generation and conversion in the senior living industry. Sales teams must adapt their strategies to effectively respond to and capitalize on digital leads to remain competitive in the market.

Sources: Bild & Co.