To most people, when people hear the word “funnel” they think of a small tube or pipe they have in their garage so they can put certain liquids into things without any spillage. However to some business owners (especially those involved in digital marketing), “funnel” is a method, strategy and/or system of getting the most from your customers and prospects. Using funnels can be used not only for digital-marketing supported businesses but a variety of businesses, from the giant corporations in metropolises around the world to the brick and mortar local business in small towns. They might not call them conversion funnels but the process their business uses might refer to it as a “sales cycle” or something else.
Funnels are known to do the following for businesses:
- Obtain and acquire potential customers and leads.
- Convert prospects (interested individuals from your target audience) into actual buyers.
- Have current buyers buy into more of your goods/services.
If your senior living community’s management team is doing those steps to some degree, they are engaging a “conversion funnel”. Still, while you have the base of the system done, optimizing it to its full potential is likely needed. In this post, we can help residential management companies understand how to work and optimize an effective conversion funnel.
Understanding Conversion Funnels
Conversion funnels are a multi-step, multi-modality campaign that subtly helps a prospect into a desired action. In this case, it’s leading an interested senior (or the adult children of a senior citizen) into moving into a senior living community that you manage. When we mean by multi-step and multi-modality, we mean that the campaign is to anticipate every step that is needed to get the prospecting individual to convert into an actual customer.
Regarding the campaign, it varies by business and what the business offers to its customers. That being said, a business’s conversion funnel’s campaign might be different from others. Some businesses might benefit from sales appointments and consultations while others might feel more at home with landing pages and email follow-ups.
It should be mentioned that making the right kind of conversion funnel for your business is not the end-all-be-all for your business (in this case, a senior living community) but it will be at least be a major part of your business’s success.
Types of Conversion Funnels Your Business Can Use
These are the types of conversion funnels that a business like yours can utilize and build around.
A funnel type that helps businesses acquire new prospects and customers.
A funnel type that helps convert prospects and inactive buyers into active buyers of your product.
A funnel type that can help businesses get more revenue by optimizing the most of its active customers and retaining subscribers.
Which is a Good Funnel for Senior Living Residential Communities?
While some businesses want to engage in all three types of conversion funnels, they should focus on find out which one of the three would work the best for their business in its current state. Each funnel has its own place at its own time.
For example, in a senior living community that’s trying to get more people interested into the community and take more tours, they would need a strategy focused on acquiring people’s attention. Thus, they would feel comfortable working with an acquisition funnel.
If they were a community that wanted to convert people who toured their facilities into actual residents, they’d choose an activation funnel.
Should they wanted to have their current residents buy more services that they offer, they would engage their residents with a monetization funnel.
Building an Acquisition Funnel
MAIN GOAL: Have the business acquire more prospects who will later turn into customers.
There are many types of acquisition funnels that can be utilized by businesses everywhere like:
- Splinter Offer Funnel
- Free Book Funnel
- Trial Upgrade Funnel
- Value in Advance Funnel
- Football Phone Funnel
These types of funnels are great ways to acquire prospects. However, businesses would be often confused on which is right for them, since each offer something different. In terms of a senior living community looking for people, a fitting acquisition is the free book funnel.
It doesn’t have to be a book, it can be anything that benefits the customer. Like an information packet that details all the information that tell the benefits of joining a community like yours. It could be a downloadable video that details about the city your community is located at. There are plenty of alternatives out there.
As soon as they fill out a form for the book/pamphlet/pdf file/etc. they’ll receive want they want eventual but they’ll be immediately introduced to an upsell which can be an information video that will eventually lead them into several options. In this case, the upsell would be asking to schedule a tour or if a business has the ability, taking a virtual tour of their place.
- Not going through the upsell, prospect is sent to download the information they wanted.
- Not going through the upsell, prospect can be sent to a magic question page that would tell them if they want some help on making the decision to join. Regardless of answer, they are sent to download what they came for.
- Going through with the upsell, they are taking to a page to schedule a real or virtual tour. If they change their mind, you can downsell them through phone call interview. Regardless of answer, they are still sent to the download..
Another good example of these kinds of acquisition funnels are those advertisements your see around the web that give away free books regarding helping finances, weight loss, etc. In the end they are looking to acquire you as a prospect.
Having your Business Use an Activation Funnel
MAIN GOAL: Convert all the acquired leads into actual buyers of your goods and services.
Activation funnels are used to convert a number of your leads into buyers. Unlike the other funnels, this one’s main focus is getting a number of converted acquisition and not monetary gain.
Examples of these funnels would be:
- Simple Survey Funnel
- Velvet Rope Funnel
- Blog Launch Funnel
- Flash Sales Funnel
Using a Simple Survey Funnel
Let’s take the Simple Survey Funnel, as they probably the most logical choice for residential property and other related businesses to use. In this funnel, we are going to get prospects/leads and have them convert into actual customers by having them take a small survey. In a way, we’re driving them into becoming residents.
Likely a senior living community (like yours) has gained some interest from people, but they are still “thinking about it”. They probably even stopped by and took a small tour. It is very likely they just a push in the right direction for them to convert.
In this scenario, you would send out a survey to those potential residents that are filled with questions that would get their decision thinking process going.
- How do you spend a month versus the flat monthly rental fee for the community?
- Wouldn’t you better be in a place with quick service than doing everything on your own?
- Wouldn’t you like to engage a more socially active place?
And other questions that would push them forward. Before they get their results, you’d get their contact information so that they can become prospects in case you need to reengage them down the line. After they see their results, you can offer them the opportunity to become a resident and have them fill out an application.
You have now converted them into customers/residents. From the other form they can go into a thank you form, or be offered a profit maximizing upsell (like bigger room options, services, etc.) that then goes into a thank you page.
Keep this in mind, the focus these types of funnels are to convert prospecting individuals into paying customers. You can gain more revenue by utilizing the monetization funnel, which is in the next section.
Generating More with Monetization Funnels
MAIN GOAL: Generate as much revenue as much as possible from existing/ongoing customers.
In layman’s terms, monetization funnels’ is “getting more bang for your buck”, as in trying to acquire more revenue by having your customers spend more at your business. These funnels can be such things as :
- The “Mini-Class” Launch
- Perpetual Webinar Formula
- Paid Webinar Funnel
- Live Event Funnel
- The Magic Question Funnel
One funnel that would work great for senior living and residential management companies would be the Magic Question funnel.
What is the magic question?
“Do you want some help?”
This question works in any situation and any business.
- Do you want help moving in?
- Do you want us to take care of your laundry and house cleaning?
- Do you want help regarding your medication?
All you have to do is set up a page after a recently signed resident has bought into your core offer of a room in your community. Letting them know that you can take care of them for a bit extra can be very enticing.
Let’s look into a senior living residential community that can offer laundry and home cleaning services for its residents, at the cost of sixty-five dollars per month. After the newly acquired resident has filled out the form and made the first payment, the company can notify them via email or post-ordering page that they can get the cleaning & laundry service offer. Since seniors (and their families) know that they want to spend their best years without worry, they’ll likely take up the offer. Hence the upsell.
With the right amount of commitment and strategizing, your company can see a lot of profit and opportunities through the use of conversion funnels. It is highly recommended that your business start with the one that can bring the biggest amount of positive change then move on to incorporating the other funnels that support the main one. If you want a more detailed look into these funnels, check out Digital Marketer’s funnel blueprints and training site.