If you are a “numbers person,” you probably know many reasons as to why numbers are important in your daily life, both professionally and personally. I am confident that even if you are not a “numbers person,” you still know how much money you earn annually, and what your average living expenses are.
Tracking your sales conversions is much like balancing a checkbook. You have to know how much you have coming in and how much is going out to be in the green each month. If you skip the important step of consistently tracking your numbers each month you are much more likely to be in the red at the end of the month.
Start with the basics:
- How many new inquiries did you have this month?
- Is your team scheduling a visit at least 50% of the time?
- How many follow-up calls are being made each day?
- How many new deposits?
- How many move-ins and move-outs?
As an industry, we don’t track, know and understand the above numbers as much as we should. This is a giant missed opportunity. What would you do with a 5% increase of move-ins this quarter? Could your community benefit from the additional revenue? Of course. Now, if you do reflect on these numbers already, that’s even better news. Does your entire sales team know what these numbers reflect and why they are monitored? Ask, then educate, and don’t let it stop there. Use those reflections to define goals each month to focus on sales activity that will bring you the greatest results.
Conversions to track:
- Inquiry to tour
- Tour to deposit
- Tour to move-in
A recent client’s tour-to-deposit conversion for an Independent Living community was low, at 6%. With consistent effort and focus on mastering the skill of closing, they increased the tour-to-deposit conversion by 5% in one quarter, for an average of 11% conversion. They are on-target to increase another 5% this quarter for a total of a 10% increase. Had they not been focusing on their numbers, they may not have set the goals in place to tip the scale.
If you’d like to learn more about best practices for sales tracking & conversions, please reach out to the Bild Sales Team and get the conversation started.