At Markentum, we create partnerships with senior living companies and get excited about providing solutions for digital marketing efforts. "Let's grow together!" is our partnership mantra, and we continue this attitude through our six values that form our Growth Philosophy. We follow these six values no matter the size or scope of our work, and it helps us keep our partnerships on the path of growth.
In our Growth Philosophy series, we have been discussing each of our six values and how they influence and impact our efforts. Click here to read the previous blogs in this series.
Our fifth and sixth values are Data and Decision. More than just providing information for information’s sake, Data needs to reflect the effectiveness of each solution/campaign and, ultimately, how the marketing efforts are increasing brand awareness and lead generation. Using this insight, we can make the next Decision regarding our marketing strategy.
As a data-driven marketing agency, the Data stage measures our efforts to make an informed determination of how to move forward in the Decision stage.
With so many different digital marketing channels available, Data helps us to analyze the impact of each solution we are providing and gain valuable insight into what is working and what is not. Proving value becomes much easier when we can establish baselines, identify benchmarks, and set meaningful goals that are clearly understood by both Markentum and our partners.
When we begin our efforts, recognizing baselines could include identifying social media follower count, web traffic and visitor count, initial click-through and conversation rates, and the number of leads being generated monthly. Knowing industry averages allows us to compare our efforts to others and analyze if our performance is leading or lagging.
One of the most significant benchmarks that we utilize is the industry average of cost per digital lead. According to McKnight’s the average cost per digital lead is $431, while the Markentum average cost per digital lead is $194. Looking at individual and comprehensive baselines and benchmarks, we set meaningful goals. Whether the goal is to rank on the first page for organic search or increase lead generation performance by 20% annually, the goals that Markentum sets on behalf of our partners are aggressive and impactful.
During our Decision stage, we implement what we have learned from our efforts into the next steps of our strategy. Data reveals what is driving the best performance to determine what channels have the best ROI and focus our efforts accordingly. We can also test several approaches at once and fine-tune our efforts based on the responses we receive.
Why is this important to senior living companies?
Businesses today have an incredible opportunity to base next steps on real data. However, with so many additional factors, from world events to company happenings to personal feelings, senior living companies need to see through these things and let concrete data inform them.
Any business with a social media presence, website, and contact forms can gather valuable insight into the mindset of its customers. Because senior living communities engage several different types of personas, making sure that marketing efforts are developed for each persona enables customers to be reached at various stages of the decision-making process. Not all customer journeys are created equal, and the difference in targeting timelines can mean the difference between a decision and a missed opportunity.
Our Vice President of Strategic Growth, Ryan Blanco, shares his insight into the importance of data and decision,
“Having data, and more importantly, the right data is crucial to making informed decisions. Too often in business and life, people get caught up in making emotional decisions. If they made an honest reflection, those would most likely not be the best decisions they made. The best decisions are usually made by first having processes and programs in place to collect the data. Then making a thoughtful and detailed analysis of the data, to determine the correct direction to take in the future.”
As someone who works directly with the data and decision stages of our partners’ growth, Loreal Hiscock, Markentum’s Content Marketing Manager, adds:
“Data is a key starting point when we build a content marketing strategy. Understanding how an audience engages with a site, what they're searching for, and what is generating leads allows us to focus on our strengths and enhance what we know is working. Whether we are working with a new partner or strategizing for an existing partner, analyzing data allows us to review past performance and make educated guesses on new initiatives.”
One of our biggest goals with digital marketing is to connect all the various channels and determine how they impact each other in the overall marketing strategy success. Which social media post engages the most audience, leading to web traffic and converting marketing qualified leads to move-in residents? All this information can be realized through a robust marketing automation platform.
Katrina Gagnon, our Marketing Automation Manager, knows this because of the ongoing endless stream of data at her fingertips.
“Data is at the heart of lead nurturing strategies. Without data, it is impossible to tell what is working and what needs to be changed. The key to finding compelling data is to understand the goal of each lead nurturing workflow and to accurately track those metrics.”
While your customer is on their journey, we know that you often need a guide in understanding the data and making the next decision. This is the passion of our Account Strategists at Markentum. With so much data available now, it’s essential to your time to focus on the right metrics and gain the insight needed to move in the right direction.
Markentum’s partners have access to all this through monthly meetings with their Account Strategists. One of our Account Strategists, Hollee Kennedy, has this to say about our Data and Decision stages,
“Data provides us with an accurate, unbiased assessment of the performance of our marketing tactics, strategies, and campaigns. We can easily see what areas of our marketing strategy are working well and what areas may need improvement. We look at data to help our partners make strategic decisions and amplify the right marketing efforts.”
We are in the information era where we can gain insights into how customers engage. Using today’s tools and platforms, digital marketing offers a detailed awareness of the decision-making process like never before.
As we move through all the stages of growth, from Discover to Decision, this detailed information gets us excited to repeat the process and see the marketing momentum of the companies that we work with increase.