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SHARON BROOKS
President & CEO, SB&A Integrated Marketing
Partner, Brooks Adams Research
Sharon.Brooks@SBandA.com
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Define Expensive
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Define Expensive
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Two current real life examples:
• 90% Occupancy
– Unrealized Entry Fee Revenue = $9,680,000*
– Unrealized Monthly Fee Revenue = $662,496*
– Marketing Budget: $435,000
• 74% Occupancy
– Unrealized Entry Fee Revenue = $18,022,000*
– Unrealized Monthly Fee Revenue = $2,246,400*
– Marketing Budget: $365,000
• Jim Collins’ flywheel and doom loop are real and they
can both be found in marketing
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Typical Scenario
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Typical Scenario
• Attrition has been higher than normal
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Top ten signs your residences aren’t up to par
• Oak cabinets
• Sheers or skinny mini blinds
• No washer and dryer
• A “kitchenette”
• Big speakers for the community PA
• Pull cords
• 7-foot ceilings
• Small windows
• Choppy floor plans
• Little wooden “check to see if I’m dead” knobs
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What’s a CFO to do?
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Priority # 1: Stop throwing good money after bad
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Priority # 2: Audit/Research
• Find out what’s really driving your occupancy problems
– Changing demographics?
– Financial options?
– Health care options?
– Pricing?
– Program?
– Home sales challenges?
– Product issues?
– Poor marketing and sales?
• If you don’t know the REAL problem, you’re likely
to waste money on the wrong things
• Develop a short-term plan
• Develop a long-term plan
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Priority # 3: Button up Marketing
• Make sure that when you do spend money, you won’t
sacrifice your hard-earned ROI with poor sales practices
• Identify your brand and market position
• Recognize that marketing is a system
• Spend more on marketing, but spend it wisely
• Don’t neglect Internet and direct e-mail marketing – it’s
a great value
• You’re faith-based, right? So have faith…. It can’t all
be tracked immediately or perfectly. Find someone you
believe in and partner with them. But watch closely,
and hold the team to task.
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Key Marketing Issues
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Priority # 4: Identify and implement all
of the free and cheap changes that you can make
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Free and Cheap Changes (cont’d)
• Smiles
• Energy
• Great programs
• Creative events that are FUN
• Resources for home sales support and moving
• Staged or full models
• A small incentive menu that lets buyers know you’re on
their side
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Free and Cheap Changes*
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Priority # 5: Address the two 800- Pound
Gorillas: The Housing Market and Portfolio Losses
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What’s working?
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What’s the consumer thinking?
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What’s working?
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What’s working?
• Selling security
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What’s working?
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What’s working?
• Bridge loans
• Promissory notes
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What’s working?
• Equity lock
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What’s working?
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What’s working?
• Working harder
• Follow up
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What’s working?
• Investing more
• Systems marketing!
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Help your clients re-think things
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Help your clients re-think things
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Help your clients re-think things
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Help your clients re-think things
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Help your clients re-think things
Remember:
• Prices are local and regional
• Media doesn’t necessarily apply to your unique situation
• Homes ARE selling every day; 4.9 million homes sold in
2008
• You CAN sell your house if you approach it armed with
the facts
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Help your clients re-think things
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Help your clients re-think things
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Help your clients re-think things
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Preparing for the Recovery
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Preparing for the Recovery
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Priority # 6: Residences
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Touch them where they LIVE
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Priority # 7: Merchandize what you DO have
• Merchandize it well
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Transform
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Transform
• A bathing room into a spa room
• A cavernous dining room into three dining options: buffet,
waiter served, exhibition kitchen or station dining
• Dark halls into bright halls – even if it’s only pale yellow or
vanilla white paint, surface mounted cove lighting and light
colored artwork
• A model apartment into a vision of the future
• A marketing office into an information center
• A wing of small apartments into a Catered Living
Neighborhood with higher service level and added fees
• Your expertise into a home- and community-based
services spin-off that generates revenue inside and out
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Priority #8: Pick a few great investments
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Giving Up is Not an Option
• I see too many people willing to settle for 85% occupancy
• You can’t afford to lie down and let the truck roll over
you
B.C. Ziegler and Company is registered with the National Association of State Boards of Accountancy
(NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State
boards of accountancy have final authority on the acceptance of individual courses for CPE credit.
Complaints regarding registered sponsors may be addressed to the National Registry of CPE Sponsors, 150
Fourth Avenue North, Suite 700, Nashville, TN, 37219-2417. Web site: www.nasba.org. Attendees are
eligible to receive up to 12 credits for attendance at the 2009 Ziegler AAHSA National CFO Workshop. No
prerequisites are required for this group-live educational conference. Program level is basic.
For more information regarding administrative policies such as complaint and refund, please contact our
offices at 410-884-8300. Fees for this workshop are detailed on the registration form.