Senior living and other property management communities can significantly increase their profitability when the time it takes to understand sales pipeline data is reduced from days to minutes.
To reduce the time it takes to identify insight, extracting data from sources such as Yardi, and then transforming it for usage in visualization tools such as Tableau is critical for success. Organizations that adopt a data-driven culture will achieve a superior competitive advantage compared to those organizations that do not use data in making important business decisions.
Working side by side with many multi-property senior living organizations, we have developed best practices in this technique. Below I have outlined one of these best practices by providing a case that shows how an executive of a living community may use a dashboard to look at community’s sales pipeline health and which units they need to focus on to increase their community’s bottom line.
Set Conversion % Target & Select a Date Range
To analyze your overall sales pipeline health, it’s a best practice as a first step to make sure you set your conversion percentage target, while also setting the date range you want to analyze. To create a user-friendly experience when setting conversion targets, we used a combination of dashboard navigation actions and dynamic parameters in Tableau to allow end users the ability to set various conversion targets.
In this dashboard, you can set three different conversion targets: calls to tour conversion, tours to deposit, and deposits to move-in. For this example, we set calls to tour at 15%, tours to deposit at 25%, and deposits to move-in at 100%.
To set your conversion percentage target, simply type the percentages you want in the top right corner of the dashboard—as you can see below.
After clicking the ‘Set Conversion % Targets’ box, you will be brought to a tool tip where you can set your targets. Below is a screenshot of what you will see.
To set your date range, simply click on the box directly to the left of the ‘Set Conversion % Target’ box from above. Once you are in the tool tip, you can set your date range parameters from days, to years. For this specific example, we chose to look at the last six months of data in this example living community.
Analyze Top-Level Sales Pipeline Health
After setting your conversion percentage targets, as well as your date range, you will now have a pretty good idea of what your overall sales pipeline health is within your selected date range. You can see from the below image that there are five different sales stages you can analyze within your living community: Prospects created, Calls, Tours, Deposits, and Move-Ins.
When analyzing the data, you can see that in the sales pipeline, Tours is at the lowest percentage at 14.4% for all living communities. To drill down into the tours sales stage, all you need to do is click on the sales stage box on the right side of the dashboard.
Upon selecting Tours, you will now be able to compare communities within the Tours sales stage. Living communities will be separated by color depending on whether they hit their Tours target percentage of 15%. The purple color means the community has reached their targets, and the ones in orange-red are below their target percentage, as you can see in the below image.
Which Communities Can Improve to Help Your Bottom Line
Now you a clear view of activity by community on the left side of the dashboard, as you can see which community is reaching their targets or not by what color they are. You can also analyze how much a community is above or below target by looking for the vertical dotted line within the bar chart.
To see exactly where a community stands in terms of how much over or below they are for their target tour percentage, just hover over the community’s names on the left side of the dashboard. Upon hovering over the communities, a small tool tip will appear and show exactly where that specific community stands, in terms of reaching its target percentages.
After analyzing the data, you can see that the community Saint Maurice is the most below its target tour percentage of 15%, as Saint Maurice comes in at a lowly 7.86%.
Now that you know that Saint Maurice is the lowest below the 15% conversion goal of calls to tours, you can drill into Saint Maurice even more by double clicking the community on the dashboard. Once doing that, you can see for the last six months when Saint Maurice had tours.
The same goes for any of the other sales stages on this dashboard, as you can drill into Saint Maurice’s deposits made or move-ins by day within your date range you selected.
The main question that this post answers is, "What community needs to improve sales efforts?" Creating this dashboard, powered by data extracted from Yardi, resulted in the ability to analyze a senior living organization with 30 plus properties in just moments. An executive can find which communities are below their set target percentages for calls to tour conversion, tours to deposit, and deposits to move-in, while also being able to view the five-selected sales stages within the pipeline.
Without a solid data platform, drilling down to this level of insight would require the exportation of many excel sheets taking an exorbitant amount of time. Reducing the time needed to make decisions is the main benefit of data analytics and why senior living organizations should invest in furthering their journey to culture driven by data.
Posted by Gage Peake