The True Cost of a Lengthy Sales Cycle

The True Cost of a Lengthy Sales Cycle

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Summary

In this podcast episode, Jerry Vinci discusses the true cost of a lengthy sales cycle in senior living communities and how it affects both marketing and sales departments financially. He emphasizes the importance of understanding the impact of sales cycles on community success. Vinci shares the results of a poll he conducted, revealing that sales teams spend 15 hours or more per prospect to move them from the inquiry stage to move-in. He highlights the inefficiency and ineffectiveness of referral leads and the reliance on this lead channel. Vinci explains how an extended sales cycle financially impacts both marketing and sales, leading to a strain on resources and missed opportunities for innovation. He encourages providers to focus more on direct marketing efforts to control the narrative and see quicker returns on investment. 

Takeaways

  • Understanding the impact of sales cycles is crucial for the success of senior living communities.
  • Sales teams often spend 15 hours or more per prospect to move them from the inquiry stage to move-in.
  • Referral leads take longer to close and require more effort from marketing departments.
  • Extended sales cycles strain resources and lead to missed opportunities for innovation.
  • Direct marketing efforts can lead to quicker returns on investment and higher quality leads.
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