Home Care Pulse published their 2015 Benchmarking Study a few weeks ago, and I couldn’t be more excited to share this information with you! Ask my staff, I have been raving about this study since I got my copy last month. This is it, folks! If you are the owner of a Home Care company in the United States of America, and you are serious about being a student of the industry…you MUST purchase this study! There is so much detail in here and it covers every facet of the business. I wish this study was around when I owned my Home Care company, because it certainly would have helped me to tweak a few things and grow it even quicker. Trust me, you will hear me reference this study again and again and again in the upcoming months.
In today’s episode of A Drink With “The Hurricane,” I’m going to review a few of the statistics I found in this study, so you all can see how your business compares with the top performers in the country (minimum of $2.4 M revenue in 2014). I am focusing on these leaders because they are obviously doing what works, so if your business is not doing $2.4 Million a year, now you can follow the leaders and do what they do.
How much of your business comes from direct referral marketing? According to this study, 41.9% of revenue from these top performers’ businesses came from direct referral marketing. This is what my company is all about. Nearly everything we do is focused on increasing our clients’ referrals, revenue, and profits from training them on the best practices of direct marketing. If your company is not currently bringing in at least 30% of the total revenue from these marketing efforts, you are missing the boat!
How much of your business comes from Internet leads? There are a few different factors that influence your Internet leads, so let’s take a look at them. Search Engine Optimization (SEO) accounts for 11.4% of the total revenue for these top performers. (Franchises do even better on this number, at 15.3%) Google AdWords represents 9.6%, and “other Internet,” which includes Facebook, Linked In and other social media presence. All this totaled together is 36%+ of your company’s total revenue for the year.
When you combine the Internet and Direct Marketing together, you see that about 80% of your business is coming from just these two efforts. 80 percent, folks! I’m sure you are familiar with the 80/20 rule. Basically, 80% of your business will come from 20% of your efforts. This is it right here! The other revenue sources listed in this study are Consumer Events/Health Fairs, Ads in Senior Directories, Television Ads, A Place for Mom, and Ads in the Yellow Pages. You could easily spend THOUSANDS of dollars a month on advertising, and exhibiting fees for health fairs and other events in your territory, and that would only account for a mere 20% of the total revenue that your business COULD be doing…if you just focused that time, effort, and money in the right areas.
Here’s a link for the study so you can go buy this incredible resource yourself. http://benchmarking.homecarepulse.com/order. If you use the promo code HME15 (case sensitive), then you will get a 15% discount.
Finally, be sure to check out our newest product, Home Care Revenue Builders. This is a collaboration between my company, Hurricane Marketing Enterprises, which focuses on the Direct Referral Marketing, and Valerie VanBooven’s company, LTC Expert Publications, which focuses on the SEO, social media, and all other aspects of Internet lead generation. This gives you the one-two punch and help you to grow the two biggest revenue streams for your business. Sign up now!