As consumers, most of us are intimately familiar with the shift to digital for consumer goods and services. We shop online, identify restaurants online and research significant purchases online. While all of these digital shifts have impacted the businesses that serve us, those in the services industry (or really anyone selling a large considered purchase), have been very much left behind. While software and services to help consumer-focused retailers, brands, etc. have proliferated, the number of digital marketing tools for the construction, real-estate, healthcare and other similar industries has lagged. These organizations are often staffed with lean sales and marketing teams, and are primarily focused on services execution, not customer acquisition. At RAC, we've previously invested in digital marketing solutions like Doctor.com and MMG Fusion for healthcare providers, and now we are pleased to announce an investment in Further, focused on long- and short-term living communities.
These communities - whether specifically focused on seniors, on specific health conditions, or are general mutli-family communities, are reevaluating their sales and marketing processes as consumers have moved to digital engagement channels. Whereas these communities once relied on walk-ins, proximity and referrals, prospective tenants now often start their housing search online. Prospective community members will search Google for options, research those options online and look to schedule appointments to visit online. The COVID-19 pandemic only accelerated this trend, as walk-ins were prohibited and most consumers did their research from their couch (or at least from home).
The staff of these communities are focused mostly on managing the actual facilities, and have limited bandwidth for sales and digital marketing (which is complicated by the lack of conversion data). Even larger organizations generally have limited teams, with only one marketing professional for multiple communities. To manage within this new digital-first paradigm, these communities have relied on lead aggregators. The aggregators generally do a good job providing leads to these communities, but have a high cost. As communities seek to more effectively manage their digital channels, the industry is increasingly focused on building internal digital customer acquisition best practices.
Further helps communities market and sell directly to their prospects. The Company' sales and marketing suite combines SEO and PPC analytics, automated chat and appointment scheduling tools, automated lead nurturing, and predictive move-in algorithms to help senior-living and other communities to optimize their sales and marketing efforts. This can result in an increase in website-driven leads, improved sales efficiency, reduced PPC spend and an overall increase in revenue.
It was this substantial value provided to client communities that most struck us during our diligence process with Further. Wes, James and the entire Further team are absolutely terrific, and fundamentally understand the challenges their customers face. As a result, they have built a platform that drives tangible value for a loyal customer base. We're thrilled to partner with Further as the Company expands its platform in an effort to drive even greater value for its customers!
