October 30, 2024
Published by 
Nicole Vullo on October 30, 2024
Nicole Vullo on October 30, 2024In today’s fast-paced, digital world, businesses across industries must adapt to stay competitive, and funeral service providers are no exception. With changing consumer behavior, it’s clear that clients are not going back to traditional ways. The shift in consumer preferences means business owners must meet their clients where they are. Those that don’t adapt will lose out. Fortunately, there are modern marketing strategies that can help funeral businesses stay relevant and competitive. Personalized Marketing Consumers expect personalized interactions. For funeral service providers, this means creating tailored services and communications that resonate during difficult times. Use segmented email campaigns to address specific client needs, and customize content that speaks directly to various audiences, such as families experiencing recent loss or those planning for the future. Search Engine Optimization (SEO) SEO remains critical for visibility. Optimize your website for local searches and […]
October 30, 2024
Published by 
Matt Blackwell on October 30, 2024
Matt Blackwell on October 30, 2024You may have been approached in the past about purchasing a competing funeral home, or maybe you have actively approached some of your competitors about purchasing their firm so you can grow your market share. One way or another, you have probably heard something about Mergers and Acquisitions (M&A). It’s true that acquisitions can be a great way to grow your business, but you should understand the risks associated with them. Alarmingly, studies show that between 70% and 90% of acquisitions fail to deliver the anticipated value. Despite these statistics, M&A activity continues to rise, fueled by the demand for growth amidst sluggish organic expansion. Understanding the inherent risks associated with these transactions is essential for navigating these challenges effectively. Overpaying Overpaying for an acquisition is one of the most critical risks in M&A. The valuation gap between buyers and […]
September 27, 2024
Published by Nicole Vullo on September 27, 2024
Nicole Vullo on September 27, 2024Diligent business owners must adapt to meet their clients where they are because it’s clear consumers aren’t going back. I first stumbled onto the phrase “nothing changes if nothing changes” while scrolling through Instagram in May 2023. As an older millennial, Instagram is where I get most of my daily laughs and content, as opposed to TikTok. (Boy, do I feel old saying that TikTok is too young for me… but I digress.) When I first saw the saying, my immediate response was, “Well, obviously!” Little did I know at the time, however, that this would become my personal mantra the following month as I began a new lifestyle journey after deciding to finally get into shape. (If anyone needs Pilates studio recommendations or suggestions on plant based protein powders, I’m your girl!) After first reading the expression, it might […]
September 27, 2024
Published by 
Taylor Weber on September 27, 2024
Taylor Weber on September 27, 2024In our latest, Ask the Analyst blog column, we were given the question on what business-related tasks are needed to be done during the final month of the year. Financial Analyst, Taylor Weber provides her insights on this important topic. Question: Do I need to focus on any specific business elements in the last quarter of the year? Taylor Weber: As we head into the final quarter of the year, it’s important to assess where your business stands and take strategic action. While it’s tempting to remain cautious, especially when faced with market changes such as increased cremation rates or a fluctuating death rate, now is the time to make moves that will set your business up for long-term success. Many funeral home owners are hesitant to raise their prices, fearing they’ll lose calls to lower-cost competitors. But is that […]
September 27, 2024
Published by 
Stephanie Ramsey on September 27, 2024
Stephanie Ramsey on September 27, 2024Scenario: Meet Jordan Strong, owner of Strong Funeral and Cremation Services. Jordan’s business consists of two locations in the Southeastern United States serving more than 500 families annually. Jordan is very proud of the multicultural aspect of the families he serves, and his staff reflects that ethnic diversity. The keystone to Jordan’s success is his staff and the high-level service that is provided to every family regardless of whether they are choosing cremation or burial. His staff is trained to focus on memorialization and making each funeral arrangement unique for the family. Jordan has strived to create a positive work environment by utilizing effective HR techniques such as employee handbooks and policies as well as team building exercises. Employees are also asked to periodically participate in anonymous surveys to help determine if all is well. Despite all these efforts, the […]
September 27, 2024
Published by 
Chris Cruger on September 27, 2024
Chris Cruger on September 27, 2024How to assess your current status and plan for success in the final stretch of 2024. As we wrap up summer and head into the final stretch of 2024, it’s time to pause to take inventory of what the first two-thirds of the year brought and assess both what has gone well and the things that haven’t met expectations. In March, this column explored how planning and execution lead to business success. Here, I’m refocusing on that subject to help you position yourself for a successful finish to 2024. Assess Your Current Status As the challenges in your small business and profession mount, it’s critical to have real information and awareness of your business and the market around you. You need good, consistent data; having little or no information is even more reason to recalibrate for a better finish to the […]
August 29, 2024
Published by Nicole Vullo on August 29, 2024
Nicole Vullo on August 29, 2024Written by Danielle Burmeister, Homesteaders Marketing Communications Manager A few years ago, I met a woman who had buried two husbands. The first died unexpectedly at a tragically young age, the second after a long, hard and well-fought battle with cancer. Kate bore the unmistakable signs of grief – strength and perseverance coupled with the quiet certainty that life is very, very precious. As you might imagine, her first husband passed away without making any plans for his funeral arrangements. At his age, there was no reason to think he needed to talk with his wife about how he wanted to be remembered, where he wanted to be laid to rest or even where he kept their important documents and financial information. When he died, Kate was left with a mountain of decisions to make, a funeral to arrange and […]
August 28, 2024
Published by 
Jared Tanke on August 28, 2024
Jared Tanke on August 28, 2024Staffing and employee retention has been an issue for various sectors in recent years. In particular, the funeral and cemetery profession has experienced the effects of this business pain point. We asked Jared Tanke to share his insights as to what owners and operators can implement into their business models now to retain good employees. Question: How do I retain good employees? Jared Tanke: I recently attended the NFDA Leadership Conference in Ponte Vedra, FL. As a first-time attendee at this event, I was excited about networking with so many different funeral home owners, state association executives, and others. Throughout my time I was involved in many conversations around the biggest challenges facing the funeral profession. A question that kept coming up was “how do we retain talent?” This falls right in line with our 2024 Funeral & Cemetery Consumer […]
August 28, 2024
Published by 
Curtis Rostad on August 28, 2024
Curtis Rostad on August 28, 2024Check Your Bottom Line, It Could Be a Staffing Issue Jack Spratt operates the McLean Funeral Home which does about 150 calls a year. Yes, the names are fictitious, but the funeral home is real. Most of his calls are still traditional funerals including casket, visitation, funeral service, and cemetery burial, but his cremation rate is about 40%. His prices are in line with his competition and the rest of his service area. He is still purchasing the business from his father-in-law, but the payments are reasonable for the size of business. His collections are reasonably good. He said his staff is hardworking, if not overworked, and yet he said he isn’t making money and he wants to know what to do. A quick glance at his profit and loss statement reveals his problem. While you would expect a funeral […]
July 30, 2024
Published by Curtis Rostad on July 30, 2024
Curtis Rostad on July 30, 2024The number one reason to make a single change to your website. Funeral home websites are surprisingly similar. Pick one at random, check the pull-down tabs and you’ll probably find pictures of the lobby, chapel and grounds; current and past obituaries; and a virtual register book. You will likely also find an “About Us” tab that might include a short history of the firm and pictures of the staff. Elsewhere, you’ll find informational pages on funerals, burial and cremation, and possibly some on caskets and urns. You will most likely also find information on preneed, including a form consumers can fill out if they wish to be contacted about making prearrangements. In most cases, however, the information most critical to funeral planning – pricing – is conspicuously absent. In 2021, the Federal Trade Commission (FTC) conducted research and found that […]
July 30, 2024
Published by Stephanie Ramsey on July 30, 2024
Stephanie Ramsey on July 30, 2024In order to lead well, you must first grow yourself, as any meaningful and lasting change begins within you. “Before you are a leader, success is all about growing yourself. When you become a leader, success is all about growing others.” – JACK WELCH, AMERICAN BUSINESS EXECUTIVE AND FORMER GENERAL ELECTRIC CHAIRMAN AND CEO Let’s go over some of the challenges and hurdles staring leaders in the face in 2024 (and possibly beyond): Rapidly changing consumer wants and needs (client families are a consumer subset) ✔ Consumer demand for more convenience and greater transparency and use of technology ✔ Finding and retaining qualified talent and staff is increasingly more difficult ✔ Funeral home environments becoming more multigenerational among staff ✔ It’s an inflationary environment in which not only money/cost of capital but everything else is more expensive. ✔ There is […]
July 30, 2024
Published by Nicole Vullo on July 30, 2024
Nicole Vullo on July 30, 2024Three Things You Can Do Right Now to Future Proof Your Business According to a recent article published by the University of Kansas School of Education & Human Sciences1, the U.S. education system “has been struggling to keep up with other countries in terms of educational performance … The consequences of this educational gap are far-reaching … The USA is now the worst-educated workforce in the industrialized world.” Based on the results of our 2024 Funeral & Cemetery Consumer Behavior Study (FCCBS) , the U.S. funeral and cemetery profession may just be in a similar position when it comes to educating consumers about both its products and services … and itself. And that’s not all. Other data from recent studies highlight another key challenge facing the funeral and cemetery industry: an impending avalanche of customers who live their lives online […]