The coronavirus accelerated trends that were already taking root across the funeral services industry before the pandemic. As a result, most funeral homes now find themselves at an operational crossroads, experiencing a push-and-pull between traditional ways and a quickly evolving landscape.
That’s exactly why we created Reflect by OneDay, giving funeral homes a bridge between yesterday, today, and tomorrow. With our app, the funeral services industry can now help family and friends collect video memories and share stories, no matter where they are in the world, all while still driving their bottom-line.
But it’s one thing for me to tell you how beneficial Reflect by OneDay is and quite another to actually show you. For that reason, we’ve created a simple ROI calculator that spells out what you can expect by providing Reflect by OneDay to families as part of your service offerings.
About the Reflect by OneDay ROI Calculator
Given the changes felt across the funeral services industry recently, it was important for us to create a calculator that you can customize to your own operations but without sacrificing reliability and accuracy. In other words, we wanted to mimic real-world dynamics to help you address real-world issues.
Therefore, we used statistics from the National Funeral Directors Association (NFDA) to inform our assumptions on costs, burial and cremation rates, and margins. From there, the calculator uses your own inputs in the following areas to generate the total ROI – both dollars and percentage – and gross margin (%) when integrating Reflect by OneDay:
- Number of locations
- At-need calls per month
- Pre-need calls per month
- Percentage of at-need calls that are cremation
- Your assumed conversion (take-up) rate
As I’m about to show you, our platform is a small investment that can yield significant results for your funeral home.
An ROI Calculation Example
Let’s assume you’re a regional funeral services provider with 10 locations across the Midwestern United States. Like most of the industry, the combined effects of the COVID-19 pandemic and a growing trend toward cremation has squeezed your margins to the breaking point.
Thus, you’re looking for new sources of higher margin incremental revenue to help buoy your bottom-line. Your ROI calculator inputs are as follows:
- 10 locations
- 20 at-need calls per month (average)
- 10 pre-need calls per month (average)
- 60% of at-need calls are cremation services
- 5% conversion (take-up) rate
For this example, we also make the following assumptions on your overhead costs and family price points for Reflect by OneDay:
- $200 per burial sale price
- $300 per cremation sale price
- $175 per location overhead cost for Reflect by OneDay
Based on these inputs and assumptions, including a conservative 5% conversion (take-up) rate, your projected returns are:
- Total revenue: $6,350
- Estimated cost: ($1,750)
- Total return on investment: $4,600
- ROI(%): 262.86%
- Gross margin(%): 72.44%
The Bigger Financial Picture
I recommend spending some time with our ROI calculator to see what Reflect by OneDay can do in your specific circumstances. However, no matter how many locations you have or monthly calls you field, there’s a near universal truth across today’s funeral services industry – already slim margins continue to erode, making additional sources of incremental income critical for longevity.
That’s why we’re providing Reflect by OneDay, a convenient, intuitive platform that allows families and friends to share memories and stories of their loved one and, in the process, creating a digital keepsake that will last forever. And from a funeral home’s perspective, our program is a brand new source of revenue with margins that likely eclipse any existing service.
Needless to say, we’ve created a genuine difference-maker for both families and your funeral home operations. So use our ROI calculator, find out more about Reflect by OneDay, and schedule a demo because we can’t wait to show you everything it can do for your funeral home business.