Adapting to the changes of the funeral profession isn’t easy —

And that’s why it’s a topic we write about all the time. 

With changing consumer needs focused more on convenience and less on tradition, it’s almost as if the funeral profession needs to be turned on its head all together.

So how do we know where to invest our time, money and resources into a future that feels so unknown and mysterious?

Doug Gober of Gober Strategic Capital is a thought leader in the funeral profession who has been making predictions for many years on where to intelligently invest. He offered up some ideas for ways to invest in your future, even if it’s an unknown one:

1. Don’t necessarily rely on big institutions for funding

There’s no question that investment in deathcare used to come only from big institutions and funnel into large businesses. But this is no longer the case. Today, over 60% of monetary investment in the deathcare industry comes from sources outside of the field. Funding sources have been extremely diversified as the industry has evolved. 

2. Remember that innovation attracts investment

With all of the shifts taking place, our industry is more attractive financially than ever to outside investors. Why? Because innovation attracts big thinkers, and those who are willing to invest in those big thinkers. If you’re not tapping into the shifts taking place in our profession, it’s time to start now. Your interest in innovation might just attract more support than you know.

3. Figure out what the driving force is of the change ahead

You might not know exactly what’s going to happen in the future, but you can sure tap into the driving force of the shifts taking place. Gober named convenience as the driving force of business in the future. Yet… in a world where convenience is valuable, death is seen as an inconvenience. 

So how do we adapt? One way we can work to meet client family demands for convenience is by increasing the transparency in our processes and our funeral home websites. Transparency is a big convenience in a world where most client families expect otherwise.

4. Invest in the details 

What does that look like? For starters, many funeral businesses are acquiring and expanding their physical space. Many have had great success in incorporating their own crematory (which checks off increasing their convenience to families, mentioned above). 

Other funeral homes have found that redecoration, renovations, and restoration have been key in keeping up with the changing times. One emerging trend is utilizing space previously reserved for funerals, ceremonies, and gatherings for community event space. Get creative, and think big picture.

5. Lastly, invest in your people

It is important to realize that the death care industry is a subdivision of the hospitality industry. We work to use our talents and resources to serve other people, day in and day out. Consumers put their money into places they feel respected by and that they are attracted to, and using finances to meet consumers’ changing needs yields a high return on investment.

And remember…

Now is one of the best times to be in the deathcare industry, as increasing investment means an increase in industry confidence. What our businesses choose to do with the opportunities that are available will have a key impact on whether we remain relevant in the coming decades. 

What are you most excited about investing in when it comes to the future of your funeral home? Tell us in the comments below!

Rochelle Rietow

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