Transcript Data Driven Marketing Strategy full

Data Driven Marketing Strategy
Reginald M. Hislop, III Ph.D.
Larksfield Place Retirement Communities, Inc.
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What These Companies Have in Common
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Data Driven Marketing by Reginald M. Hislop III
What They Know/Why They Know It
They Know About You
They Know What You Like
They Know What You are Worth
They Know What You Spend
They Know Where You Live
They Know Your Profession
They Know Your Education
They Know Your Friends
They Know Your Tastes
They KNOW THEIR CUSTOMER
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Data Driven Marketing by Reginald M. Hislop III
What Do We Know?
Who is Your Customer?
What Can You Tell Us/Me About Them?
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Professions
Education
Religion
Social Networks
Friends
Likes/Dislikes
Neighborhoods/Locations
What They Expect from Aging
Lifestyle (Active, Passive, Etc.)
Data Driven Marketing by Reginald M. Hislop III
What Data Does
Provides Focus
Allows for Targeted Messages
Allows You to Address Issues – Specifics
Shortens the Conversion Time
Reduces the Number of “Suspects”
Allows for Product Refinement/Development
Creates, if Used Appropriately, Differentiation
Assists with Pricing
Defines Markets
Reduces Expenditures on Marketing
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Data Driven Marketing by Reginald M. Hislop III
Marketing Behavior – Data Focused
Consumption is both logical and emotional. We gather data
through sources to create a rationale for what ultimately, is an
emotional decision.
Wants vs. Needs – Data is Used to Create a Consumptive
Choice, Bridging the Two
In our Consumption Decision, we Seek Satisfaction. The
Greatest Satisfaction Occurs when the Decision Addresses
both Elements – Wants and Needs.
Data Helps to Discern Price and Value in the Decision.
The Greater the Degree of Price Elasticity, the Greater the
Reliance of Data to Consume – Justification.
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Data Driven Marketing by Reginald M. Hislop III
Behavior, Depicted
I’m Hungry
What do I Want?
Where am I?
How Much Time do I Have? Money?
Snack?
Calories?
Meal?
On-the-Go?
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Data Driven Marketing by Reginald M. Hislop III
Marketing Behavior - Demand
Price Elasticity – products/services exist along a
continuum of choices, ranked from low cost to high cost.
Demand for products is influenced by the range of
substitution options at each price point.
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Data Driven Marketing by Reginald M. Hislop III
Marketing Behavior - Differentiation
Creating a unique understanding of the benefits and
features of a product or service.
Brand Awareness/Brand Identity
Positioning with Price
Retailing
Warranty and Utility
Reputation
Communication and Advertising
Authentication
Co-Branding and Affiliations
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Data Driven Marketing by Reginald M. Hislop III
Misconceptions About Brand
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You can only build a portion of a brand – the rest is built
by your consumer.
It is less a strategy by itself – it is more an outcome of a
series of smaller strategies.
Data is required to build a brand. BRANDS are
tangible/must be tangible.
Caution – Brands can be negative and positive.
Brands are NOT: Slogans, Images, Logos, Tag Lines, etc.
Brands are not One and Done – they require
maintenance.
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Data Driven Marketing by Reginald M. Hislop III
Focus on CCRCs/Seniors Housing
 What
do Prospects want to
know?
Meaningful?
Irrelevant?
 Knowing What
Data is
Meaningful….Key
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Data Driven Marketing by Reginald M. Hislop III
What do CCRCs and Seniors Housing
Provide? (needs and wants)
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Housing
Services – everything from activities to food to
environmental services, etc.
Healthcare
Security
Other? …..
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Data Driven Marketing by Reginald M. Hislop III
What Data is Relevant?
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First, Who is the Customer?
Second, Who are the Influencers?
Third, How will the Data Connect to the Customer and
Influencers?
Fourth, What Methodology is Available to Convey the
Data?
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Data Driven Marketing by Reginald M. Hislop III
Conveyance and Cognitive Dissonance
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Cognitive Dissonance: The discomfort experienced when two
or more ideas, beliefs, values or emotional reactions are in
conflict with each other.
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For most people, this is the largest barrier to a seniors housing
decision – the “I’m not ready yet” reaction.
Data in a Marketing Strategy is Effective When and Only
When, it Reduces Cognitive Dissonance.
Too much data, conveyed incorrectly enhances dissonance.
 Data misaligned or out of context creates or enhances
dissonance.
 Not enough data enhances dissonance
 Data irrelevant enhances dissonance.
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Data Driven Marketing by Reginald M. Hislop III
Reducing the Dissonance for Consumption
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Understanding what Factors Cause, for your Product,
Dissonance.
Understanding the Needs of Customers Unique to Your
Product, for Equilibrium (reduction of dissonance, clarity
of thought).
Aligning Purchase as a Solution
Defining Value in Relationship to Cost (regardless of the
price tag).
Leveraging Influence and Influencers – Others Who can
Reduce Dissonance.
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Data Driven Marketing by Reginald M. Hislop III
Developing a Different Strategy
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Start: Evaporate all Current Conceptions!
BROADEST: Who is my Customer? Think Time Frames! BabyBoomers are not Yet Here – These are Baby Bust Folks, War
Babies! (2013 – 75 = 1938!)
 When did they mature? What were the cultural norms? What
was relevant to them?
 Who are their Influencers and What about their Culture (now
Baby Boomers become relevant)?
 Existing Residents are Not “Marketing” Customers – they are
Already Here! What Brought them In is Relevant.
 Who Identifies with Who?
 What are YOU Known For? Is it Tangible?
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Data Driven Marketing by Reginald M. Hislop III
Think and Relate to THIS….
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Customer Profile – Use a Bridge Reference (company
with a consumer product).
What Can You Discern for Your Community?
 What then Can and Should You Learn More About?
 How Will You Learn it?
 Can You Make it Tangible?
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Data Driven Marketing by Reginald M. Hislop III
Building…Part One
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You Know About Your Customer NOW – Generally
Speaking (Hypothesis)
Try to De-Bunk What you Know – Be Contrary
 Refine in Detail by Testing (Dewey Method)
 Observe and Gather More Information
 Relay the Information Back
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How?
Use Touch Points – Events, Web, Mail – Things that Require Response
Confirm Through Other Sources
Focus Groups
Surveys
Data Driven Marketing by Reginald M. Hislop III
Building…Part Two
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Not About Selling Anything – A Catch and Release
Campaign
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Use Your Data to Draw Attraction – Events, Other
Size-Up your Catch – Too Many Small Ones, Keepers, etc.?
Focus on What Worked vs. What Didn’t – Reduce and then
Expand Again
Numbers, Numbers, Numbers!
Data Driven Marketing by Reginald M. Hislop III
Building….Part Three
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Create Strategies via Data
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Three “Minimum” for Any Cycle
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Quality-Warranty
Price/Value
Outcomes/Satisfaction
Talk Directly to Your Customers as Much as Possible
 Avoid Sales Language – Creates the Dissonance
 Be Direct and Tie Visual to Words
 Plan Repetition/Multi-Modalities
 Use Interchangeable Constructs
 Reintegration of Things that Work
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Data Driven Marketing by Reginald M. Hislop III
Augmenting Data
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Avoid Testimonials Unless they Are External to You
(presumption is the testimonial is bought).
Co-Brand/Co-Market where Alignment Exists
Focus on Authenticity
Draw Comparisons “Actively”
Measure for Brevity – Less is More
Look for Distinctions in Your Market – Strive for
Difference
Use Unconvential Methods to Convey Data
Draw Data Maps for Customers (A+B=C)
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Data Driven Marketing by Reginald M. Hislop III
Relevant vs. Not in Seniors Housing
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Relevant – Price Structures
Not Relevant – Price
Building Amenities – Not Relevant
Amenities that tie to Programs – Relevant
Unit Sizes – Not Relevant
Unit Layouts – Relevant
Quality Data – Relevant
The Word “Quality” – Not Relevant
Non-Profit – Not Relevant
History, Religious Affiliation, Mission - Relevant
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Data Driven Marketing by Reginald M. Hislop III
Guerilla Marketing and Data
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Guerilla Marketing – Unconventional, Covert, Surprise,
Tactical
Gorilla Marketing: Definition of the Same Thing, Over and
Over = the Same Results
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Data Driven Marketing by Reginald M. Hislop III
Why Guerilla Marketing?
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Its Tactical and It Focuses on Differentiation – Key in an
Environment of Price Elastic Demand
It is Data Driven – Strategies Evolve from Data not
Perceptions
It is INEXPENSIVE – Cheap Per Touch
It is REPLICABLE and ADAPTABLE in MULTIPLE forms –
the same data is used over and over.
Self Sustaining – Data is Readily Available
Focused on MORE Constantly – key to make the
numbers in today’s economy and industry trends work.
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Data Driven Marketing by Reginald M. Hislop III
What it Takes to Go Guerilla
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Data – of Course.
Being Edgy and Willing to See How Other Universes
Work – Ignore the Industry and Focus on Your Customer
and How You Connect.
Being Willing to Ignore the “Sell” Side – Sales are the ByProduct of Good Marketing.
Willingness to Leverage Your Org. Against Others and
Through Others – Co-Marketing, Co-Branding, Etc.
Abandonment of the Conventional
Perseverance – Sheer Desire to Exploit the Market via
Exposure and Connections
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Data Driven Marketing by Reginald M. Hislop III
Guerillas – Why I Know this Works
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Skeptical? You Should Be. Seniors Housing Needs to
Evolve and Become a Different “Animal”.
Companies that Thrive Today (Who is a Guerilla)?
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Data Driven Marketing by Reginald M. Hislop III
Why I Know this Works - Gorillas
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Failure to Adapt and Evolve = Failure to Thrive
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Data Driven Marketing by Reginald M. Hislop III
Key Notes: Conclusion
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Data Driven = What Your Customers Need and Want to
Know
Focus on Quality Data – Create Separation
Recognize and Understand the Factors that Create and
Enhance Cognitive Dissonance for Your Customer
Don’t Over-Think This – The KISS Axiom Applies
Become a Guerilla not a Gorilla
Use Templates from other NON Seniors Housing
Companies.
The Key is to Become Different,Vital and Data is the
Means to Get There!
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Data Driven Marketing by Reginald M. Hislop III
Contacts, Slides, etc.
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Access and download the presentation for free at;
http://rhislop3.com
(Index on the right of the page, go to page titled “Reports
and Other Documents”)
E-Mail or other Inquiries to:
Reginald M. Hislop, III
President/CEO
Larksfield Place Retirement Communities, Inc.
[email protected]
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Data Driven Marketing by Reginald M. Hislop III