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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

Data Driven Marketing by Reginald M. Hislop III

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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

Data Driven Marketing by Reginald M. Hislop III

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What Do We Know? Who is Your Customer? What Can You Tell Us/Me About Them?

Professions Education Religion Social Networks Friends Likes/Dislikes Neighborhoods/Locations What They Expect from Aging Lifestyle (Active, Passive, Etc.)

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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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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.

Data Driven Marketing by Reginald M. Hislop III

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Behavior, DepictedI’m Hungry

What do I Want? Where am I? How Much Time do I Have? Money?

Snack? Calories?

Meal?On-the-Go?

Choices

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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.

Data Driven Marketing by Reginald M. Hislop III

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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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Misconceptions About Brand 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.Data Driven Marketing by Reginald M. Hislop

III

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Focus on CCRCs/Seniors HousingWhat do Prospects want to know?Meaningful?Irrelevant?

Knowing What Data is Meaningful….Key

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What do CCRCs and Seniors Housing Provide? (needs and wants) Housing Services – everything from activities to food to

environmental services, etc. Healthcare Security Other? …..

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What Data is Relevant? 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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Conveyance and Cognitive Dissonance Cognitive Dissonance: The discomfort experienced

when two or more ideas, beliefs, values or emotional reactions are in conflict with each other. 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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Reducing the Dissonance for Consumption 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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Developing a Different Strategy Start: Evaporate all Current Conceptions!

BROADEST: Who is my Customer? Think Time Frames! Baby-Boomers 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?Data Driven Marketing by Reginald M. Hislop III

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Think and Relate to THIS…. 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?

Data Driven Marketing by Reginald M. Hislop III

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Building…Part One 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

How? Use Touch Points – Events, Web, Mail – Things that

Require Response Confirm Through Other Sources Focus Groups Surveys

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Building…Part Two Not About Selling Anything – A Catch and

Release Campaign 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

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Building….Part Three Create Strategies via Data

Three “Minimum” for Any Cycle 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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Augmenting Data 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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Relevant vs. Not in Seniors Housing 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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Guerilla Marketing and Data Guerilla Marketing – Unconventional, Covert,

Surprise, Tactical Gorilla Marketing: Definition of the Same

Thing, Over and Over = the Same Results

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Why Guerilla Marketing? 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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What it Takes to Go Guerilla 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 By-Product 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 ConnectionsData Driven Marketing by Reginald M. Hislop III

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Guerillas – Why I Know this Works 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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Why I Know this Works - Gorillas Failure to Adapt and Evolve = Failure to Thrive

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Key Notes: Conclusion 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!Data Driven Marketing by Reginald M. Hislop

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Contacts, Slides, etc.

Data Driven Marketing by Reginald M. Hislop III

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, IIIPresident/CEOLarksfield Place Retirement Communities, Inc.rhislop@larksfieldplace.org