Using the Data Technology that Won the White House to Fill Residences in Your Community. Faculty

Transcription

1 Using the Data Technology that Won the White House to Fill Residences in Your Community June 12, 2013 Faculty Michael Starke, Managing Director, PMD Advisory Services, LLC Keith Evans, Managing Director, PMD Advisory Services, LLC 2 1

2 PMD Advisory Services, LLC Founded in 1981 Provider of proprietary data products to the mature market sector Conducts market feasibility analyses, strategic planning and consumer research for providers of housing and services to the mature market Agenda Strategic Marketing Data Lifestyle Cluster Systems Kisco Senior Living Approach to Strategic Marketing 4 2

3 STRATEGIC MARKETING DATA LIFESTYLE CLUSTER SYSTEMS Lifestyle Cluster Segmentation Concept Methodology Application 3

4 Lifestyle Cluster Segmentation Concept What is a lifestyle cluster? What are the differences between cluster systems? 7 A Lifestyle Cluster is A multi dimensional view of the consumer tied to geography. 4

5 Lifestyle Clusters Lifestyle Clusters 5

6 Lifestyle Clusters Cluster E06 Mature America Median age is 63 Median income $34,000 60% collect Social Security 60% own a home median value $106,000 They belong fraternal, VFW, religious groups They read magazines Watch golf, tennis and baseball on TV Geography Zip Codes 6

7 Geography Geography Census Tracts Lifestyle Cluster Data Providers Nielsen Prizm ESRI Tapestry Experian - Mosaic 7

8 Sources US Census and American Community Survey Proprietary data and surveys Models Differences Complicated multivariate algorithms with vendor customization Lifestyle Cluster Segmentation Data Methodology How many cluster types (codes) are there? What variables are used in development of cluster systems? 8

9 Methodology Cluster types (segments) It varies depending on vendor but most are in the range. Defining the cluster types is a marriage of art and science. Purpose is to define groupings that are fairly homogeneous while maintaining groupings large enough to measure and target efficiently. Methodology Variables used in development of Cluster Systems Over 600 different variables are utilized in most cluster systems. A partial list includes the following. Age Education Income Sex Marital Status Tenure Race Household Type Labor Force Status Ethnicity Household Size Net Worth 9

10 Application Appending Your Data Identify your consumer Code records with cluster types Analyze to identify your clusters Code incoming prospects by cluster to evaluate and monitor trends Define your message for your target cluster Application Targeting 10

11 Targeting Areas in Green are target block groups with concentrations of specified Senior Lifestyle Segments. Application Creating the Message Access information from different media From different sources Respond to different messaging 11

12 KISCO SENIOR LIVING APPROACH TO STRATEGIC MARKETING Kisco Senior Living Founded in 1990 Twenty one operating communities California Florida Nevada North Carolina Texas Virginia Development in North Carolina, Utah, Hawaii Planned measured growth through acquisition and development Product mix of Independent Living, Assisted Living and Memory Care The Art of Living Well SM 12

13 Kisco Senior Living Since 2009, shifting marketing tactics and strategies Reduced spending in print media Marketing budgets rebalanced & monitored daily Eliminated use of paid referral agencies Focus on digital and cost effective tactics Focus on: Kisco Senior Living Direct Mail landing pages, call tracking, variable data Internet /Web/eBlasts/SEO/Facebook/Twitter Business Development Referral Relationships legal, financial planners, Veterans, Alzheimer's, etc. 13

14 Direct Mail Strategic Small events, clear call to action Lists: 2,000 names, not 10,000 Focus on demographics Focus on: Age: prospects and adult children Net worth/income Tactics Consider more sophisticated tools e.g. customer profiling system Grouped by similar demographics, lifestyles, behaviors and culture Used for prospect and resident profiling, targeted mailing lists, strategic messaging & advertising and media planning Profile current residents/adult children Laser in on specific zip codes and neighborhoods block groups Layer in age/income/net worth 14

15 Direct Mail Comparison 2011 traditional age/income PMA mailing between 5 10k name mailings generated average call response of.3% 42% of call responses entered in CRM as qualified leads 1% of qualified leads converted to move ins 2012 Q targeted customer profile mailings Between 2 5k name mailings Generated call response of.5% in 2012 Q % of call responses entered in CRM as qualified leads 2012 Q % of qualified leads converted to move ins Key Traits: White collar baby boomers Health conscious Empty nesting couples Enjoy active leisure lives Well educated Eclectic shoppers Ethically responsible Enthusiastic investors Brand and store loyal Environmentally responsible Messaging Profile Example 1 15

16 Key Traits: Affluent High power professionals Philanthropic Empty nesters Cultural activities High quality products Healthy living Upscale Gourmet Conventional Messaging Profile Example 2 Key Traits: Retirees Liberal Art connoisseurs Philanthropic Empty nests Stylish homes Established neighborhoods Ecological lifestyle Global consciousness Messaging Profile Example 3 16

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18 Other Advice Executive Director must be engaged Know your metrics and revisit them often Number of repeat tours to initial tours Inquiry to initial tour conversion ratio Tour to move in conversion ratio Call out to completed call out conversion ratio Call out to scheduled appointment conversion ratio Other Advice Sales team must have discipline to follow up, business development Follow up faster than your competition Make follow up calls Experience from the field Use the Data You Have Today 18

19 Other Advice Web Responses Are Critical According to Purdue University's Benchmark Portal, the average response time is 33 hours with the top 25% of companies responding in two hours.) 18% of prospects never receive a response. 43% of prospects receive a response too late to matter. Other Advice Use the Data You Have Today Resident demographic and psychographic data Location Home value Interests What are their children like? Relationships What helped them in making this decision? 19

20 Other Advice Develop A Plan Follow The Plan Adapt The Plan The current market environment provides easy excuses A strong need to work harder and smarter Solid execution will drive results Questions? 20

21 Contact Information Thank You! Keith Evans Michael Starke Lifestyle Cluster Providers Mosaic (Experian) services/consumersegmentation.html Tapestry (ESRI) Prizm (Nielsen)