Data Driven Marketing Strategy

1. Data Driven Marketing Strategy Reginald M. Hislop, III Ph.D. Larksfield Place Retirement Communities, Inc.

2. What These Companies Have in Common Data Driven Marketing by Reginald M. Hislop III

3. 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

4. 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.) Data Driven Marketing by Reginald M. Hislop III

5. 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 Data Driven Marketing by Reginald M. Hislop III

6. 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

7. 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? Choices Data Driven Marketing by Reginald M. Hislop III

8. 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

9. 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 Data Driven Marketing by Reginald M. Hislop III

10. 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

11. Focus on CCRCs/Seniors Housing • What do Prospects want to know? • Meaningful? • Irrelevant? • Knowing What Data is Meaningful….Key Data Driven Marketing by Reginald M. Hislop III

12. What do CCRCs and Seniors Housing Provide? (needs and wants) • Housing • Services – everything from activities to food to environmental services, etc. • Healthcare • Security • Other? ….. Data Driven Marketing by Reginald M. Hislop III

13. 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? Data Driven Marketing by Reginald M. Hislop III

14. 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. Data Driven Marketing by Reginald M. Hislop III

15. 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. Data Driven Marketing by Reginald M. Hislop III

16. 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

17. 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

18. 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 Data Driven Marketing by Reginald M. Hislop III

19. 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

20. 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 Data Driven Marketing by Reginald M. Hislop III

21. 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) Data Driven Marketing by Reginald M. Hislop III

22. 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 Data Driven Marketing by Reginald M. Hislop III

23. Guerilla Marketing and Data • Guerilla Marketing – Unconventional, Covert, Surprise, Tactical • Gorilla Marketing: Definition of the Same Thing, Over and Over = the Same Results Data Driven Marketing by Reginald M. Hislop III

24. 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. Data Driven Marketing by Reginald M. Hislop III

25. 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 Connections Data Driven Marketing by Reginald M. Hislop III

26. 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)? Data Driven Marketing by Reginald M. Hislop III

27. Why I Know this Works - Gorillas • Failure to Adapt and Evolve = Failure to Thrive Data Driven Marketing by Reginald M. Hislop III

28. 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 III

29. Contacts, Slides, etc. • 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. rhislop@larksfieldplace.org Data Driven Marketing by Reginald M. Hislop III