digital strategy for socal real estate conglomerate
TRANSCRIPT
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Online StrategyStrategic Goal: Build Army of Brand Advocates
Awareness: Integrated Marketing Programs utilizing local, social, mobile, search and traditional marketing to drive Tenant Prospect traffic
Consideration: Incentives and ICAC Value Proposition served to Tenant Prospects at the right time and via right delivery mechanism
Interaction: Easy-to-Use Web and Mobile access channels that allow for Lease related transactions / interactions with ICAC
Loyalty: Incentives and ICAC Value Proposition served to Tenants at the right time via the right delivery mechanism to drive Retention and Repeat Business
Advocacy: Provide path for up-sale and cross-sale of ICAC as well as Irvine Company offerings and platform(s) to evangelize the “Irvine Apartment Experience” to realize Word of Mouth market potential.
The ICACTenant Lifecycle1. Move Up
2. Re-Sign3. Move Out4. Buy Home
ICCD
ICAC
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Online Strategy Roadmap
• Search• Evolve Current Tactics• Increase Share of Voice• Continue Segmentation Techniques (i.e. Snowbirds)• Explore National and Global marketplaces
• Local• Employ Demand Shaping
• Mobile• Evolve Current Mobile Sites and Apps• Begin and Increase PPC Campaigns Accordingly Based on Usage• Begin and Extend Mobile Advertising • SMS Reminders/Alerts• Explore iPad and other devices
• Social• Leverage to expand• Create Centralized Management Console• Align Social with Customer Care reporting• Evolve Media Outlet Tactics
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Objectives It Takes a Community to Build An Army
1. Increase Community Efficiency Rating (CER)a. Occupancy Rate of Each Community to Greater Than 95.5%b. Extend Average Lease Term from 23 to 24 Monthsc. Decrease Lease Delinquency by 10%
2. Make Doing Business With ICAC Easy (A Caveman Could Do It) by Developing Transactional Tools for the Most Popular Web Access Devices
3. Increase Customer Satisfaction by Aligning Social Sentiments with Traditional Customer Support Activities to ultimately provide a platform for ICAC evangelists – build army of Brand Ambassadors
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Objectives Community Efficiency Rating Defined
Occupancy Rate *
Average Lease Term( )- Rate
ofDelinquency = Community
Efficiency Rating
New KPI:
Threshold:
(.955 * 23) - .016 = 21.95Community CERCommunity A 22.05Community B 22.02Community C 21.96Community D 20.75Community E 19.76
ACCEPTABLE
UNACCEPTABLE
The idea is that a community can be underperforming in one area, but makeup for it in another so that it’s portfolio valueis “acceptable”
Online Strategy: Focus On The CER Variables To Pull Communities Over The Threshold
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Increase Occupancy Rate
Paid Search: Best Value
ICAC is AheadOf the CurveBy Shifting Spend From Print and Other AntiquatedMedia to NewMedia
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Increase Occupancy Rate
Paid Search: Current Strategy Evolution – Increase “Share of Voice”
85.4%Available
14.6%Reached
• Stay the Course Re: Current PPC Strategy – Continue to Learn, Evolve and Capture More “Share of Voice”
• Segment Customers into Types: Snowbirds, Winter, Annual Leasers, etc. and build Campaigns with Segment-Specific Landing Pages
• Test National and International Campaigns
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Increase Occupancy Rate
Paid Search: Engage Global Marketplace
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Increase Occupancy Rate
Paid Search: Global Plan
1. Phase 1: Testing in Late 2010/Early 2011. Geographies in Order of Testing:a. Canada (Already Underway)b. United Kingdomc. Germanyd. Indiae. Finland
2. 3 Landing Pages for Each Geography Will Be Developed to Target the 3 Areas of the ICAC business via:
a. RL keywords, copy and content. b. RLIC keywords, copy and content.c. IAC Suites, copy and content.
3. Phase 2: Begin Full Campaigns Based on Learnings and Share with rest of Irvine Company (i.e. Resorts)
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Increase Occupancy Rate
Local: Employ “Demand Shaping”Localized Search Techniques
What Is Demand Shaping?Paid Search Campaigns are Geographically Micro-Targeted to the Zip Code Level to Provide Demand Generation to the Communities that Need it Most. We Systematically “Shape Demand” to Meet ICAC Occupancy Objectives
How Does It Work? Build Community-Specific Ads with Landingpages and Served Within a 10 Mile Radius of the Community. Constantly Monitor and Adjust Ad Spend Until Goal of 95.5% Occupied is Achieved – then, Move To Next of Community.
How is It Funded?Utilize Existing Budgets, however, carve-out portions for Demand Shaping based on current geo-targeting.
Dovetails into Current Geo Strategy:
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Increase Occupancy Rate
Paid Search: “Demand Shaping” Illustrated
Community Landingpage
1. Create a 5 Community Cluster in the same geographic region that fall under 95.5% occupancy
2. Assign all OC/Irvine Geo PPC Dollars to these regions
3. Build Landingpages for each Community
4. Rotate Search Results by Community
5. Once occupancy reaches threshold, shuffle the cluster
Provide Resources Where They Are Needed Most To Influence Demand and Reduce Inventory Levels
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Increase Occupancy Rate
Search: Go Local to Increase Share
Search Trends• Being found requires creating a strategic web presence including all types
of Search (paid, organic, video, mobile) with focus on driving leases• Local search, when coupled with a mobile device, will be among the hottest
search growth areas – consumers with an immediate need for information• Social Search – letting users vote on the best search results for a topic• Personalized Search– Engines understand who you are and your needs
Search Recommended Tactics for ICAC• Employ Demand Shaping Localized Techniques to Bolster Underperforming
Communities• Segment marketplace into “User Groups” – Snowbirds, etc.• Increase Share of Voice to extend / enhance current strategies• Explore National and Global markets
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Increase Average Lease Term
Reminders/Alerts + Incentive
Goal: Increase Average Lease Term the Board by 1month in FY2011
1. Utilize Email Marketing Capabilities and SMS to Trigger Lease Renewal Incentive Programs On Timed basis: Start 3 Months Out
2. Tie Payment Reminder Program to Pay Lease Online Functionality
3. Build Incentive Based Lease Renewal Web Presence Focusing Just on Renewing Leases
4. Build “If you are going to buy, you should buy with Irvine” web presence and provide “handshake” to ICCD
5. Create “Clawback Program” to attract prior tenants
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DecreaseDelinquency Rate
Integrated Approach: Mobile & Email
Goal: Decrease Lease Delinquency Across the Board by 10% in FY2011
1. Build SMS and Email based Reminder Systems Triggered by Lease Due Date1. Opt-In from MyRental-Living.com2. 3 days prior to lease due date, send both SMS and Email Reminders3. Send reminder on due date with “incentive” verbiage stating that penalty is
looming4. On day of penalty, send reminder to pay lease and if you pay today, avoid
penaltiy
All link back to online payment system for easy online payment
Offer multiple forms of payment – eCheck, Debit / Credit Card, Auto-Pay
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Make Doing Business Easy
The Mobile Hockey Stick
Mobile is theFastest Growing“New Thing”Ever
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Make Doing Business Easy
The Mobile Hockey Stick
Mobile Statistics:
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Make Doing Business Easy
The Mobile Hockey Stick
More Data Points
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MobileMobile activates traditional, not digital media.
Mobile Recommended Tactics for ICAC• Continue to Evolve Mobile Websites & Applications (MyRL and RL) – iPhone,
Blackberry, Android• Mobile Specific Pay Per Click Search campaigns with specific landing pages• SMS texting (reminders, alerts, coupons, sweepstakes, lead generation) that
effect business drivers such as Delinquency Rates• Mobile Advertising in both Mobile Apps and Mobile Search• Explore uses for iPad (virtual tours) and other non-smartphone devices
(Google TV)
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SocialThe Platform that mobilizes the Brand Advocate Army.
The ICAC Social“State of the Union”
1.Great Start2.Will Get Unwieldy3.Requires Centralized Management4.Will Develop Incentives to Drive behavior
Goal is to Fill Out The High ColumnSee next slide for Attribute Definitions
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SocialThe Platform that mobilizes the Brand Advocate Army.
Takeaway:
If we don’t manage Social Sentiment, Our Customers will do it for us without ourinput
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SocialEveryone is doing it! 3 out of 4 Americans use social media technology.
Social Recommended Tactics for ICAC• Leverage social to expand traffic to and engagement with Rental-Living.com
and MyRental-Living.com• Create Centralized Management Console to mange sentiment and ease
overall management of Social – allows for all communities to have a social presence
• Align Social with Customer Care reporting to track sentiment and effectiveness of issue resolution
• Media Outlet Tactics:• Facebook Geo-targeted advertising• Twitter – grow followership, deepen engagement, launch promotions• Host/participate in Tweet-Ups at our communities• Community ratings and reviews• Launch Four Square potentially with the UTC portfolio