Leveraging Business Intelligence
in a Social World
Francis Chow
Chief Strategy Officer - Ellis Partners
&
Co-Founder - Ren...
WE LOVE TO CHECK BOXES, BUT

We need to go beyond that …
multifamily-social-media.com

2
AVOIDING THE CHECKBOX SYNDROME

What is the end goal?

multifamily-social-media.com

3
WHAT IS THE END GOAL?

Are you comfortable or not?

multifamily-social-media.com

4
WHY ARE YOU HERE?

multifamily-social-media.com

5
ANSWER
How Customers Value You

Source: CMS wire

multifamily-social-media.com

6
CUSTOMERS ARE COMPLICATED TODAY
Identify
Need

Search for
Information

Conduct
Evaluation

Make a
Decision

Use of
Product...
UNDERSTANDING CUSTOMER
BEHAVIOR IS A NEW SKILL SET
We want to create loyalty and understand what…
Makes them excited
Makes...
HOW DO WE CREATE LOYAL RESIDENTS?

The Customer Effort
must be low
Using your services has to be
EASY

multifamily-social-...
THE EFFECTS OF NOT MAKING THE
CUSTOMER EFFORT EASY
“shoppers who saw a brand response that
required additional steps on th...
REDUCING THE CUSTOMER EFFORT
There is a three step approach to solve what customers want:

multifamily-social-media.com

1...
BUT…THERE IS TOO MUCH DATA

Source: www.weightymatters.ca

multifamily-social-media.com

12
PREPARING FOR THE ROSE BOWL

 30 days to prepare
 15 years of coaching stats
 Films of every Auburn game
 Copies of pr...
BUT…IS INFORMATION IS RELIABLE?
Don’t believe in
everything you
BIG DATA
hear or see
Your’s, theirs and
Business
the truth...
multifamily-social-media.com

15
WE CAN’T IGNORE THE FACTS
Facts are the center of a great customer experience

BIG DATA

 Resident Feedback
 Demographic...
BUSINESS INTELLIGENCE
It’s been around for a while

multifamily-social-media.com

17
BUSINESS INTELLIGENCE
It continues to evolve – what are lenders looking at now?
SOCIAL & RETAIL SITES

WHAT ARE THEY LOOKI...
WHAT IS THE DATA SAYING?

multifamily-social-media.com
HUMAN UNDERSTANDABLE ANALYTICS
It’s been around for a while

Quantitative
(Numbers)

Qualitative
(Words)

Operational + So...
QUANTITATIVE ANALYTICS
How many reviews are residents writing?
Review Volume - Company A
600

50%

40%

500

40%

92% Resp...
QUANTITATIVE ANALYTICS
How do our properties rate?

High Performer
and High Page
Views

Low Performer
and Low Page
Views

...
MOVING TOWARDS QUALITATIVE
ANALYTICS
Numbers

Words

CONTENT

CONTEXT

multifamily-social-media.com

23
QUALITATIVE ANALYTICS
Words define your resident’s experience
Survey Score

7 out
of 10

Survey Comments

I do enjoy livin...
QUALITATIVE ANALYTICS
Dissecting the comments
I do enjoy living in this community

67%

I love the dog park for my corgi's...
QUALITATIVE ANALYTICS
How one company used common trends

AFFORDABLE
COMMUNITIES

RESIDENTS

Source: Ellis Partners in Man...
QUALITATIVE ANALYTICS
How one company used this information
“Smoking”
is Mentioned

12x
64%

Wanted smokefree apartments*
...
QUALITATIVE ANALYTICS
What gets your customers excited?

PEAR and GORGONZOLA
17 Reviews

GLUTEN FREE
9 Reviews
BBQ CHICKEN...
QUALITATIVE ANALYTICS
Words define your resident’s experience

multifamily-social-media.com

29
THE FINAL PIECE – MAKING THE
CUSTOMER EFFORT LOW
How do I make operational
changes?
What are my prospects looking
for?
...
ACTING ON DATA – MAKING IT EASY
Keeping customers on your page …
ACTING ON DATA – MAKING IT EASY
Playing the Odds
Property
Page w/ RV
Link

Corporate Page
w/ RV Link

34.35% CTR

11.42% C...
ACTING ON DATA – MAKING IT EASY
Keeping customers on your page …

www.rentersvoice.com
ACTING ON DATA – MAKING IT EASY
Keeping customers on your page …
ACTING ON DATA – MAKING IT EASY
Keeping customers on your page …
ACTING ON DATA – MAKING IT EASY
Spreading the word
IN CLOSING …

It's easy to make a buck. It's a
lot tougher to make a difference.
Tom Brokaw
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Leveraging Business Intelligence in a Social World, Francis Chow, Ellis, Partners in Management Solutions (Ellis)

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Leveraging Business Intelligence in a Social World: We are mobile, we are information, we are data. How do we use business intelligence in the social world to make our presence known and fairly represented? What foundational information do we need to implement and what strategies should we use to ensure we put our best foot forward?

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Leveraging Business Intelligence in a Social World, Francis Chow, Ellis, Partners in Management Solutions (Ellis)

  1. 1. Leveraging Business Intelligence in a Social World Francis Chow Chief Strategy Officer - Ellis Partners & Co-Founder - Renter’s Voice www.epmsonline.com www.rentersvoice.com multifamily-social-media.com Twitter: @fchow4 1
  2. 2. WE LOVE TO CHECK BOXES, BUT We need to go beyond that … multifamily-social-media.com 2
  3. 3. AVOIDING THE CHECKBOX SYNDROME What is the end goal? multifamily-social-media.com 3
  4. 4. WHAT IS THE END GOAL? Are you comfortable or not? multifamily-social-media.com 4
  5. 5. WHY ARE YOU HERE? multifamily-social-media.com 5
  6. 6. ANSWER How Customers Value You Source: CMS wire multifamily-social-media.com 6
  7. 7. CUSTOMERS ARE COMPLICATED TODAY Identify Need Search for Information Conduct Evaluation Make a Decision Use of Product Stop Using Product Social has Led to Transparency “If the ladder is not leaning against the right wall, every step we take just gets us to the wrong place faster” – Steven Covey multifamily-social-media.com 7
  8. 8. UNDERSTANDING CUSTOMER BEHAVIOR IS A NEW SKILL SET We want to create loyalty and understand what… Makes them excited Makes them renew Makes them pay more Makes them refer friends or WHAT DOES NOT Source: Ellis Partners in Management Solutions Resident Surveys multifamily-social-media.com 8
  9. 9. HOW DO WE CREATE LOYAL RESIDENTS? The Customer Effort must be low Using your services has to be EASY multifamily-social-media.com 9
  10. 10. THE EFFECTS OF NOT MAKING THE CUSTOMER EFFORT EASY “shoppers who saw a brand response that required additional steps on the part of the reviewer (such as contacting customer service) saw a lower average increase in intent to purchase (89%) than the average increase for all brand responses (116%)” Source: bazzarvoice multifamily-social-media.com 10
  11. 11. REDUCING THE CUSTOMER EFFORT There is a three step approach to solve what customers want: multifamily-social-media.com 11
  12. 12. BUT…THERE IS TOO MUCH DATA Source: www.weightymatters.ca multifamily-social-media.com 12
  13. 13. PREPARING FOR THE ROSE BOWL  30 days to prepare  15 years of coaching stats  Films of every Auburn game  Copies of practice schedule notes  Notes of what they did well and not well for every game for every coach multifamily-social-media.com “yeah, I think any time you have 30 days, you’re going to have all the information and then some, and then as a coach, you’ve got to filter all that and predict the best you can on what they’re going to do…” Jimbo Fischer 13
  14. 14. BUT…IS INFORMATION IS RELIABLE? Don’t believe in everything you BIG DATA hear or see Your’s, theirs and Business the truth… There are always Intelligence 3 sides to every Understandable story… Analytics Action multifamily-social-media.com 14
  15. 15. multifamily-social-media.com 15
  16. 16. WE CAN’T IGNORE THE FACTS Facts are the center of a great customer experience BIG DATA  Resident Feedback  Demographic Information  Performance Information  Loyalty Scores  Retention Rate  Rent Per Square Foot Business Intelligence Understandable Analytics  Key Performance Indicators  Creating Change / Action  Understanding Your Customers Action Source: Ellis Partners in Management Solutions Resident Surveys multifamily-social-media.com 16
  17. 17. BUSINESS INTELLIGENCE It’s been around for a while multifamily-social-media.com 17
  18. 18. BUSINESS INTELLIGENCE It continues to evolve – what are lenders looking at now? SOCIAL & RETAIL SITES WHAT ARE THEY LOOKING AT?  Facebook  Your friends  LinkedIn  Your job and connections  eBay  Types of comments  Amazon  Only lower or upper case messages  PayPal  Your buying and paying patterns multifamily-social-media.com 18
  19. 19. WHAT IS THE DATA SAYING? multifamily-social-media.com
  20. 20. HUMAN UNDERSTANDABLE ANALYTICS It’s been around for a while Quantitative (Numbers) Qualitative (Words) Operational + Social Primarily Operational multifamily-social-media.com Statistics from www.rentersvoice.com, apartment ratings and review site 20
  21. 21. QUANTITATIVE ANALYTICS How many reviews are residents writing? Review Volume - Company A 600 50% 40% 500 40% 92% Responding Rate to Surveys 30% 23% 400 20% 10% 300 0% 200 60% Increase in Loyalty Score from 2012 through 2013 -10% -20% 100 -31% 0 -30% -40% 2010 2011 # of Reviews 2012 2013 % Change Review Volume - Company B 20% Responding Rate to Surveys 100 50.00% 90 43% 40.00% 80 70 30.00% 60 282% Increase in Loyalty Score from 2012 through 2013 50 20.00% 40 8% 30 20 0.00% -3% 10 0 -10.00% 2010 multifamily-social-media.com Statistics from www.rentersvoice.com, apartment ratings and review site 10.00% 2011 # of Reviews 2012 % Change 2013 21
  22. 22. QUANTITATIVE ANALYTICS How do our properties rate? High Performer and High Page Views Low Performer and Low Page Views multifamily-social-media.com 22
  23. 23. MOVING TOWARDS QUALITATIVE ANALYTICS Numbers Words CONTENT CONTEXT multifamily-social-media.com 23
  24. 24. QUALITATIVE ANALYTICS Words define your resident’s experience Survey Score 7 out of 10 Survey Comments I do enjoy living in this community. I love the dog park for my corgi's daily activity. I just wish everyone cared as much about the up keep of the property. There's old huge dog turds along the back dog park gate. The grass out there is dead and someone keeps bathing their dog in the fountain, which is simply retarded. Source: Ellis Partners in Management Solutions Resident Surveys
  25. 25. QUALITATIVE ANALYTICS Dissecting the comments I do enjoy living in this community 67% I love the dog park for my corgi's daily activity. 83% I just wish everyone cared as much about the up keep of the property. 50% There's old huge dog turds along the back dog park gate. 17% The grass out there is dead and someone keeps bathing their dog in the fountain, which is simply retarded. Source: Ellis Partners in Management Solutions Resident Surveys multifamily-social-media.com -17% 40%
  26. 26. QUALITATIVE ANALYTICS How one company used common trends AFFORDABLE COMMUNITIES RESIDENTS Source: Ellis Partners in Management Solutions Resident Surveys multifamily-social-media.com
  27. 27. QUALITATIVE ANALYTICS How one company used this information “Smoking” is Mentioned 12x 64% Wanted smokefree apartments* 17% Were willing to pay for it* $100 Willing to pay per month* $115k Increase in yearly rent Source: Ellis Partners in Management Solutions Resident Surveys multifamily-social-media.com *Survey by NakedApartments.com
  28. 28. QUALITATIVE ANALYTICS What gets your customers excited? PEAR and GORGONZOLA 17 Reviews GLUTEN FREE 9 Reviews BBQ CHICKEN PIZZA 11 Reviews multifamily-social-media.com 28
  29. 29. QUALITATIVE ANALYTICS Words define your resident’s experience multifamily-social-media.com 29
  30. 30. THE FINAL PIECE – MAKING THE CUSTOMER EFFORT LOW How do I make operational changes? What are my prospects looking for? How and where do I promote my community? multifamily-social-media.com
  31. 31. ACTING ON DATA – MAKING IT EASY Keeping customers on your page …
  32. 32. ACTING ON DATA – MAKING IT EASY Playing the Odds Property Page w/ RV Link Corporate Page w/ RV Link 34.35% CTR 11.42% CTR Community Page w/ RV Link 7.73% CTR Renter’s Voice Page 57.52% Avg. CTR 4.02% CTR multifamily-social-media.com 32
  33. 33. ACTING ON DATA – MAKING IT EASY Keeping customers on your page … www.rentersvoice.com
  34. 34. ACTING ON DATA – MAKING IT EASY Keeping customers on your page …
  35. 35. ACTING ON DATA – MAKING IT EASY Keeping customers on your page …
  36. 36. ACTING ON DATA – MAKING IT EASY Spreading the word
  37. 37. IN CLOSING … It's easy to make a buck. It's a lot tougher to make a difference. Tom Brokaw

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