My INSURER PTE LTD - Insurtech Innovation Award 2024
Tag it executive summary (slideshare version) - friday, 4:10:15 - (gigi giannoni, gables residential, friday 4-10-15)
1. Executive Summary
Presented To: Gigi Giannoni, Gables Residential
Presented By: Jim Grady, Tag-IT, LLC
www.mytagit.net, jamesdgrady@gmail.com, 678-918-4538
Date: Friday, April 10, 2015
2. Opportunity #1: Incentivize residents to help you greatly increase your social media channels.
Social Media – quality traffic/low cost.
More traffic, higher quality, equals more signed leases…Now is the time to invest in building your social media channels. People
who are referred to your properties are more likely to become a resident. Let your current residents lead you to those people. It is hard
to standout when Apartments.com now tracts 770,000 rental listings at more than 462,000 apartment buildings in the U.S. (source:
WSJ)
3. Your current residents can drive low cost impressions into your target markets.
LEVERAGE – your residents’ networks.
By 2017 over 183M people in the U.S. will use
social media. (source: emarketer.com)
Company with 35k units/70k residents, has
potential Facebook audience of 23.7M. (70k * 338)
70% of Facebook users check their account
at least once per day. 23% five or more. (source:
convince & convert)
74% of all Internet users are on social media.
(source: PewResearchCenter)
Landlords will spend $1.5B online in 2015, up from $630M in 2014. (source: WSJ)
4. THE BIG IDEA (1 of 2)
Residents have to ‘LIKE YOU’ before they will ‘LIKE YOUR CONTENT’!
Gables Residential
Creates awesome/compelling content.
Residents must ‘LIKE YOU’
Invest in residents so that they ‘LIKE YOU’ first.
Residents can then ‘LIKE YOUR CONTENT’
Good relationships lead to residents liking ALL your social accts.
Actions can then happen
New traffic, new leases signed, etc.
5. Is it a worthy investment to have direct access to customers via robust social networks.
CONTROL – third party control of leads.
Heavy Investment/Potential Loss of Control…In 2015, Apartments.com (CoStar) is launching $100M marketing
campaign/new website with Jeff Goldblum (actor) to reach 95% of all renters in the U.S. (age 18-49) – 3.0B impressions.
$100M Advertising Unique Monthly Visitors
7. BRANDS Investing on Social Media (2of 2)
Talk directly to your customers on social media – where they are anyway.
Nat’l Multifamily
1k Likes Facebook.
1.8k Followers Twitter.
0 Followers Instagram.
0 Followers Pinterest.
Apartments.com
106k Likes Facebook.
8k Followers Twitter.
173k Followers Instagram.
3.5k Followers Pinterest.
Gables Residential
3.4k Likes Facebook.
1.4k Followers Twitter.
462 Followers Instagram.
542 Followers Pinterest.
Apartment Guide
163k Likes Facebook.
18k Followers Twitter.
519k Followers Instagram.
6.6k Followers Pinterest.
Cortland Partners
387 Likes Facebook.
181 Followers Twitter.
0 Followers Instagram.
7 Followers Pinterest.
National Apt. Assoc.
10.4k Likes Facebook.
13.5k Followers Twitter.
174 Followers Instagram.
22 Followers Pinterest.
8. The top 15 social media websites and unique monthly visitors.
LEVERAGE – social media is huge.
9. ONLINE WORLD - residents live there.
The online world has exploded with content and your residents can be found
there.
10. TECHNOLOGY makes it simple.
• Simple – The software is easy to set up, simple to learn and simple to use.
• Automated – Many functions are automated to minimize work for the leasing staff.
• Discretionary – Leasing staff via the app are empowered to award points to residents.
• Immediate – When points are awarded, residents immediately get a txt…powerful.
• Dashboard – The app is controlled via a simple cloud-based management dashboard,
that all levels of the leasing team can access based on permissions. All functions of the
software including budgets are controlled here and all metrics can be seen.
11. TECHNOLOGY makes it easy.
• Check In – The software makes it very easy for leasing staff to award
points for referred prospective residents visiting the leasing office for a tour.
• Communications – The app makes it very easy for leasing staff and
residents to communicate. The app ties into everyone’s existing email, txt,
social media accounts.
• Video – Leasing staff can easily send short videos to residents to
welcome them and/or for a job well done.
• Voice Recognition – Many things on the app can be done via voice,
virtually eliminating time searching.
12. Opportunity #2: Happy residents refer others and make the decision to stay themselves.
TURNOVER – rates are above 45%.
Over 35M Americans move each year, roughly 12%
of the population (U.S. Census Bureau).
Some of these residents could be persuaded to stay if
given the right incentives, well before a decision to
move takes place.
TI makes it super easy to engage current residents in
the marketing efforts of the property thus
reducing/vacancy.
13. Many expect the vacancy rate to increase as supply meets/exceeds demand.
VACANCY RATE – expected to increase.
14. THE BIG IDEA (2 of 2)
A ‘frequent flyer program’ for current residents that help you market your properties.
Big Data
Knowing more/predicting outcomes.
Managers/owners can learn much more about
their residents and be in a better position to predict
outcomes. Big data, data mining and predictive
analytics can be very useful tools to decrease
turnover and increase occupancy rates.
Reward Behavior
Incentivize Desired Behavior.
Residents want to know that their efforts
to help make a difference. TI allows
management to directly reward positive
behavior.
Lots of Noise
Prospects Forget Quickly.
Life is too busy for management to rely
on just paid advertising to drive traffic.
Prospective residents can be greatly
influenced by their friend/family’s posts
on social media, review sites, email, etc.
Convenience Wins
Make It Easy to Participate.
Companies like Amazon understand how
important convenience is to people today.
TI makes it super easy for residents to win
by helping management market properties.
15. REWARDS what kind of rewards?
PHOTOPHOTO
‘GIANT’ Awards
• BIG prizes – not points-based.
• Awarded – not rewarded.
• Company-Wide – combined.
• Tag-IT – combined customers.
• Social Media – great value.
PHOTOPHOTO
Rewards That Cost $
• Catalog – merchandise/travel.
• Gift Cards – many brands.
• Amenities – not planned.
• Discount – discounted rent.
PHOTOPHOTO
No/Low Cost Rewards
• ‘Thank You’ – know who to thank.
• ‘Party’– party at the property.
• Discounts – at local merchants.
• Late Rent –without penalty.
• Insufficient-funds pass.
• No rent increase.
• Amenities – priority upgrades.
• VIP Parking – assigned spot.
• Deposit – returned to tenant.
• Lease Equity - % given.
TI allows virtually any type of reward, including ‘GIANT’ Awards!
16. HOW residents get rewarded (1 of 2)
Residents can accumulate points in a variety of ways.
Social Media – Liking.
Liking your pages.
Residents get points for liking any and all social
media pages created by the property.
Social Media – Sharing.
Sharing your content.
Management determines which content is ‘reward
eligible’. Residents earn points for sharing with
their friends/family.
Posting Comments.
Posting comments on review sites.
Points are awarded when residents post reviews on
review websites.
Completing Survey.
Giving substantive feedback.
Surveys can help management identify areas of
improvement and facilitate communication with residents.
Residents can be given reward points for their participation.
Installing The App.
Installing the app gets rewarded.
Installing and using the Tag-IT app generates
points for the resident. The resident is also
awarded points when their friends/family install
and use the app.
Building Community.
Resident volunteers time.
When a resident volunteers their time to build
community at the property (running a kids club,
teaching a skills class, welcoming/social committee,
etc.) management can award them points.
17. HOW residents get rewarded (2 of 2)
Residents can accumulate points in a variety of ways.
Other.
Reward the behavior you seek.
The list of possibilities for using points to reward behavior and
build brand loyalty is virtually unlimited. Examples – successful
inspection, no complaints from neighbors, put bumper sticker
on vehicle, sit on resident advisory committee, etc.
Shopping For Apartment.
Friend/Family uses app to shop.
The app makes it easy to get further information
about a property even while driving by. Any time a
friend/family (prospective resident) uses the app
to get further information about a property, the
resident is awarded points.
Visiting Leasing Office.
Friend/Family visits leasing office.
When a friend/family member actually visits the leasing
office for more information/tour, the resident can be
awarded points.
Signing New Lease.
Friend/Family signs new lease.
When a friend/family member signs a new lease (also,
when they renew), the resident is awarded points.
Renewing Lease.
Resident renews lease.
Paying Rent On-Time.
Resident pays rent on-time.
Each time the resident pays their rent on-time, they are
awarded points. The longer the streak of on-time
payments, the greater the reward.
When the current resident renews their lease or
moves to another property in the same company,
they receive points. This encourages brand loyalty.
18. FOCUS on your best residents. (1
of 2)Rewarding your BEST residents is good business.
The Leaders.
Their friends look to them.
These people not only have many friends,
they have great influence over their friends.
What they say matters and people are paying
attention. Get them on your team.
The Workers.
Building community takes work.
These are the folks that take pride in their
surroundings. They want to be part of the
community and are willing to volunteer their
time/energy to make it a better place. Make sure
that they feel valued and appreciated.
Mr. On-Time.
They do what they say…every time.
It is a matter of personal pride. These people are on-
time, they pay on-time, they do what they say. Letting
them know that it is very much appreciated and
recognized is important.
The Opinionated.
People are thinking something.
When people share their thoughts, they want to feel that their
opinions matter. Time is precious and thinking is hard work.
Let them know upfront that you value that feedback by
rewarding the effort – regardless if the feedback is positive or
negative. Filling out surveys and getting this information is
vital to continued success.
The Well Connected.
She can reach people you can’t.
If these people live at your property, you want them
saying good things about it…period. They can have
thousands of friends on Facebook and each of their
friends have friends and so on. The math gets crazy
in a hurry…incent them to help you.
The Critiquer.
Putting their opinions on the Internet..
These are the people that fill the Internet review sites with
comments about all kinds of things that they use. You want
to know what they are saying and build the relationship.
19. FOCUS on your best residents. (2
of 2)Rewarding your BEST residents is good business.
The Curious.
Rewarding the curious.
If prospective residents become interested in your property and
come by for a visit, why not reward their efforts and show that
you appreciate their time.
Nice Guys/Gals.
They make great neighbors!
These are the people who always have a kind word
to say. They are pleasant to be around - really good
neighbors. Keeping them at your property is an
investment in keeping your other residents happy.
The Organizer.
They get people together.
Some people are really good at organizing
things. They like doing fun things with their
neighbors and if encouraged, they can add new
ideas to the social calendar of your tenants.
The Contented.
Don’t take them for granted.
In the rush to get new residents, it is easy to
overlook the people that quietly just keep paying,
keep renewing, keep being ideal residents.
Others.
People want to feel appreciated.
Everyone is different but everyone wants to feel
appreciated. Spending time and other resources on
appreciating residents is a great investment in making sure
that they remain happy and refer others.
Even the toughest person needs a little Love. Reaching out
to a tenant who needs a boost and rewarding them is all
that is needed.
The Needy.
A little Love is needed.
20. OVERVIEW - product
Tag-IT (TI) is a really cool and simple way to let
tenants receive reward points for their behavior.
TI makes it super easy to engage current
residents in the marketing efforts thus reducing
turnover and vacancies.
Residents and prospective residents will use TI
because it is fun and allows them to redeem
their points for desirable rewards.
21. TECHNOLOGY makes it possible.
• Social Media – 800M will sign onto Facebook today, 1.4M have a Facebook account
(largest country on earth), avg. # friends is 338, a person with 500 friends can reach a
potential 169k (500 * 338).
• Smartphones – 2/3 of Americans have one. 183M smart phones U.S. by 2015/220M
by 2018. Phones are fast, capable hand-held computers. iPhone 6 sold >100M.
• Mobile Networks – LTE networks fast and coverage is good. Speeds up to 100mbps.
• Content – User generated content is highly trusted vs paid content. Facebook, Twitter,
Yelp!, Urbanspoon, OpenTable, TripAdvisor, BBBOnline, Youtube, AngiesList, etc.
• GPS – Very accurate and improving GPS modernization plan (L1 C/A, L2C, L5 & L1C)
–greatly improve every facet of GPS civil use. Total of 24 GPS satellites in orbit.
• Voice Recognition – Google, Apple and Microsoft all have voice recognition
embedded in their mobile devices. Third-parties are offering independent solutions.
Technology is developing rapidly and a preferred input method by many people.
• Big Data – Today, successful companies are using big data, data mining and
predictive analytics to learn who their most successful customers are and to predict
outcomes. This trend is only growing stronger as more companies see its value.
22. HOW does It Work?
Step2:Tenantgetsapp
Install TI App - Simple to
understand, zero learning curve.
Earn Rewards - Management
identifies ways that residents
can assist in the marketing
efforts – these are easy to find
in the TI app. Residents can
transfer points to others –
including apartment staff.
Results Delivered - Each time a
resident takes action, they can
see their reward points grow.
This can be very motivating.
Management can also
personally ‘thank’ residents that
are participating in the effort.
Step1:Managementsetsupacct
Set Up TI Account - Establishing
account only takes minutes. Fun,
easy-to-understand.
Mobile App - Each person on the
apartment management team
installs the TI mobile app. Making
it easy to award points to any
resident at any time.
Step3:Managementpromotes
TI
Promotion – Management makes
sure that all residents know about
the TI app and its purpose.
Recognition – Management must
recognize the success residents
are having with the TI app and
encourage usage.
Tag-It is simple & easy-to-use for the resident and the apartment staff!
23. MARKETING using Tag-IT.
Successful businesses know that they must capture customer interest as early as possible.
In marketing any business, there are four basic steps:
1. IMPRESSIONS – You have to continuously generate favorable impressions on your
audience, while keeping costs low for each impression. It is vital that you capture your
potential customer’s initial interest at the moment they are thinking about your product
or service. Otherwise, you become lost in the shuffle of life and have no way to further
the relationship.
2. AWARENESS – The impressions generated in step #1 above will create awareness
in the mind of your target audience and when pared with the right technology to
capture and cultivate the interest, you can turn these people into customers. Due to the
high ‘noise levels’ in many people’s lives, many impressions are needed to ‘break
though the noise of life’.
3. ENGAGEMENT – Assuming that your business story is compelling and you provide
the right tools to capture interest, you will see an ever-increasing audience building for
your product or service. At this stage, your audience is actively listening to what
actions you want them to take.
4. ACTION – At this point, your audience is ready to take the desired action that you
had in mind – buying your product or service, making donations, volunteering, etc. In
addition, if your audience gets to the action stage, they are likely to introduce others to
your business. Now you are seeing a ‘multiplier effect’ on all of your efforts with your
customer’s help by introducing others to your business.
24. WHAT does Tag-IT cost?
Pricing
Residents – FREE (makes them reward points).
Apartment Managers/Owners – $89/month or $890/year (per 200
units) or $0.37/month per unit (paid annually).
Tag-It is FREE for residents & charges apartment owners.