Retirement Living for a particular customer profile.
Precision was tasked with defining a very specific customer profile for Adlington Retirement Living, a specialist provider of retirement living.
Over the past decade, Baby Boomers, or at least those aged over 65, are the group to have experienced the greatest increase in their household wealth during that period, with a rise of 96 per cent. They are living longer, are fitter and expecting a lot more out of life than their predecessors. This has completely altered what ‘retirement living’ looks like. Prompting a shift in property marketing aims particularly in relation to customer profiling.
Award-winning retirement living.
Established in 2009 as part of the esteemed Gladman group. Adlington Retirement Living are award-winning developers of retirement living apartments with care opportunities.
Precision was appointed to define the ‘right’ customer for Adlington to approach through both targeted direct mail and developed email campaigns. The aim was to create a high percentage of cut-through to drive customers online and into marketing suites.
Customer profiling of existing data.
Our approach was to take a sizeable sample of Adlington’s historical customer and enquiry data to run analysis on matching attributes using Acorn.
Acorn is a powerful consumer classification that segments the UK population. By analysing demographic data, social factors, population and consumer behaviour. This provides precise information and an understanding of different types of people. Acorn provides valuable consumer insight helping users target, acquire and develop profitable customer relationships and improve service delivery.
Through our partnership with marketing, technology and data specialists CACI Ltd. Our data teams can run our clients’ customer data through data profiling tools. Once we have a profile, we can match the most common attributes against a data pool of 27 million household records to create a data pool of prospects that match the attributes of existing customers.
The initial data profiled consisted of 1,745 householders who had recently enquired or brought from Adlington. From the client, all we required was Address Line 1, Postcode and the associated lead enquiry location, in this case, the development name.
Before offering Acorn proofing to Adlington, we had run some targeted direct mail counts using three key targeting variables, including target age, tenure and property value.
Using Acorn, we were then able to define 11 key categories in which Adlington sales and enquiry data fitted. Furthermore, we also work out which of the 11 categories were most applicable by each development. From there, we were able to overlay these findings on Adlington’s target areas to build a more defined audience.
The added benefits of Acorn.
Unexpectedly, Acorn profiling enabled us to further define customers who were enquiring, but didn’t fit within the target audience because of the retirement living requirements.
On this campaign, we were able to reduce the client’s campaign audience by 2,950 households, providing Adlington with both a better conversion rate and lower spend. The total saving on a single project was £2,891.
In turn, this process enabled us to support future marketing decisions for Adlington. Both for direct mail and general marketing mediums too. Adlington have used this data in multiple Baby Boomer retirement campaigns since the original analysis took place. Good practice would be to continually review the analysis to monitor changes in their geo-demographical profiling.
Improving ROI on retirement age marketing.
By focusing on those most likely to respond, we reduce the mailing size and cost of the campaign without reducing the effectiveness of the campaign, improving the chance of a high return on investment through the use of data science.
Through our work with retirement living and care providers, we have formed a strong understanding of retirement age marketing and the retirement sector itself, improving our understanding with each campaign to continuously improve cut-through and return on investment.