By adroitly executing a real-time marketing strategy, property managers can decrease vacancies without breaking the marketing budget.
The velocity of online communication has never been more accelerated. Today’s hilarious memes or social trends typically curdle into irrelevance or irritation within a few days. Today’s breaking news comes faster than ever — and is forgotten about almost as quickly.
This is a significant challenge for marketers, who must do their best to stay fresh, relevant and vital. Real time marketing helps solve this problem by using breaking news — and emerging online trends and conversations — as a springboard for targeted and timely marketing campaigns.
Let’s take a closer look at how real-time marketing can be deployed in property management, and how marketing analytics can help determine the best way to implement such a strategy.
Real time marketing and your apartment complex: a hypothetical case study
Let’s assume you’re the manager of a 1,000 unit multi-family property. Your tenancy rate is hovering around 85% and has been bouncing between 80% and 90% for the last two years. You’re seeking a new way to push it closer to 100%, and you believe a change in marketing strategy is the best way to achieve this.
Years ago, you considered incorporating real-time elements into your marketing strategy. Yet you decided against it, as the challenges seemed to outweigh the benefits. Tracking news developments and identifying the ones likeliest to resonate was a laborious job. The need to act quickly on breaking news created high levels of reputational risk, as brands raced to get marketing content out with limited context about the news they were leveraging. Additionally, you have limited tools for gauging the impact of your efforts. It seemed much simpler to pursue a conventional approach.
Today, however, you discover that the real time marketing landscape has shifted considerably. Social media, social listening tools, real time analytics and the use of a digital marketing dashboard made the process of monitoring and measuring media and marketing campaigns vastly easier. New marketing tools made it simple to build data-informed buyer personas and to connect these profiles with targeted, real time messages. These tools also allow you to closely track conversations and engagement on social media, giving you unprecedented insight into how conversations ebb and flow in real time.
Armed with these tools, you devise a real time strategy built around four elements:
- The initiating event. What development is the impetus for real time marketing? This could be breaking news, a popular meme or pre-planned triggers such as holidays. In the case of an apartment complex, you’re looking for any event that can be related in some way to property leasing. It might be a news story that talks about the rising cost of interest rates, or a lack of affordable housing in the area.
- The real time target. This helps you define who you’re trying to reach with this real time marketing message. Customers who fit certain demographics? Customers in specific locations? Customers with a search history that aligns with your property or the real time development you’re tracking?
- The plan of attack. How are you going to send your message in real time? Social media? Text? Email etc.?
- Objectives and measurements. What’s your ultimate goal? More sales? Higher brand awareness? In this case, you’re trying to increase tenancy rates. By defining objectives and tracking apartment marketing campaigns with real time analytics, you can determine how effective and engaging your messages are — a leading indicator for how much or little you’ll ultimately increase your tenancy rate.
The end result? You run the campaign, supported by social marketing tools and analytics. By following the four point plan, you generate much greater traction among your targeted audience by serving them timely and relevant messages that benefit from increased visibility thanks to their real time hook. Within three months, the tenancy rate has broken through to 95%.
Adding real time marketing to your property marketing mix
Property rental is big business — generating roughly $4.5 trillion over the last decade. The business, however, is likely to grow more competitive. Tenancy rates have been propped up by a lack of new inventory coming online in recent years, as builders have not kept pace with population growth. That’s expected to change, however: The National Association of Home Builders projects multi-family construction growth to rise 4% in 2021, after a decade of remaining stuck at around 1%. Why? Because as more millennials and Gen Z renters and buyers enter the market, inventory will need to grow significantly. This means property managers will need tools such as real time marketing to keep tenancy rates at the desired level.
Sometimes working with a third-party agency with expertise in real time marketing is the best way to approach this.
Working with a real time marketing expert
At Bigeye, we help property developers and manager create the kind of real time campaigns that engage audiences and fill buildings. If you need help crafting your next marketing campaign, don’t wait to contact us.