Using Look-Alike Modeling for Multifamily Marketing Outreach

A proven technique for expanding audience for multifamily property developers, look-alike modeling should be a key component of any advertising campaign.

Look-alike modeling defined

Look-alike modeling certainly isn’t a new technique on the modern marketing landscape, but far too many multifamily developers and apartment complex owners fail to grasp just how valuable it can be when it comes to broadening their marketing audience base and spurring overall renter conversions.

Briefly defined, look-alike modeling regards your current consumer base as a “seed audience” that can be used to cultivate a far larger audience base while mainlining highly relevant and precise target marketing practices. In other words, a skilled marketing professional will begin to create a look-alike model by analyzing your existing target audience and identifying individual consumers of exceptionally high value. The specific characteristics and behaviors of these consumers can then be used as a template in efforts to reach out to similar individuals that lie beyond the limited purview of your existing marketing efforts.

The prevalence and effectiveness of look-alike modeling

As reported in the leading sales and marketing medial outlet Business 2 Community, a 2014 study by eXelate determined that a 73 percent of American advertising agencies and 64 percent of advertisers regularly employ look-alike modeling to “enhance their targeting marketing focus.” Furthermore, among the advertising agencies that actively engage in the technique, roughly half say that it improved the overall performance of their marketing campaigns by 100 to 200 percent.

Although no other qualified marketing industry resource has released a comprehensive survey of look-alike modeling since this most recent eXelate report, it is safe to assume that the practice has only expanded and become more effective thanks to the continuing evolution of marketing standards and improvements in digital technology.

The complex nature of the look-alike modeling process

As we have previously discussed, the look-alike modeling process begins when a qualified professional isolates the most valuable members of an existing marketing audience and analyzes their defining attributes. This requires a great deal of expertise because, among other potential problems, marketers who focus on the wrong consumer attributes are bound to skew final look-alike modeling results and set the process off in a decidedly less fruitful direction.

GlobalWide Media Analytics Manager Zackary Cantor offered a perfect example of this issue in a recent article for the leading global performance marketing publication PerformanceIN. Detailing look-alike modeling work that he undertook for an apartment rental site that sought to boost overall numbers of online rental applications, he demonstrated the need to value certain consumer attributes far more than others.

While many look-alike modeling processes simply look for overlaps in general characteristics and behaviors among different consumer profiles, Cantor quickly realized that this particular model had to pay closer attention to profile attributes for home ownership. Even prospective new audience members who share many attributes in common with the ideal target consumer were “very unlikely” to submit a rental application if they showed a propensity toward home ownership.

Look-alike modeling guidelines

The intricate nature of look-alike modeling makes it truly effective only in the hands of highly experienced of digital marketing professionals. But how can you tell if your multifamily developer marketing agency has what it takes to produce the look-alike modeling results that you seek? Here are just a couple of guidelines for securing the very best look-alike modeling services available:

  • Pay close attention to any negative predictors – A strong propensity toward home ownership is only one of may potential negative predictors that can easily trump a whole host of commonalities between the most valuable members of your existing marketing audience and the expanded audience base that you want. It is absolute vital to place all data in proper context when determining consumer similarities and differences in order to identify strong negative predicators and give them the appropriate weight in your final look-alike model.
  • Insist on full look-alike model transparency – We have already examined the ways in which the underlying elements of a less than optimal look-alike modeling framework can lead to less than desirable results. If your marketing agency can’t give you a basic understanding of the predictive modeling method that they are employing on your behalf, you may want to look elsewhere for your look-alike modeling needs.

How Bigeye can help

If you’re looking for a multifamily developer marketing agency with extensive expertise in look-alike modeling and other techniques that can expand your potential customer base and drive prospective renters to your door, contact a skilled and knowledgeable Bigeye representative today.

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Can You Benefit from Rebrand Apartment Marketing?

How can you tell when your existing apartment brand is no longer working, and if you should pursue rebrand apartment marketing? These tips can help you decide.

The importance of a strong apartment brand

Every good apartment marketer is well aware of the value attached to touting the key features and amenities of their units and complexes. Establishing a key fundamental apartment brand, however, may be even more important.

In short, a brand that is both psychologically/emotionally compelling and relevant to the rental properties under your purview can do wonders when it comes to driving traffic online and leading customers to your door. The Independent business news resource Small Biz Genius reinforces this fact by citing studies from multiple research authorities.

Circle Research, for example, has shown that 24 percent of business-to-business marketers regard branding as crucial for growth. Furthermore, Fundra has determined that 56 percent of consumers remain loyal to brands that “get them,” and 89 percent of customers remain loyal to brands that “share their values.”

Knowing when rebrand apartment marketing becomes beneficial

Regardless of how much care you initially put into your apartment brand, if you have had that brand for any significant period of time, you have certainly built up a good amount of brand equity. Even if your brand is struggling to connect positively with a large audience, it has value, both online (in terms of domain authority with search engines such as Google) and in the hearts and minds of at least certain segments of the general public.

By launching a completed rebrand, you must unfortunately forfeit all of the brand equity that you have previously accrued. In other words, you have to be ready to start entirely from scratch when it comes to building consumer name recognition and brand loyalty. So ultimately choosing to pursue rebrand your apartment complex is certainly nothing to be taken lightly.

So how can you tell when your apartment complex needs to cut its losses and start over with a whole new image? Industry experts have identified the four following circumstances as key progenitors of an valuable and/or essential apartment marketing rebrand:

  • Property Under New Ownership – If you’re a multi-property owner who has recently acquired a new property, you will want to conduct a thorough professional assessment of its existing brand to ensure that it is effectively connecting with your key demographic and/or the general public at large. Even if the existing brand of your new apartment complex happens to past muster, you will still want to consider an apartment marketing rebrand in order to bring that complex’s branding more in line with that of your other complexes.
  • New Capital Improvements – As we have previously discussed, your brand should reflect the unique value that your apartment complex provides and presents. For this reason, planned complex remodeling and other new capital improvements offer an excellent opportunity for a beneficial apartment marketing rebrand. Just make sure that your property upgrades are thoroughly reflected in your new overall brand image.
  • Overcoming a Poor Reputation – If you are forced to rebrand due to bad online reviews or a foundering reputation in the public sphere, you must ensure that your new brand makes a clear and distinct break from your old brand. This type of rebrand will be particularly tricky to plan and execute because you must concurrently build a new brand while “doing damage control” and dealing with fallout from your previous brand.
  • Expanding Your Audience Base – A desire or need to grow or shift your current target demographic may coincide with one or more of the situations outlined above. No matter what factors happen to precipitate your audience expansion plans, comprehensive demographic research and analysis must be undertaken to identify the specific characteristics and desires of your new target demographic.

For more information

If you’re unsure if an apartment rebrand is right for you or are ready to take the first step toward a new and better brand for your complex, contact a specialized rebrand apartment marketing agency today. The professionals at Bigeye have the tools and experience that you need to get a fresh start in a highly competitive industry.

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How to Use Video to Power Apartment Marketing

When it comes to effective digital apartment marketing, video has proven invaluable in a broad spectrum of circumstances and applications.

According to recent statistics, more than 75% of Americans now shop online. This means that, whether they are buying groceries or searching for a new apartment, consumers are responding to the ample information and dynamic features that only online marketing can provide.

The informative digital marketing authority Quicksprout reports that videos engender a 74% increase in overall understanding of a product/service when compared to still photos and, perhaps more importantly, boost the likelihood of an ultimate purchase by a whopping 64%. In fact, 80% of Internet users have strong memories of the video advertisements that they watch online, and 46% take some sort of direct action as a direct result of their video viewing.

The practical applications of video in the field of apartment marketing are virtually endless when it comes to boosting conversion rates among prospective renters. Of course, the road to these increased conversions depends on the unique qualities, deficiencies, needs, and goals of the apartment business at hand. Therefore, the first step toward using video to power your apartment marketing efforts is deciding upon the specific categories of video that you would like to immediately pursue. Here are just a few that you’ll definitely want to consider:

1. Listing / Tour Videos

The most prevalent form of apartment marketing video, the listing/tour video has proven very effective. Quicksprout cites statistics showing that listings with an attached video generate 403% more inquiries than those without. Although a virtual tour of the apartment itself is an absolute must, these videos are even more successful if they also show key aspects of the surrounding neighborhood, community, and/or city.

2. Interview / Testimonial Videos

In an interactive modern marketplace that is profoundly influenced by social media, social proof reigns supreme. Therefore, you simply cannot underestimate the value of a well-placed interview or testimonial video. Whether they are new to your community or have lived in it for years, satisfied tenants are an invaluable resource. By offering a few positive comments in their own words, your loyal tenants can become video marketing superstars.

3. Apartment Advice Videos

One of the most popular types of online video is the ”how-to.” As a result, some of the most effective apartment marketing videos offer advice on apartment hunting and/or moving process. Incorporating this category of video into your overall marketing campaign can drive conversations from an incredibly wide audience base.

4. Housing Market Update Videos

Like an apartment advice video, a video that provides information on the current housing market in your area can easily lead to a conversion. This is especially true if the information provided casts your apartment rentals in a particularly light.

5. Brand Promotional Videos

When it comes to centering your apartment marketing campaign, nothing works better than a good brand promotional video. Typically a bit longer than the average real estate video, your brand video can root your entire website and/or social media page in a central message that demonstrates your company’s unique approach and style.

Tips for Making Effective Apartment Marketing Videos

After determining the type of video you would like to make and the audience that you would like to reach, it’s time to start planning. Critical questions to ask during this phase include “who and what will your videos feature” and “how will this video attract/keep the attention and ultimately lead to conversions.” Whether you choose to produce videos yourself or hire experienced audio/visual professionals, you would be wise to keep a few industry best practices in mind. These best practices include…

1. Aim for Instant Impact

The typical viewer will judge your video within the first few seconds, so you must make an immediate positive impression. This means creating videos with high production values that scream “I am worthwhile” from the onset. Remember: customers have nearly endless options when it comes to watching videos online.

2. Keep It Brief

Research has shown that viewers overwhelmingly prefer shorter videos to those that are longer. Don’t test the attention span or challenge the time commitment of your audience. Generally speaking, a two-minute video is ideal for most forms of real estate marketing.

3. Avoid Auto-Play Videos

Most people simply don’t appreciate a video that begins blaring at them the second that they visit a particular webpage. Allow viewers to choose exactly which videos they might like to view on your website or social media page and click on these videos at their leisure.

4. Motivate Viewers to Take Action

To increase your chances of making a conversion, you should include essential information such as agency logo and contact details during both the introduction and conclusion of each video. (Remember that the modern consumer may only watch your video for a few seconds!) To drive conversations among viewers who make it all the way to the end of your video, consider integrating a clickable lead capture link or “shop now” button directly into the video frame itself. You should also take the time to include a compelling call-to-action that directs viewers to visit a particular online destination and/or enter lead information.

To learn more about the benefits of video

A full-service real estate digital marketing agency and an incubator for forward-thinking industry techniques, Bigeye has developed countless creative uses for promotional video. Contact us today and let us show you all the ways that you can boost conversion rates with video.

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Apartment Marketing Solutions Through Programmatic Media Buying

Apartment complex owners who want to cut their marketing budget while strategically targeting their advertising are turning to programmatic media buying.

Programmatic Media Buying Explained

Do you remember how difficult comparative shopping and informational research used to be before the Internet? If so, you certainly know the incredible value of software algorithms and data analysis.

In short, when you search for something online, you are letting state-of-the-art technology do most of the work for you, thereby making your search far easier, faster, and more efficient. Online searches can also help you focus your efforts in the most fruitful areas and save you a tremendous amount of money.

Programmatic media buying works much the same way in the world of Internet advertising. While traditional manual methods of purchasing online ads is both time-consuming and labor intensive, programmatic media buying employs automated processes to executive targeted purchases across a wide spectrum of digital channels that include desktop/laptop, tablet, mobile, connected TV, and outdoor digital media formats.

Programmatic media buying involves the use of a particular type of software called a demand-side platform (DSP), which allows agencies and advertisers to buy media inventory across a multiple channels. Because the automated DSP purchasing process is so fast, it can sort through incredibly large amounts of digital advertising options to target the exact right consumer at precisely the right time.

Through a DSP, marketers can also buy media inventory at an exceptionally good price. This is because programmatic media buying works through automated platforms that employ cost effective processes such as real-time bidding (RTB). Also called “open auction,” RTB sells media inventory to the highest bidder, allowing marketers to target the most viable consumers at rates that are often far below average market value.

The Popularity of Programmatic Media Buying

Considering the tremendous amount of work and lack of efficiency that go hand in hand with the traditional media buying process, more and more agencies and advertisers are benefiting from the speed, ease, and cost-effective benefits of programmatic media buying. In fact, trusted industry news outlets that range from Ad Age to  eMarketer have identified programmatic media buying as an essential component in the future of marketing.

In fact, eMarketing projects a considerable increase in programmatic media buying over the next year alone. According to this research, roughly 58 percent of live video and video-on-demand ad spending occurred as a result of programmatic media buying processes in 2019. By 2020, however, this figure will jump to approximately 80 percent.

Programmatic Media Buying for Apartment Marketing

As the number of advertisers using programmatic media buying continues to rise, companies across a wide range of business sectors and markets must leverage the benefits of this technology if they wish to remain competitive.

The unique characteristics of apartment marketing make programmatic media buying particularly valuable within this industry. In particular, apartment marketers stand to benefit from the highly targeted nature of programmatic media buying.

Since only a small percentage of the general public will be interested in renting any specific apartment unit at any specific time, multifamily residential marketers absolutely love programmatic media buying’s ability to reach out to an exact audience base that is severely restricted according to geography (where a prospective renter lives) and demographics (age, gender, income, etc.).  Programmatic media buying can even target digital media users according to their unique personal interests and daily behaviors.

Using a Qualified Marketing Agency for Your Programmatic Media Buying

A July 16 article by the independent news outlet Target Marketing has determined that nearly 47 percent of advertisers are now performing programmatic media buying in-house. However, article author Lina Lugova recommends that advertisers coordinate their programmatic media buying through a qualified and specialized marketing agency for a number of important reasons.

In particular, forward-thinking marketing agencies that were able to predict the tremendous value of programmatic media buying have employed the best and brightest of industry professionals with a depth programmatic skill, knowledge, and experience. These agencies are also well connected with multiple leading online traffic platforms and resources, enabling them to negotiate the absolute best prices for media inventory.

Contact Bigeye Today

Want to learn more about programmatic media buying and the apartment marketing solutions that it provides? An agency that has earned a widespread reputation for innovative thinking, Bigeye specializes in leveraging state-of-the-art technology to boost your bottom line. A skilled and knowledgeable Bigeye representative is standing by to explain how programmatic media buying can set you apart from your closest competitors.

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How to Choose the Best Apartment Marketing Company to Brand My Development

In light of the supreme importance of your apartment complex brand, you’ll want to enlist the help of top professionals to help develop and maintain it. But how can you find the best apartment marketing company for you?

Why Branding is Essential for Your Apartment Complex

If you are in the process of launching your first multifamily residential business or considering a rebrand for either a longstanding property or recently acquired apartment property, you are likely asking, “What is the best apartment marketing company to brand my development?”

Furthermore, if you aren’t questioning your current branding efforts, you probably should be. Most residential development marketers realize how important it is to promote the outstanding features and conveniences of their apartment complexes and specific apartment units. However, even seasoned professionals in the multifamily residential field often underestimate the incredible value of brand optimization.

An overwhelming amount of statistical research confirms the superlative importance of company branding across a wide range of industries and markets. In fact, according to the Content Marketing Institute 77 percent of marketing leaders identify branding as critical to growth. On the consumer side, Small Biz Genius reports that 89 percent of shoppers remain loyal to brands that share their values. Furthermore, 64 percent of people surveyed by the Harvard Business Review cite shared values as their main reason for establishing a consumer relationship with one or more specific brands.

In the highly competitive multifamily residential real estate market, branding is particularly important for businesses that want to differentiate themselves from their closest competitors. After determining the outstanding features and amenities that make your property unique and the exact audience demographic that you wish to target, a good apartment marketing agency can develop and/or build upon a brand image that rises to the occasion to meets your particular wants and needs.

Tips for Choosing the Ideal Apartment Branding Agency

But how can you find a marketing company that has what it takes to spearhead branding operations for your multifamily residential business? The masterminds at Ad Age Magazine have come up with a couple of general guidelines to start you off in the right direction:

  • Establish clear goals and expectations – Before you can find an agency to deliver a specific result, you must first clearly define exactly what that result should be. After you have established your specific objectives, you can source and examine the options that are most likely to meet them. You might search out that edgy marketing startup to make your provocative marketplace splash or gravitate toward that industry stalwart to foster an image that is both stable and trustworthy.
  • Narrow your search – Anyone attempting to sort through thousands of potential advertising agencies will quickly become overwhelmed and lose all sense of perspective. In fact, even choosing between a dozen or so agency options can become quickly problematic. To combat this problem, Ad Age says that even “your initial ‘long” list should be relatively short and focused.” Real estate professionals can turn to their affiliated industry associations or a qualified search consultant to source only the most effective potential candidates.

Forbes Magazine reached out to a variety of marketing leaders to get further tips for choosing the right marketing agency for specific branding purposes. Some of the results were quite inspired.

The HOTH’s Marc Hardgrove, for example, recommends a close examination of each candidate’s in-house branding and advertising efforts. After all, any agency that cannot brand itself is likely to have difficulty branding your apartment complex.

In its 2018 article, Forbes also quoted Danielle Wiley of the Sway Group, who cited a compatible business philosophy as the top reason to choose a specific marketing agency. If your multifamily residential company, like most successful enterprises, fosters business approaches that are collaborative, practical, and forward-thinking, you would be wise to embrace an advertising agency that has similar values.

Reach Out to Bigeye Today

If you’re looking for an exceptional branding company for developments in the multifamily residential sector, Bigeye offers a range of personalized services to help you build a unique brand from scratch, execute an efficient rebranding, or refine your existing brand to connect with a whole new audience. Contact us today – a skilled and knowledgeable marketing professional is standing by to answer any questions that you might have.

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Highlighting the Unique Value in Your High Rise Apartment Marketing

In the highly competitive residential real estate sector set your high rise apartment marketing apart by stressing the unique value, benefits, and features of your available units.

High Rise vs. Low Rise Apartments

Before discussing elements of effective marketing strategy for high rise apartments, it is essential to determine what, exactly, a high rise apartment is. As explained by

RENTCafé senior creative writer Nadia Balint, the definition of a high rise varies significantly from country to country and from business sector to business sector.

In the United States, the National Fire Protection Association officially classifies any building over 6 stories as a high rise. For real estate marketing purposes, however, a high rise building should generally include a few more floors. The leading commercial real estate market research and data provider Yardi Matrix, for example, limits apartment community high rises to those that have at least 10 residential floors.

Marketing Tips Specific to the High Rise Apartment Sector

Low rise apartments and high rise apartments each have their own pros and cons. While many of these pro and cons are obvious to any prospective renter, others may not be so immediately evident,

As a marketer of high rise apartments, you are doing yourself a great disservice if you aren’t stressing the specific advantages that your units have to offer.

In many cases, you can even succeed in changing a negative into a positive through the power of an effective marketing campaign. For example, to combat the perceived hassle of living so far above ground level, you can stress the convenience, speed, reliably, and/or overall number of elevators on the premises.

Here are a few other features and elements that you may want to emphasize when marketing high rise apartments:

Great Location

  • Because land development professionals aren’t exactly clambering to construct skyscrapers buildings in rural or small town locations, high rise apartment buildings typically appeal to prospective renters who value a bustling, metropolitan lifestyle.
  • It’s the oldest cliché in the real estate business, but, like many clichés, it holds true: location is everything. If a prospective renter values working, shopping, and enjoying the nightlife of the big city, the prospect of living in the heart of these various activities will be welcomed as not only extremely convenient but pleasantly exhilarating.

Stunning Views

  • Of course, no one is going to fail to stress an amazing panoramic cityscape in their apartment marketing materials. A great view might be the single greatest feature of a high rise apartment unit.
  • However, every unit in your high rise complex needn’t offer a full perspective of the New York City skyline in order to draw in prospective renters. Consider the value of promoting an apartment free of overwhelming visual obstructions and full of beautiful natural light.

Solid Security

  • A preponderance of high rise apartment complexes employ doormen and/or a security staff to ensure that tenants and their belongings are protected and safe. Many high rise apartment complexes also offer a concierge and/or other service professionals to make daily life a little bit safer and easier.
  • In addition to increasing security and convenience, on-site apartment building workers can brighten your day with a friendly “hello” and generally contribute to a warm community environment.

Flexible Leasing Options / Vacancies 

  • Renters in search of a month-to-month lease or other flexible rental agreements are significantly more likely to find one in a high rise. Plus, due to the sheer number of units that a large high rise building contains, apartment hunters are more likely to find a desirable vacancy in the high rise sector.
  • Overall apartment options are also quite wide in the high rise sector. Prospective renters who require a furnished apartment, for example, can commonly find one in a high rise apartment complex.

Easy Utilities / Maintenance

  • If you’ve ever had to wait for a cable provider to start or disconnect service, you know just how time consuming and frustrating this can be. Because the vast majority of residential high rise complexes are already wired for services such as cable, phone, and Internet, renters typically don’t have to wait for the entertainment and connectivity that they rely upon.
  • High rise apartment buildings also widely support on-site property management offices that provide prompt access to maintenance services. This means that high rise tenants typically won’t have to live with malfunctioning or damaged apartment infrastructure for long.

To Learn More

Bigeye is an innovative high rise apartment marketing firm that leverages every possible advantage in the campaigns under our management. To get in-depth marketing advice for your high rise apartment business, contact a skilled and knowledgeable Bigeye representative today.

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