In the past decade, the world has seen a massive shift in how people interact. To cope with that fact, multifamily property owners have embraced technology. The result is inbound marketing, which has replaced outbound marketing as the new go-to for modern marketers.
What is outbound marketing?
Outbound marketing at its most basic level is reaching out to prospects via traditional means like direct mail, print advertisements, email, telemarketing and television spots. But those channels have limited effectiveness in the multimedia age. Prospects are inundated with direct mail and emails. Popular services like Netflix, Hulu and DVR allow viewers to skip ads and no-call lists leave telemarketers severely limited.
Outbound marketing is less efficient. To get good returns, marketers have to reach as many people as possible and only a fraction of them respond positively. This scatter-fire strategy wears on prospects and is known as "interruption marketing."
How is inbound marketing different?
Prospects are more in control than ever, choosing the information they receive and how they get it. Dumping emails on prospects does little to get them to respond, but when they are engaged and attentive, inbound marketing is powerful.
If outbound was "interruption marketing," inbound is "permission marketing." Instead of pushing a prospect for consent or a sale, inbound marketing allows prospects to find marketers on their own terms. The most popular ways of inbound are blogging, social media and SEO efforts. Blogging keeps prospects coming back for new information or content; social media fosters a more personal atmosphere in the marketing process; and SEO enables targeted prospects to find businesses they are actually looking for. Those three may be the most popular inbound methods, but it doesn't end there: Podcasts, webinars, ebooks and white papers all represent growing trends in inbound marketing.
Does it work?
In short, yes. Inbound marketing brings in more qualified prospects than outbound marketing and costs even less. According to an infographic by Votier Digital, 57 percent of companies have acquired a customer through blogs, while also finding inbound marketing costs 62 percent less per lead than outbound. Inbound isn't just a trend in marketing. It's a dynamic and lasting shift in the marketing landscape. Once multifamily property owners understand and recognize inbound marketing, the easier it will be to attract residents.
Brought to you by G5, the leading provider of Digital Experience Management (DXM) software and services in the property management sector.