Boost Your Multifamily NOI with Digital Marketing
Your prospects are continuously changing – both in audience type and in what they are looking for from a multifamily community. If the goal is to increase your NOI, your marketing needs to be able to adapt to these changes. The key to marketing impact is continuous measurement, learning, and optimization. Here are three ways to do this:
Optimize the Customer Journey
The most effective marketing campaigns optimize the customer journey by being present at the most crucial moments in the search process. How? By understanding that the customer journey is rarely a straight line. You need to stay connected with your ideal audience even when they are not actively searching. The best way to do this is with high-performing strategies that focus on reaching targeted audiences in a specific geographic area during the key life events when they are most likely to rent. Later, you need to re-engage with this same audience to bring them back to your website after they leave without converting. When done with performance data in hand, this approach will increase occupancy rates and NOI.
Make your Digital Advertising Campaigns Dynamic
What does dynamic digital advertising accomplish? In short, it improves your marketing efficiency to decrease the number of days a unit is vacant by allowing residents to self-qualify before they click on an ad. This new G5-powered digital advertising product pulls in real-time unit pricing and floor-plan availability from property management systems to populate your campaigns. It helps leads self-qualify based on the price point, unit type, and bedroom count they are interested in. Dynamic Advertising spins up campaigns by forecasting what inventory will become available within a certain time frame (i.e. next three months). It then optimizes your marketing budgets by turning ads on and off based on your actual supply.
According to Google, “over 60 percent of people expect brands to provide consumers with information they need when they need it.” This means that companies need to “be immediately available.” Overcome this high expectation from the get-go with transparent advertising that works for you.
Find the Right Marketing Partner
Are you spending too much on marketing by working with either an ineffective partner or too many agencies? Partnering with a single front-end marketing group will decrease your overall marketing costs.
Why this matters: working with one front-end marketing partner gives you access to better, more efficient data and insights into your digital marketing campaigns. Instead of relying on a team that doesn’t provide campaign insights or giving small projects to a variety of partners, utilizing a single team of experts boosts your reach and NOI by keeping you connected with prospects and having a complete picture of your conversion results. This the most efficient and cost-effective way to optimize your marketing impact.
What G5 Offers
As the leader in real estate marketing, G5 offers a streamlined, one-stop approach to the entire digital marketing experience. Our programs use AI-powered data that works for you to create a rich, personalized journey that connects you with the right resident from the beginning of the customer search process.
How can G5 programs increase your NOI with smarter marketing? Our real estate partners have seen an overall NOI boost by $172,000 by increasing occupancy rates by two percent, decreasing average vacant days by 28 percent, and lowering their marketing spend by two-thirds. For a specific example of how this worked for one our clients, click here to download our “Increase your NOI with Smarter Marketing” one-sheet.