Control Marketing Costs with Predictive Ads
Each fall, multifamily operators bunker down for budget bootcamp. Budgets are thoughtfully planned and funds are allocated to the areas of great impact. Relative to other operational line items, the marketing budget is small but mighty. And with the help of predictive marketing technologies that manage the pacing and allocation of digital advertising spend, it can be your most efficient resource for maintaining occupancy.
Unpredictable digital advertising spend – whether that’s spending too much or too little – can prevent you from meeting your lead gen goals, making it difficult to stay on-budget. Underspending often results in a failure to generate the volume of traffic and leads needed to reach your occupancy goals for the month. Overspending depletes campaign funds from future months and causes inaccurate pacing — which means you can say goodbye to your budget and all the blood, sweat, and tears that went into it.
Why You Need to Technology to Manage Digital Advertising Spend
While it might seem like the easy answer to managing digital advertising under or overspend is to check in on your campaigns daily and manually adjust spend based on performance, it’s not that simple – especially if you make the decision to turn an ad group or campaign off to stop it from overspending or underperforming.
The biggest holdup is time – yours specifically. Most multifamily portfolios are made up of many properties, some in the 100+ to 300+ range. Even if you only oversee a book of 30 properties, you would need 80 hours a day to make the adjustment needed to stay on track. Yikes.
So how do you control marketing costs and stay on-budget with a large multi-location portfolio?
Invest in Automation Technology
The solution is to invest in marketing automation technology that invests advertising spend across the campaigns, channels, and networks that are driving real-world conversions. With literally millions of data points collected by each campaign daily, it’s impossible for any human to analyze performance and make regular adjustments to control marketing costs.
Predictive marketing allows you to be nimble with your digital advertising spend by using data and automation to make proactive strategy adjustments. This ensures your ad dollars impact each day of the month without going dark through pacing and allocation.
As a multifamily operator, you need your marketing budget to deliver an impact all year long. Over or underspending even just one month can knock your goals off-track. Marketing automation technology allows you to track your progress daily, pace your spend, and see where you are on the path to achieving your goal.
Predictive Ads Powered by Cross-Channel Spend Optimizer
At G5, we recently announced the latest innovation to our Smart Digital Advertising solution — Cross-Channel Spend Optimizer, which predicts where you should spend your next dollar to maximize conversions.
Cross-Channel Spend Optimizer automatically allocates daily digital advertising investments across networks (Google, Facebook, etc.) and channels (social, search, display, and remarketing). It assigns priority to campaigns based on their recent performance and allocates spend to achieve the best ROI. The technology also chooses the best campaigns based on performance and shifts spend in a way that spends budget evenly throughout the month.
Make Effective, Data-Driven Marketing Decisions
Utilizing predictive ads with Cross-Channel Spend Optimizer allows you to make effective, data-driven marketing decisions by computing volumes of data that humans can’t keep up with.
Download our infographic, Predictive Marketing: 5 Ways It Benefits Multifamily Operators and learn how you can increase conversions, lower costs, and control your spend.