How to Target the Right Resident From the Beginning
Qualify the highest-quality leads
When it comes to attracting leads and residents, where do you invest your marketing dollars first? If you answer ILSs, think again. ILSs sell you leads that have lower buying intent, at a higher cost, and keep your traffic and conversion data all to themselves. Conversely, digital advertising attracts high-quality leads with high-commercial intent. Plus, digital advertising allows you to own your data, giving you the opportunity to identify your highest-converting customer.
Know your ideal customer
What would you do if you knew your ideal customer profile based on their search habits? When your website is designed for phone conversions, 90 percent of leads come from phone calls, and the remaining 10 percent come from online forms. But how do you know where they looked before calling you? With Lead Insights, you have the ability to know what keywords your calling prospects used to find your property during their apartment search. Based on historical high-quality lead and resident data, paired with Lead Insights, you can determine your highest converting customer, down to where they came from and how they found you, to target similar prospects.
Personalization is key
McKinsey research shows that personalization can deliver five to eight times the ROI on marketing spend and lift sales 10% or more.
By knowing where the majority of your leads come from, and what they are interested in, you can deliver personalization to increase conversions. For example, if your leads are searching “pet friendly 2 bedroom apartment,” your on-site sales team can use this information to customize their tour, to showcase your property’s pet friendly amenities and close proximity to the dog park. Through this information, you can learn how to alter the buyer’s journey to increase your conversions.
Avoid vacancy loss
How much are you spending on resident turnover and occupancy exposure? In addition to lost rental income, you have to factor in the cost of maintenance, repairs, cleaning, leasing fees and commissions, as well as marketing and advertising costs. Proactively targeting your ideal customer through your digital advertising strategies will reduce the high cost of resident turnover.
Targeting the right resident is an example of using marketing as an operational advantage.
By understanding the prospects to target and attract, you will, in turn, receive a stronger tenant with a longer lifetime value. Finding tenants that value your community and will accept renewals and rent increases, will reduce customer churn. And ultimately, keeping residents longer will boost your profits and NOI.
To learn more about Lead Insights, watch this video. If you’re ready to see how you can start targeting the right residents from the beginning, schedule a demo with one of our digital marketing experts.