Increase Net Rental Income with Digital Marketing Data
With a seemingly endless supply of data at your fingertips, it’s important to know how to leverage it increase net rental income. Sure, digital marketing has helped you attract and convert new residents, but do you know what’s really working? By gaining a deeper understanding of the analytics and key metrics that truly matter to multifamily marketers, you can use data to optimize your efforts and generate more revenue.
Use Data to Make Smarter Decisions
It’s essential to identify the key metrics that tie directly to your marketing goals. In order to increase net rental income, focus on measuring conversions and leads from your marketing programs. We recently introduced the concept of incrementality, which gives you a better idea of ad effectiveness and gauges how likely a user is to convert if they see a specific ad. These metrics help determine causality rather than relying on the “last-click” method of attribution.
Monitor Your Analytics for Trends
It’s no secret that searches for apartment rentals as a whole surge in the summer and drop off in the fall. Monitoring your analytics to find property-specific trends helps you decide where to spend your money for the greatest effect. For example, analyzing the data may show that you convert more leases with remarketing ads rather than display — a clear sign of where you should direct ad spend to increase rental revenue. Understand whether fluctuations are part of a larger trend by looking at marketing metrics from the previous year. This helps you identify patterns and if they were a result of seasonality.
Create Smarter Customer Conversion Paths
Digital marketing data can also be used to predict consumer behavior and create a more accurate buyer’s journey. Analyzing your data helps you build a blueprint that will allow you to deliver the right message to the right person at the right time. Understand falling-off points, re-engagement points, and the typical content consumption patterns your renters follow before signing a lease. Looking at your digital marketing data to discover conversion rates and exit rates from your website helps optimize how users interact with your ads, social channels, and website. Use this data to trigger marketing strategies that send the perfect message.
Take Advantage of AI and Machine Learning for Improved Efficiencies
Marketing technologies that utilize artificial intelligence and machine learning allow you to focus your efforts on the channels that are most effective at generating new leases and increasing net rental income. Automated systems do what we tell them to do and follow a specific set of instructions for a specific set of tasks. AI decides which approach to take based on various conditions, automatically. Machine learning works similarly but keeps getting smarter. It makes decisions based on the information available to it. It also remembers actions taken and interprets the results so it can make related decisions in the future. Marketing automation technologies like AI and machine learning reduce human error and build new strategies quickly.
How Are You Driving More Rental Income?
By partnering with G5, you gain access to G5 Analytics, a comprehensive reporting platform that measures marketing effectiveness by combining metrics from multiple channels. Our platform provides you with real, robust data that allows you to track your effectiveness and provides deep insights. We pull traffic and conversion insights from your websites, search, display and social ads into one easy to navigate dashboard. Partnering with G5 eases the challenge of understanding customer interactions across all touchpoints, resulting in increased net rental income.
Gauge your marketing efforts against industry trends by downloading the new Multifamily State of the Industry Report for the Second Half of 2019.