Optimize Your Revenue Management Strategy with G5 Dynamic Ads
G5 Dynamic Ads offers multifamily marketers a smart solution to optimize their revenue management strategies. When you have available apartments, you want to generate inquiries from the most qualified prospects. Given that pricing is one of the most important considerations for people searching for apartments, displaying prices in ad text can help drive higher-quality conversions.
Pillar Properties Case Study
G5 recently identified The Maverick, a Pillar Properties community, as a highly competitive property where pricing considerations were a top priority for renters. We began using Real-Time Pricing and Real-Time Availability in Google Search Campaigns in order to price units correctly and get them filled quickly. This proprietary technology pulls inventory information directly from the property’s management system (PMS) to automatically update pricing in campaign ad text and pauses ad groups for unavailable apartments.
After implementing Dynamic Ads with real-time pricing and real-time availability, The Maverick saw a 125% lift in phone calls made directly from these ads versus other search ads used during the same time period year-over-year. In June 2019, eight ad groups paused when the unit types (studios, for example) were no longer available to rent. G5 reallocated the budget for these ads to other campaigns, eliminating wasted spend for ads that didn’t promote available units.
Optimizing Your Revenue Management Strategy
Using Dynamic Ads with real-time pricing and real-time availability aligns with your revenue management strategy by generating more phone calls from highly qualified renters. Like Pillar Properties, your multifamily communities can fill units quickly and you can reduce overhead costs by reallocating budget from paused campaigns.
Align with Market Value
Large apartment communities in highly competitive metropolitan markets benefit from dynamic ads updated up to four times a day. This automation helps align your properties with the latest market value, getting the best price for your available units.
Attract More Qualified Renters
Running digital ads with automatically updated pricing helps attract more qualified renters. Dynamic Ads with real-time pricing and availability generate more phone calls and more clicks, which results in prospects with the highest interest to rent your units.
Change with Exposure and Occupancy
Dynamic ads that sync with your PMS change with exposure and occupancy, pausing campaigns when units are no longer available. Move-out forecasts and inventory can change daily. Automatically updated ads adjust prices according to the most up-to-date availability from your revenue management system.
Cut Overhead Costs
Manually updating pricing in search ad text takes several minutes per ad and a strategist who manages digital ad campaigns for multiple locations could spend several hours each day on a single task. Using Dynamic Ads that update automatically up to four times a day cuts overhead costs and saves on human-power.
Fill Units Quickly with Dynamic Ads
Dynamic Ads taking advantage of real-time pricing and real-time availability help optimize your revenue management strategies by attracting renters and driving higher-quality conversions. With automatically updated pricing in your revenue management systems, updating your digital ads to keep messaging current can be difficult. Using Real-Time Pricing and Real-Time Availability in Google Search Campaigns helps you fill units quickly and pauses ad groups for units that aren’t available to rent.
Download the More Phone Calls, Less Wasted Spend case study featuring Pillar Properties.