In a competitive multifamily market, those who experience the most success are not just incubators of creativity coupled with a stroke of good luck; rather, they’re armed with the goods–all things data. When leveraged properly, data analytics can completely transform your marketing strategy, creating new pathways for extended growth and success. From website analytics to demographic data to lead generation and conversion data, by delving deep into the data, multifamily marketers can uncover unique and profitable insights about your renters, optimize marketing strategies and ultimately improve the outcomes of your properties.
To receive the most benefit from your data, you’ll want to establish key performance metrics that align with your marketing plan. Basically, you’ll land on exactly what types of data you want to track, how you’ll track it, and why. This can include anything from conversion rates, retention numbers and website bounce rates to social engagement reach. Once you’ve developed and combed through your marketing plan to better understand your goals, you can then establish key benchmarks you’ll want to track to improve performance and make more informed data-backed decisions.
Here are four ways you can take that data and make the most of it:
1. Plan your campaigns.
One of the most valuable data sets in multifamily marketing is demographic data. You can leverage information like age, occupation, family status, income, etc., to target your campaigns more precisely to your renters. This information can help you determine which channels to invest in to increase the odds of exposure, which locations to focus on, and how to tailor the messaging in your ads and content to be better received by your prospects. For instance, if you’re targeting the young professional demographic, you may want to highlight specific amenities or features that cater to their lifestyles and aspirations, like location and/or smart technology.
2. Recycle the data from one marketing approach to influence another.
A particularly creative means to maximize the value of your data is to use it to influence other marketing approaches. For instance, if you run a successful email campaign that results in a high open rate and click-through rate, you can extract valuable insights from this data, such as the specific audience segments that responded well tyour email content. You can then use this information to better refine your audience targeting for other marketing channels. On the contrary, if you notice that you’re not hitting your KPIs through your web analytics, like users are spending less time on a particular page, it may indicate that the content is not engaging enough or lacks relevance. You can then recycle this data to influence your content creation for other marketing approaches.
3. Expose hiccups along the way.
Your data can also play an essential role in revealing issues and identifying areas for improvement. By analyzing data such as click-through rates, conversion rates, bounce rates, and engagement metrics, you can identify areas where your campaigns are underperforming. For example, a consistently low conversion rate on a specific landing page could reveal potential issues with the messaging, design, or user experience. It can also highlight issues like confusing navigation, high bounce rates on specific pages, or low engagement with some of your important content. Your data will allow you to identify these pain points and then help you to make data-driven decisions to enhance the user experience and drive better results.
4. Compare the performance of different marketing approaches.
A/B testing allows you to compare different variations of your campaigns, web pages, and marketing elements. You divide your audience into at least two groups and then present each group with a different version to determine which performs better in achieving your desired goals. You can objectively determine which variation performs better by analyzing the data collected during testing, like conversion rates, click-through rates, engagement metrics, or any other relevant KPIs. Data removes the guesswork and subjectivity, allowing you to make informed decisions based on results. This method can also help reduce the risk of investing resources in strategies or changes that may not deliver the desired outcomes. You can now make cost-effective decisions based on evidence rather than relying solely on intuition or assumptions.
Rentbot can help.
Harness the power of data to boost your multifamily marketing strategies with Rentbot, a leading provider of multifamily marketing solutions. We specialize in designing multifamily websites that attract, convert, and retain tenants. We pair them with Google Ads services, advanced SEO strategies, and proven multifamily SEO techniques to attract high-quality leads to your site. With Rentbot’s expertise, you can leverage data to inform your marketing decisions, optimize your campaigns, and ultimately drive tangible results.
Don’t let the valuable data sitting under your fingertips go untapped – partner with Rentbot to unlock the full potential of your multifamily marketing and achieve greater success in the competitive market. Contact us today to harness the power of data and take your multifamily marketing to new heights.
About the Author
Jonsette Calloway joined the Rentbot team in 2015. With a background in public relations, advertising, and copywriting, she has helped many clients achieve their marketing and communications goals within various fields, but she particularly enjoys working with the apartment industry.