When it comes to multifamily marketing, one size certainly does not fit all. So, when it comes to designing your marketing budget, you have to leverage the data to create a more informed and streamlined figure that will meet your upcoming goals. By putting some additional leg work on the front-end and taking a more data-driven approach–considering traffic, cost per lead, click-throughs, etc.– you’ll experience greater ROI on the back-end.
1. Know your marketing metrics
Look at your existing platforms and examine the specific metrics that impact your marketing strategy. You can start with answering these types of questions:
- What’s my cost per lease?
- How much of my traffic actually converts to leases?
- On average, how long does my lease-up take?
- What is my average ROI on my marketing dollars?
- What is the response rate on my PPC ads?
After you analyze the performance metrics for each of your platforms, you can leverage these numbers for your baseline.
2. Identify goals.
Once you’ve established a baseline, you can then progress to setting well-defined SMART (specific, measurable, achievable, relevant and timely) goals. If you desire to increase your website traffic, make sure you specify from which networks you’d like this traffic to come from. By establishing key performance indicators, you’ll be better equipped to track the progression of your marketing efforts over time. And, remember, while it’s okay to shoot for the stars sometimes, when it comes to setting specific marketing goals, they’ll need to be both attainable and realistic. This is where your baseline metrics can help.
3. Check out your competition.
This is one time when it’s quite okay to not mind your business. In fact, you are strongly encouraged to actively seek out what your competitors are doing in the marketing space and how they’re performing. And, if they’re successful, you can also begin to implement some of their same strategies for your own brand.
4. Optimize your marketing channels.
The leads that you receive from your social media channels may differ from those generated from Google Ads. By optimizing your marketing channels, you’re able to cater your strategies and content to each designated medium to increase engagement and ultimately improve conversion rates. Once you begin to leverage a data-driven marketing strategy, you’ll be able to produce messaging that more closely resonates with your target audiences, and they will be more inclined to engage with your ad, post, or webpage. And, we all know that engaged users tend to be loyal customers as well.
5. Monitor performance.
Let the data do the bulk of the legwork for you. Keep a constant eye on your KPIs, as these metrics will provide you with key insights into the success of your marketing efforts. They’ll show you which channels or content is underperforming, reveal areas where conversions are lacking, and also shine a light on potential areas of opportunity for investment. The key to truly reaping the value of a data-driven marketing strategy is to, most importantly, take action on the data! If you want to see actionable improvements and results with your marketing strategy, you have to plan for them. But, once you begin to leverage the numbers, you’ll experience immediate results.
Rentbot can help.
Your website should play a major part in your data-driven marketing strategy. After all, it holds a good majority of the data. This is why having a responsive, optimized, and user-friendly site is essential. That’s where we come in. With each Rentbot site, our targeted keyword research optimizes each page to boost your organic search engine ranking. And, in addition to online maintenance requests, real-time availability and a conversion-optimized layout, we’ll even provide you with ongoing maintenance with monthly reporting to keep you up-to-date with how your site is performing. Let the data speak for itself. Invest in a Rentbot site today, and watch your conversions roll on in.
About the Author
Jonsette Calloway joined the Rentbot team in 2015. With a background in public relations, advertising and copywriting, she has helped a multitude of clients achieve their marketing and communications goals within various fields, but she particularly enjoys working with the apartment industry.