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How to Improve Your Resident Retention Rates

Resident Retention

Resident turnover costs apartment communities on average $4,000* for every tenant that leaves. Multiply this by five or ten residents and your community could be losing $20,000-40,000 due to resident turnover. Vacancy loss, an increase in maintenance costs, new tenant acquisition costs, and leasing staff costs all contribute to the expense your community will incur if you don’t have a strategy in place to improve your resident retention rates.

So how can your community improve resident retention?

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Should I Use Social Media Advertising?

Social Media Advertising

The social media landscape is vast and ever-changing but a few key players continue to hold a majority of the market share. In 2018, most people aren’t asking the question “Should I be using social media?” but rather “How should I be using social media?” and “Is it worth it to pay for social media advertising?”.  These are the three social platforms that outperform the rest and how you can utilize them to help grow your brand.

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A Special Announcement: Fastest-Growing Company

Special Announcement

We’re excited to announce that we have officially been named the Puget Sound Business Journal’s #1 fastest-growing private company on the Eastside!

In the detailed report by Melissa Crowe from the Puget Sound Business Journal, we were awarded the title of fastest-growing company of the Eastside based off our exponential revenue growth, increasing 270.26% from 2015 to 2017. We have recently acquired Ascendance Digital Media, dba AdsUpNow, and with this acquisition comes the combination of the #1 and #18 fastest-growing companies of the Eastside.

Neither Conversion Logix, or previously acquired AdsUpNow, are strangers to this type of award. Both companies have both been listed multiple times in recent years. We pride ourselves on the distinct honor of being the #1 fastest-growing company of the Eastside.

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Apartment Marketing Strategies to Fill Vacancies Fast

Apartment Marketing Strategies

Most of the apartment marketing ideas you find online won’t generate leads overnight. Showing up at the top of search engines organically and building up a social media following can take a community months, even years to achieve.

With average nationwide apartment rates at $1278, your community stands to lose thousands of dollars for every month units stay vacant.

When apartment communities experience unexpected vacancies, they need proven marketing strategies that can help generate leads within weeks, not months. As a leading digital marketing agency in the multifamily industry, Conversion Logix has garnered a reputation for building effective, high quality, lead generating campaigns faster than our competitors.

So, how do we do it?

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How to Respond to Apartment Reviews

Apartment Reviews

Whether you have good reviews, bad reviews, or no reviews, you need a review response strategy. From an apartment seeker’s standpoint, signing a lease is a big financial commitment. Prospects will want to know more about what it’s like to be a resident at your community, before making a decision that will affect them for the next twelve months. Most apartment seekers start their search online, which is why it’s crucial for you to stay on top of the online reviews residents are leaving your apartment community.

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Student Housing & Snapchat

Having a social media presence builds trust with residents and prospects. We all know that the majority of people are on Facebook, but what about the other social sites? What platforms are your target audience using and how can you utilize its features to your advantage?

The younger generations such as Gen Y and Gen Z have shown to be using media sharing platforms like Snapchat at a much higher rate than the elder generations. These media sharing platforms have become much more popular with young users as they can send each other messages, images, and videos taken through the apps native platform. Snapchat has enticing features such as snap stories, group messaging, video calling, group video calling, camera filters, and more. With all of these features, Snapchat can provide a community with a variety of organic and paid ways to market itself.

 

Organic Strategies

With Snapchat, your community can highlight amenities and create showcase tours for their followers. By creating insider content, you can give prospects an idea of what it is like living at the property, which will help encourage them to take the next step in the marketing funnel.

In attempts to maximize organic reach, communities need to have a following on the platform. Gaining a following can be tricky, but it is possible. Check out the tips below to earn more followers:

  • Invite prospects to follow you on Snapchat
  • Run exclusive specials on your Snapchat
  • Stay on an active and consistent posting schedule
  • Post your snap handle on other social media platforms

 

Paid Strategies

Similar to Facebook and Instagram, Snapchat allows a community to run ads on their platform. Advertising on Snapchat gives organizations another avenue to help convey their messaging. Single image and video ads are most common, however, filters and lenses are also an option that can be utilized via paid strategies.

Running ads on Snapchat allow your community to reach a wider audience while targeting potential prospects. By creating a compelling single image or short video ad, you will have the ability to quickly highlight community areas, specials happenings, or current concessions.

Advertising on Snapchat gives your community another option to reach consumers of a younger generation. With an extremely targeted advertising campaign and quality organic posts that highlight your community, Snapchat has the potential to quickly become a powerful platform within your marketing campaign.

If you have any questions about this content or if you want to inquire about starting your own Snapchat advertising campaign, please click here (link to contact us page).

Ads allow your property to reach a wider audience and target potential prospects. Compelling single image and video ads can quickly highlight community areas or specials happening.

Snapchat gives your community options when it comes to marketing. Running ads can maximize your reach. If you want to learn more, click here.


Seasonal Apartment Marketing Guide

How is seasonality affecting your community?

Most rental markets across the country experience some sort of seasonal cycle, but does your community account for it in your marketing plan?

We’ve compiled website traffic from 93 communities who’ve advertised with us for over a year, data from 473 email campaigns and 55,426 live chats to give you an idea of how the digital landscape in the multifamily industry changes on a seasonal basis.

In this guide, we share with you…

  • Our findings on seasonal trends in the apartment industry.
  • A free resource to help you identify the seasonal website traffic patterns unique to your apartment community.
  • Campaigns your community can add to your marketing mix to improve the effectiveness of your marketing in a given season.
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Public Announcement About Facebook Advertising

After months of scrutiny about privacy concerns and where ads are actually coming from, Facebook has taken action into their own hands. Advertisers and consumers alike went to sleep on Thursday, June 28h and woke up on Friday, June 29th with a pretty substantial change on their favorite social media platform.

With Facebook trying to crack down on fraudulent accounts that have previously served false ads, they have opened a floodgate of possibilities for its consumer base.

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Digital Advertising Revenues on the Rise

 

The digital advertising industry in the United States has seen another booming increase in year over year revenue growth. According to IAB.com, US online advertising revenue saw a 21.4% increase from 2016 to 2017. This large year over year increase brings total online advertising revenue for 2017 to a bolstering $88 billion. This growth can be attributed to services such as paid search, social media advertising, and display advertising – all of which cater to mobile-friendly impressions.

Here are a few of the main takeaways from the full report:

 

Video Advertising is becoming one of the most popular forms of online advertising.

Video advertising in 2017 increased to 14% of total online advertising revenue. Though adoption may not be as high as some of the other services online, it is increasing exponentially as the total advertising spend for video skyrocketed by 33% in 2017 – making up $11.9 billion of the total advertising revenue.

Display banner ads perform better on mobile devices.

Display banners are far more popular to consumers on a mobile device than they are on a desktop. Banners represent a little less than 40% of all mobile advertising spend compared to less than 25% of spend on a desktop.

25% of ALL digital advertising spend is going towards social media advertising.

Video advertising is growing at an immensely fast rate. However, social media advertising is growing at an even quicker rate. The revenue from social media advertising increased by 36% from 2016 to 2017, and it is not expected to slow down anytime soon. Social media advertising now accounts for $22.2 billion in online advertising revenue – making it one-quarter of all online advertising spend.

 

These revenue reports show that the demand for digital advertising is significant and the industry is here to stay. While the medium of how we advertise online may change, it looks like the industry will see consistent growth in year over year revenue.

If you have any questions about this report or if you want to inquire about starting your own online advertising campaign click here.


Know Your Audience: Senior Living

Deeply understanding your target audience is a pivotal part of designing a qualified lead generating marketing strategy. In this article, we’ve outlined approaches, ideas, and market insights to help you determine the ideal target audience for your senior living community.

1. Get to Know the Residents

Oftentimes, prospective residents will pay close attention to the current residents at a community while doing their initial walkthrough or tour. It’s always a good idea to be knowledgeable about your community’s demographics and interests in order to completely understand your ideal audience.

Trends such as age, gender, and net worth are all pieces of information that will help with the formation of your target audience. These data points are extremely valuable for a community and they can be used as a great starting point to understanding the profile of a typical resident at your community.

Once you have an idea of who your target audience is, you should study where they focus most of their attention. Knowing the digital habits of seniors within your target segment can help you adapt your marketing strategy and reach your ideal audience. Even among the 80 plus age group, 44% use the internet and 17% use social media. 24% of seniors between the ages of 75-79 report using social media and nearly half (47%) of seniors aged between 65-69 use social media. (Pew Research Center)

When it comes to products like paid search (pay-per-click), according to Google, baby boomers searching for senior living options prioritize community features like activities and events, along with room sizes and transportation options. When a child is looking for their parent(s), they are typically looking for information about medical services and the amount of staff on site. (Senior Housing News)

2. Get to Know Your Renter’s Families

When you enroll a senior in your community, you gather quite a bit of information about them. However, It can become difficult to capture information about their families because a lot of the application process involves information about the senior’s needs, means, and interests.

Gathering data and analyzing purchase behaviors of the families involved in the process can be just as beneficial as gathering information about the seniors themselves. Some data points to consider collecting from the families would be: the relationship to the senior, their age, and what is most important to them when looking for a senior living community. By understanding the family, you can start creating a target audience that is driven by the children rather than the seniors.

3. Who Is the Final Decision Maker?

Finding out which individual is making the final purchase decision is key in understanding your audience. In some cases, the seniors are doing all the research, tours, and eventual leasing at a community. In other occasions, the children and even grandchildren are a major part of the leasing process. In some other instances, one of these parties will be an influencer, but not the key decision maker.

Capability levels play a role in who is making the final decisions. A senior looking for an independent living or apartment setting has different capabilities and levels of involvement in the purchasing process than one needing memory care or nursing home accommodations.

A one size fits all approach for your target audience may not be ideal if you offer multiple levels of care. Continuing care communities should consider determining separate audiences for each level of care, while also taking into consideration the level of input different individuals who make-up that audience have throughout the leasing process.

You can typically identify the key decision maker by observing who is asking the most questions, who seems the most informed, and who is effectively calling the shots during the tour. The final decision maker or influencer is a key proponent of your target audience.

Do You Have Any Questions About Any of This Content?

Contact a dedicated Conversion Logix representative at (866) 297 4914 or email info@conversionlogix.com for more details!