multifamily marketing Archives | Conversion Logix Mon, 22 Apr 2024 16:13:13 +0000 en-US hourly 1 https://wordpress.org/?v=6.5.2 https://conversionlogix.com/wp-content/uploads/2022/03/cl_logo_red-favicon.png multifamily marketing Archives | Conversion Logix 32 32 How to Speed Up Leasing Velocity https://conversionlogix.com/blog/how-to-speed-up-leasing-velocity/ https://conversionlogix.com/blog/how-to-speed-up-leasing-velocity/#respond Fri, 19 Apr 2024 23:54:43 +0000 https://conversionlogix.com/?p=17045 Discover the secret sauce to skyrocketing leasing velocity with cutting-edge marketing strategies and data-driven insights. In this blog we unveil proven techniques to fill vacancies faster, optimize ad spend, and achieve leasing goals with precision.

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How to Speed Up Leasing Velocity

The lease-up clock is ticking to reach stabilization—fast. Yet factors such as supply and demand, competitor pricing, and a property’s location can disrupt reaching this mission-critical milestone.

One element that investors and operators can control is marketing. A strategic marketing plan executed by an agile team can increase the speed units are leased, enabling investors and operators to reach their leasing goals on schedule. 

We analyzed over nine months of occupancy and campaign data across a sample of apartments in the lease-up stage to determine which campaign decisions were the most effective at speeding up the leasing velocity. Read on to discover our findings.

The Research

To better understand the marketing approaches that impact lease-up timelines, we executed two studies based on client data to identify marketing campaign factors that impact leasing velocity.

Lease-Up Marketing Research

In study one, we analyzed occupancy and campaign performance across eight lease-ups located across Washington, Oregon, and Arizona from March 2023 to December 2023. We studied the time it took for these communities to reach 80% occupancy and the marketing mixes that contributed to fast turnaround times.

In study two, we looked at ten lease-ups from the same period located across Washington, Oregon, Arizona, and Maryland to assess the impact of syncing property-level CRM data with ad operations to enable proactive ad updates. These updates included price-related ad updates, and the addition of floorplan focuses in Google Ads. 

The Result

In the initial study of eight lease-up properties, the average starting occupancy rate was 17% in March 2023. By December 23, 2023, six of the eight lease-ups had reached 80% occupancy, taking an average of 192 days. Of these six, four reached between 93-98% occupancy. 

Lease-Up Occupancy Lifts in 2023

Top performing campaigns within this research sample had the following marketing mix in 90% of the months analyzed in the study: Paid Search, Display Retargeting, Paid Social, and The Conversion Cloud®

Top Performers' Marketing Mix

Furthermore, top performers with this marketing mix experienced better conversion rates and lower acquisition costs from the traffic these campaigns generated.

  • 2.5x higher website traffic conversion rates
  • 78% lower costs per website conversion
  • 23% lower marketing acquisition costs per unit 
The Impact of a High-Performing Marketing Mix

In the second study, we assessed the impact that campaign optimization had on reducing the time it took to fill vacancies. We theorized that the more proactively a campaign was managed and the more targeted the advertising was towards filling vacant floorplans, the faster a property would achieve stabilization. 

During the study period, we compared campaigns where one of the following optimization events occurred: 

  • pricing extensions were added
  • floorplan focuses were implemented
  • neither price extensions nor floorplan focuses were added (this was our control group)

Our findings revealed that floorplan focuses have a multiplier effect on leasing. Clients in the study that included these in campaigns saw increases in leasing activity, faster rolling unit velocity (calculated as total units occupied at the end of each month divided by the total available units at the end of each month), and higher returns on their ad investments.

The Impact of Floorplan Focuses

The Takeaways

Multichannel Marketing Moves Prospects Through the Customer Journey Faster 

The best-performing campaigns to reach stabilization applied a multichannel approach to marketing that connects with prospects throughout their customer journey. These campaigns include a mix of the following to drive awareness and leads:

  • top-of-the-funnel strategies (Paid Social)
  • mid-funnel strategies (Paid Search and Display Retargeting)
  • lower-funnel lead generation strategies (The Conversion Cloud®) 

This holistic strategy ensures consistent engagement across different touchpoints, efficiently guiding prospects from awareness to conversion.

Integrated Efforts Yield Better Results

Syncing property-level CRM data with your ad operations gives advertisers a line of sight into critical property-level changes to make strategic campaign optimizations faster. This integrated approach ensures that marketing efforts align with the leasing goals, adapt to market dynamics in real time, and deliver qualified leads.

Maximize Your Ad Investment With Strategic Targeting 

While high-level brand awareness is key to filling the top of your marketing funnel, a more targeted approach to keyword targeting and ad copy will help fill your remaining units as you reach stabilization. 

Optimization strategies such as floorplan focuses can direct your ad dollars toward the prospects most likely to lease your remaining units, filling your pipeline with the most relevant rental candidates while providing you with a higher return on your ad investment.

Fill Vacancies Faster with Conversion Logix

Ready to supercharge your leasing velocity and optimize your ad investment? Create your next campaign with Conversion Logix. Schedule a call with a Conversion Logix team member to discover how we can help you fast-track your leasing goals.

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Conversion Logix Introduces New Ad Automation Updates https://conversionlogix.com/blog/conversion-logix-introduces-new-ad-automation-updates/ https://conversionlogix.com/blog/conversion-logix-introduces-new-ad-automation-updates/#respond Wed, 03 Apr 2024 00:26:43 +0000 https://conversionlogix.com/?p=16951 Unleash the full potential of your campaigns with game-changing upgrades. From Dynamic Pricing to Concession Automation, find out how our latest product updates will help you scale ad management and optimize campaign performance faster than ever before.

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Conversion Logix Introduces New Ad Automation Updates

Busy marketing leaders need help keeping up with constantly changing pricing, promotions, and ad optimization. With tight budgets and staffing shortages, marketers must leverage the power of strategic automation to stay ahead of the competition.

Today, we are excited to announce the launch of several enhancements to our Ad Automation platform. These new features leverage automation to improve our client’s ability to make campaign changes faster and scale ad management, unlocking new opportunities to increase performance and deliver personalized messaging to prospects.

Dynamic Pricing Gets an Upgrade

Dynamic Pricing Gets an Upgrade

The ability to incorporate up-to-date pricing in Google Ads can have a profound impact on your campaign results. By including pricing in ads, you can pre-qualify prospects and ensure your ad dollars are spent on clicks from informed, self-qualified renters.

Previously, ad extensions were the most reliable way to scale the incorporation of pricing across a comprehensive ad campaign. However, communities with less than three floor plans to highlight and limited budgets were unable to take advantage of these benefits.

With our new automated Dynamic Pricing, our team can sync pricing data daily from the top multifamily CRM providers regardless of floor plan options or budgets to ensure ad headlines include up-to-date pricing.

Concession Automation Expands to New Channels

Concession Automation Expands to New Channels

It’s now easier than ever to manage changes to promotions across your portfolio. With Concession Automation, our team is automatically notified to update your ads when offers change within your Apartments.com listings. In the past, these updates were only used to revise offers across Paid Search campaigns.

Our Concession Automation service has extended beyond Paid Search to include ad updates across Display, Meta, Instagram, Google Business Profile Accelerator, and Spotlight users in The Conversion Cloud®. This means once a concession update occurs, it automatically updates all ads, ensuring promotions enter the market faster and with greater visibility.

Clients who’ve enabled instant updates (no proofing) have experienced accelerated concession updates from a three-business-day turnaround to less than one business day across more channels. For clients with requested proofing, changes happen within one business day of approval.

RentCafe, Welcome Home, and REBA Users Can Now Access Ad Automation

rentcafe users can now access ad automation 1

We’ve recently made our ad automation service available to users across three additional CRM and Business Intelligence providers. Now, RentCafe, Welcome Home, REBA, Entrata, Yardi, and RealPage users can fill vacancies faster without constantly monitoring offers, pricing, and availability changes across their properties.

Get Started With Automation

Visit our Ad Automation page or schedule a call to learn how we can scale your marketing while saving you time.

Ready to integrate your CRM with Conversion Logix and opt-in to Ad Automation? Contact your account manager today to get started.

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The Future of Property Marketing: AI and Automation https://conversionlogix.com/blog/the-future-of-property-marketing-ai-and-automation/ https://conversionlogix.com/blog/the-future-of-property-marketing-ai-and-automation/#respond Wed, 13 Mar 2024 22:38:19 +0000 https://conversionlogix.com/?p=16828 Discover how AI and automation are reshaping property marketing, empowering marketers to overcome budget constraints and drive performance. From automated lead generation to scaling personalization, explore five ways this technology is transforming the industry.

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The Future of Property Marketing: AI and Automation

As supply drives greater competition in the multifamily market and rents soften, multifamily marketing leaders are turning to new technology to create efficiencies and greater performance when faced with limited budgets. 

Nearly half (43%) of multifamily marketing leaders surveyed found Delivering the Same Marketing Performance With a Smaller Budget to be one of the most challenging aspects of their job. When asked where they saw the biggest room for improvement, this group mentioned embracing automation and AI as a top priority.

While this new tech is transforming property management processes at a rapid rate, it’s still in its infancy. In this blog post, we explore five ways marketing automation and AI is poised to disrupt the industry.

Automated Lead Generation and Nurturing

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Automation is revolutionizing the lead generation and nurturing process, enabling marketers to build their lead pipeline faster and more cost-effectively. Instead of manual and time-consuming processes, marketing leaders can utilize automated systems to identify and qualify leads efficiently. Self-scheduling applications, gated virtual tours, and chatbots integrate seamlessly into your website, can engage with potential residents, answer queries, and guide them through the application process. This not only streamlines operations but ensures a prompt and personalized experience for prospects.

Personalization at Scale

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One of the challenges facing multifamily marketing leaders is delivering personalized experiences to a diverse audience at scale. Technology, like AI chat experiences, gives property management teams the ability to provide customized answers to inquiries faster, more consistently, and with greater detail than before. As marketing leaders lean into marketing automation within their lead management platforms, new doors open up to streamline the email and text follow-up process with Lead Nurturing.

With machine learning algorithms, property management companies can develop the ability to analyze vast amounts of data to understand resident preferences, enabling them to tailor marketing messages, promotions, and even property offerings on a granular level. These insights could be applied to increase the performance of marketing activities while moving prospects through the leasing journey faster.

Predictive Analytics for Strategic Decision-Making

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The future of property marketing demands a data-driven approach. Predictive analytics powered by AI can provide invaluable insights into market trends, resident behavior, and the effectiveness of your marketing strategies. By analyzing historical data, AI algorithms can forecast future trends, enabling marketing leaders to make informed decisions and allocate resources strategically. This proactive approach ensures that your marketing efforts stay ahead of the curve.

Streamlined Ad and Content Creation

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New generative AI technology is making the content creation process easier and faster by automating the ideation phase of content creation. From generating catchy headlines to suggesting optimal posting times based on user behavior patterns, AI can significantly reduce the time and effort required for content creation. Tools like these can help onsite teams tackle tasks that require content at scale, like maintaining social media profiles, posting to a Google Business Profile consistently, producing content for websites, email messaging, and more. This not only enhances efficiency but also ensures that your marketing materials remain fresh, relevant, and aligned with the preferences of your target audience.

Ad Optimization for High-Performance KPIs

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As giants in the marketing technology space, ad platforms like Google, Meta, and TikTok, among others, are leading the charge in adopting AI and Automation into their platforms. With the advancement of new features like Smart Bidding and Responsive Ads in Google Ads, automated event tracking in GA4, and conversion-focused ad objectives in Meta and TikTok, there are now more tools to optimize ad performance with AI. These tools provide savvy advertisers with the opportunity to create more targeted and high-performing campaigns within the same budget by leveraging their immense user data and tried and true machine learning algorithms.

Embrace the Future

As we stand at the forefront of a tech-driven revolution in multifamily marketing, the opportunities presented by AI and automation are too compelling to ignore. The landscape is evolving, and embracing these innovations isn’t just about staying relevant; it’s about making profound improvements to processes to set marketing teams up to meet the growing demands of the industry. Adopting AI and automation will position your property management company for success in a competitive market where speed to lead, a personalized prospect experience, and insights into the customer journey are critical.

Read These Blogs Next

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Conversion Logix Introduces New AI Chat Service https://conversionlogix.com/blog/conversion-logix-introduces-new-ai-chat-service/ https://conversionlogix.com/blog/conversion-logix-introduces-new-ai-chat-service/#respond Mon, 08 Jan 2024 19:32:23 +0000 https://conversionlogix.com/?p=16661 Revolutionize your chat experience with Claire AI+! Step into a new era of multifamily and senior living marketing with personalized AI-driven responses to website inquiries, seamless AI-human integration, and automated lead conversion.

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Say Hello to Claire AI+

Getting answers from a chat service shouldn’t be a frustrating experience, but all too often, it is. Prospects frequently encounter chatbots that offer only generic responses, leaving them dissatisfied and without a clear next step. These prospects often fall out of the funnel as busy multifamily and senior living onsite teams are unable to deliver the immediate response prospects expect. 

Today, we proudly announce the launch of Claire AI+, our innovative AI-powered chat experience, coupled with significant upgrades to our managed Live Chat service. This integration marks a new era in chat solutions, offering the most seamless and efficient chat experience in the multifamily and senior living industry.

Meet Claire AI+

Claire AI+ is a sophisticated AI-powered website application designed to answer frequently asked questions about your community, respond to personalized inquiries, and encourage website visitors to engage in lead-generating actions during a chat conversation. Our cutting-edge conversational AI technology is trained on your unique property information and combined with insights from thousands of real-life, industry-specific conversations to deliver timely and relevant responses.

How Claire AI+ Transforms the Experience for Marketers and Property Managers

Delivers Personalized AI Responses: The stakes for lead response times are higher than ever before. Research from McKinsey revealed that 75% of customers expect help within five minutes or less. Claire AI+ is trained to answer freeform property-related questions with immediate, AI-driven responses. Now you can meet the demands of your prospects’ specific questions about floorplan availability “Do you have one bedrooms available?”, price “How much is a one bedroom?”, or amenities, “Do you have in-unit washers and dryers?”, faster than ever before.

Lessens the Burden of Onsite Teams: 55% of multifamily marketing leaders find following up with leads to be the most time-consuming part of their job. Claire AI+ provides instant, relevant responses day or night to common queries, saving busy property marketing teams hours of repetitive tasks a day. 

Integrates with Human Agents: Uniquely designed to switch seamlessly between AI and real human agents, Claire AI+ ensures prospects remain engaged, preventing them from falling out of the funnel.

Automates Lead Conversion: Integrated within The Conversion Cloud® platform, Claire AI+ prompts prospects to take actions like scheduling an appointment in Schedule Genie® or claiming a promotion in SpotlightTM, increasing lead collection and engagement.

Uncover Actionable Insights: Gain insights into commonly requested information through real-time Clarity attribution reports, uncovering valuable knowledge to make data-driven decisions.

Enhancing Our Live Chat Service

Conversion Logix’s managed human chat service, Live Chat, which can be purchased individually or with a Conversion Cloud subscription, seamlessly integrates with Claire AI+. Renowned for an impressive 70% chat-to-lead conversion rate, our Live Chat service is the perfect solution for management companies that seek to implement AI with a human in the loop. Our trained professionals, acting as an extension of your onsite team, now have access to prospects’ past conversations with Claire AI+, enabling a more informed, continuous, and personalized customer experience.

Why Claire AI+ Outperforms the Competition

In today’s market, the need for integrated solutions is more crucial now than ever. Claire AI+ and Live Chat are not just add-ons; they are integral parts of a comprehensive lead management ecosystem, The Conversion Cloud.

The Conversion Cloud® Integration

The Conversion Cloud offers a powerful combination of lead management and nurturing, real-time attribution reporting, and compatibility with industry-leading CRMs. This means no more juggling between multiple tools or missing out on valuable prospects.

Prospective residents will be guided on a continuous lead nurturing journey designed to keep your community top-of-mind from the first interaction to the final lease.

Level Up Your Chat Experience With Claire AI+

Don’t let your chat service be a point of frustration for your prospects. Reach out to your Conversion Logix account manager to enable Claire AI+ as part of your Conversion Cloud subscription. New to Conversion Logix? Schedule a call with us today, and let’s revolutionize your chat experience!

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]]> https://conversionlogix.com/blog/conversion-logix-introduces-new-ai-chat-service/feed/ 0 Top 5 Apartment Marketing Strategies for 2024 https://conversionlogix.com/blog/top-five-apartment-marketing-strategies-for-2024/ https://conversionlogix.com/blog/top-five-apartment-marketing-strategies-for-2024/#respond Thu, 30 Nov 2023 18:33:21 +0000 https://conversionlogix.com/?p=16341 Build the perfect campaign in 2024 with five unique apartment marketing strategies. Explore tips for implementing AI, overlooked ad opportunities, and much more.

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Apartment Marketing Strategies for 2024

The marketing and technology landscape is moving faster than ever as we approach 2024. While modern marketers are no strangers to change, the rapid and transformative power of AI (Artificial Intelligence) has skyrocketed the pace, setting the stage for a fast-paced year ahead. 

Amidst major technological evolutions, the apartment market is facing a medley of challenges and opportunities, from burgeoning supply trends (over 600,000 market-rate units are likely to enter the market by year-end) to steady demand driven by wage growth and modest inflationary expectations. With downward pressure on rental rates due to the growth in supply across the top 50 metros, the focus of the year is anticipated to be on maintaining occupancy vs. rent growth as renters are presented with more options in top markets.

In 2024, multifamily marketers will need to be forward-thinking and laser-focused on developing competitive marketing strategies that leverage cutting-edge technology without losing focus on the fundamentals. With this in mind, we’ve compiled five apartment marketing strategy recommendations to guide your planning in the new year.

BUT FIRST…A QUICK WORD ON THE FUNDAMENTALS OF MARKETING STRATEGY VS. TACTICS

The word strategy is thrown around a lot as a way to describe plans for achieving goals or testing out new technology. These are often tactics rather than strategies, and in many cases, these lists of ideas exist in isolation from the overall landscape impacting marketing teams. 

When planning for 2024, think about the challenges your company and the industry is facing. Consider your unique strengths and weaknesses. Then, think about an approach you can take to overcome these challenges using the opportunities available that can set your company apart and provide you with a competitive advantage in the marketplace. 

These strategies should be high-level enough that multiple tactics can be devised beneath them that can be executed to achieve your goal but specific enough to make the approach unique, actionable, and relevant to today’s marketing landscape.

As we walk through the five strategy recommendations below, consider the challenges we outlined at the beginning of this blog post and how these strategy recommendations can help you address these challenges while capitalizing on new opportunities and resources.

1. A Hybrid Intelligence Approach to AI 

It should come as no surprise that one of the biggest trends for 2024 is anticipated to be the adoption of AI, specifically the adoption of AI-based chat technology. Prospective residents have come to expect immediacy from all industries, and the rental sector is no exception.

AI and automation, in general, excel in their ability to deliver scale and immediacy. In a chat environment, this technology enables property managers to overcome a long-standing struggle: providing faster response times to leads. 

Solely relying on AI doesn’t come without its drawbacks. There is a subset of prospects who want a human response to their questions and concerns, and nuanced and unique questions can’t be easily answered by AI.

This is why we recommend you take a Hybrid Intelligence approach to adopting AI in your organization. This means pairing the skills and experience of humans with AI to deliver superior customer experiences and more intelligent business decision-making.

Within the scope of customer experience, this could be implementing an AI chat solution that gives prospects the ability to switch to a live human agent in real-time to prevent leads from falling out of the funnel while maintaining superior customer service (a unique solution we offer you can learn more about here).

2. Building Better Business Intelligence

In a recent LinkedIn Live, “2024 Multifamily Marketing Predictions,” we hosted with the VP of Marketing at Brookfield Properties, Jannah Hobday, and Chief Insider at Multifamily Insiders Brent Williams, one trend that kept coming up in the conversation was the need for centralization between vendors and platforms in the industry

As marketing becomes more complex and technology becomes more sophisticated, property management teams are reliant on specialized labor and tools to remain competitive in an evolving field. While this makes it possible for property management companies to implement innovative marketing tactics and offer cutting-edge customer experiences with less investment, it also means data and information about marketing campaigns, leads, and residents’ lives in many places, making it difficult for marketing managers to make informed decisions and implement strategy changes quickly.

One way to go about this is to develop a source of truth for resident information and work with vendors that offer integrated marketing solutions. 

At Conversion Logix, we partner with the top CRM vendors in the industry to sync the lead and tour data we capture from our lead management system with our clients’ CRMs. We also pull data from platforms like Yardi, RealPage, Entrata, RentCafe, and Apartments.com to provide an Ad Automation service that makes lightning-fast ad updates when pricing, offers, and availability changes in a client’s CRM.

This integrated approach gives marketing managers a line of sight into the information they need to be better-informed decision-makers while providing vendors with the information they need to be more effective partners.

3. Advertising on Channels Competitors Aren’t 

eMarketer released a study claiming 25-54-year-olds spend more time on TikTok than any other social platform. In 2022, TikTok surpassed Instagram in total daily minutes spent and is expected to surpass Facebook by 2025. Despite this, many property management companies are reticent to get started on the platform. 

Property management teams get stuck on this idea that in order to be on TikTok, they have to build up a library of organic video posts and invest in follower-building and virality tactics. This prevents a lot of management companies from taking advantage of this platform. 

While it takes a higher monthly minimum in ad spend to get started on TikTok, we’ve seen clients experience success leveraging repurposed video content for Instagram Reels as TikTok ads. Unlike organic posts, TikTok advertising enables you to reach a larger audience consistently with the same piece of content and gives you the ability to target and track your ideal audience.

Another breakout in the media industry is streaming networks. Streaming outperformed both cable and broadcast TV for the first time in history in July 2022, according to a Nielsen report. Connected TV advertising is one of the most overlooked advertising opportunities in the multifamily industry. Connected TV ads can be displayed on a range of devices, from Smart TVs to computers and mobile phones. They have some of the highest ad recall rates in the industry and offer a unique opportunity to build brand awareness where others in the industry aren’t competing. 

By opening up your marketing strategy to include popular channels your prospects are on that your competitors aren’t, you’ll be in a better position to establish your brand among prospects and prevent new developments from stealing your market share.

4. Leveraging First-Party Data to Develop More Targeted Campaigns 

Struggling to find qualified leads is a common challenge that has driven many marketing managers to our door. Targeting in the multifamily industry has always been challenging as marketers seek to reach the most qualified renters while maintaining fair housing-friendly campaigns. This challenge is also likely to become exacerbated as privacy restrictions rise and cookies become deprecated.

New advancements in audience cohort tracking in Google Analytics 4, AI bidding strategies, and conversion tracking are making it possible for marketers to develop targeted campaigns despite these challenges. 

The key to unlocking these strategies in 2024 will be collecting first-party data and working with partners on the cutting edge of these targeting techniques to ensure you can find and convert qualified leads at scale.

5. Focusing on the Follow-Up

In a market where new developments have the potential to overstep demand, follow-through becomes even more important. Prospective residents who come in to tour or engage on the website may be considering several properties at one time. By giving attention to prospective renters throughout the entirety of their apartment search, you stand a greater chance of converting leads into leases.

If you aren’t already using automation to develop lead nurturing sequences via text and email, 2024 is a great time to start. Keep in mind that the better your company is at collecting and storing lead information, the more powerful and personalized your automation sequences can be. Consider creating specific sequences for floorplan-specific campaigns, pet owners, or renters with longer move-in timelines to remain top-of-mind and increase lead-to-lease conversions.

TAKE YOUR MARKETING STRATEGY TO THE NEXT LEVEL

Need help creating a personalized strategy for your community? Contact us today for a personalized consultation with a multifamily marketing expert. We’ll assess your strengths and areas of improvement while exploring opportunities to incorporate cutting-edge ad campaigns, automation, and AI into your 2024 marketing strategy.

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Unlocking the Key to Lower Acquisition Costs https://conversionlogix.com/blog/unlocking-the-key-to-lower-acquisition-costs/ https://conversionlogix.com/blog/unlocking-the-key-to-lower-acquisition-costs/#respond Fri, 17 Nov 2023 19:10:41 +0000 https://conversionlogix.com/?p=16269 We analyzed a year of client data from over 400 multichannel campaigns to assess how different marketing strategies impacted acquisition costs. Read on to discover our findings and top strategy recommendations.

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Unlocking the Key to Lower Acquisition Costs

As digital marketers, the number one question clients and stakeholders ask us is, “How many leads can we expect?” A question asked less often, but usually by the most important stakeholders, is, “How much will it cost to acquire said leads?” Understanding acquisition costs and what drives them up or down is the most important knowledge you can uncover as a digital marketer. 

We analyzed a year of client data from over 400 multichannel campaigns to assess how different marketing strategies impacted acquisition costs. The result? We discovered that these two strategies had a significant impact on acquisition costs: Google Business Profile optimization and lead applications.

These two levers enabled media clients running Paid Social, Paid Search, and Display Advertising to maximize the traffic and conversions they received from each ad dollar spent, resulting in lower acquisition costs and higher lead volumes.

Google Business Profile Optimization is the Key to Increasing Organic Search Traffic

At Conversion Logix, one of the services we recommend to clients interested in optimizing their organic search traffic is our Google Business Profile posting service, Google Business Profile Accelerator (GBPA). When GBPA posts were introduced to a client’s campaign, the strategy resulted in the following traffic increases:

The Impact of Google Business Profile Accelerator

Why It Works

When it comes to selecting an apartment, location plays a leading role in the decision-making process. Prospective residents often turn to Google and are presented with opinions to browse Google Business profiles and Google Maps. These listings tend to be more visual and informative, driving the most engagement. By posting regularly to your Google Business Profile, you can increase your visibility in local search results, boosting website traffic for your community.

Lead Generation Applications Can Significantly Reduce Lead Acquisition Costs

In 2018, we launched The Conversion Cloud® to help marketing teams generate website leads and identify top-performing campaigns. Years later, we’ve helped over 800 properties generate over 1M leads through our suite of lead generation and communication applications.

When analyzing the impact these website applications had on acquisition costs we found that clients who added Conversion Cloud applications to their website saw a remarkable lift in lead conversions, resulting in more leads for every ad dollar spent.

The Impact of The Conversion Cloud

Why It Works

Once prospects land on your site, they stay anonymous until you give them a reason to provide you with their contact information or encourage them to take the next step in the prospect journey. Lead applications like Schedule a Tour, Claim an Offer, RSVP for an Event, or Pre-Qualify Your Income increase lead conversion rates on your site, ensuring you capture the qualified traffic you drove to your site as leads.

Key Takeaway

When increasing monthly ad spend isn’t a viable solution for growing your pipeline, strategies that improve ad campaign effectiveness are a great way to increase conversion rates while lowering your acquisition costs. 

Addressing rising acquisition costs will continue to be a core challenge for digital marketers as attention becomes increasingly more difficult to acquire and advertising platforms become more crowded. 

By adopting strategies that increase visibility in organic local search results and engage website visitors, you can maximize the impact of your ad dollars, enabling you to grow digital lead volume while reducing your cost per lead.

About Conversion Logix Insights

Level up your marketing knowledge each month with research and strategies from multifamily and senior living advertising experts. In this blog series, we’ll reveal our team’s latest findings to give you a competitive advantage in the residential marketing industry.

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How to Get Gen Z Renters to Talk to You https://conversionlogix.com/blog/how-to-get-gen-z-renters-to-talk-to-you/ https://conversionlogix.com/blog/how-to-get-gen-z-renters-to-talk-to-you/#respond Thu, 09 Feb 2023 04:14:42 +0000 https://conversionlogix.com/?p=13858 Ever feel like Gen Z renters don't want to talk to you? We can help you fix this. Find out how Gen Z renters prefer to communicate with your leasing team.

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Unlock the Power of Live Chat With Gen Z Renters

Gen Z is the first truly digital generation. They’ve grown up with technology at their fingertips, giving them instant, convenient, and accessible ways to communicate. They don’t like calling you on the phone and don’t want to wait days to hear back from you in their inbox. So what’s the best way to connect with this new generation as they search for their next apartment? It’s immediate communication and engagement with live chat and virtual assistants. Here are a few reasons why Gen Z prefers online chat conversations and why apartment marketers need to incorporate these communication options in their marketing plans. 

Prioritize Convenience With Live Chat

Chatting online allows Gen Z to communicate with businesses at their own pace and convenience without having to wait on hold or be available during specific business hours. Like the Millennials before them, this generation is not used to phone calls and prefers to talk to people and businesses on their terms and online. Having spent most of their lives using text messaging and instant messaging through social media to communicate with friends and family, they find it more comfortable and natural to message a business versus picking up a phone. 

Deliver Instant Gratification With Lightning-Fast Response Times

We’ve all heard the rumors that Gen Z has the lowest attention span, willing to wait only seconds before they scroll onto the next video or jump off a website. eMarketer recently reported that Gen Z’s TikTok attention span is eight seconds, so think about how that translates into other aspects of their online lives. Gen Z values quick and real-time communication, and online chat allows for immediate responses, reducing the likelihood that they move on to a competitor and end a conversation with your community before it begins.

Account for Multi-Tasking 

Gen Z is highly adept at multi-tasking. Virtual assistants and live chat agents allow them to communicate with businesses while also engaging in other activities, such as browsing the web, working remotely, or watching videos on social media. 

Give a Safe Space to Ask Questions

Chatting online offers a more personal and less formal communication style than a phone call, which can be particularly appealing for Gen Z. They may feel more comfortable asking questions about topics like roommates, pricing, income qualification, and pet policies anonymously. The low-stakes nature of chat allows these renters to get the information they need to make a leasing decision without the social pressure of a face-to-face conversation.

Connecting With Gen Z

Incorporating live chat functionality on your website can go a long way in increasing engagement with Gen Z renters and setting your apartment community up for long-term success. However, improving communication with onsite teams isn’t the only way apartment marketers can need to level up their marketing efforts to appeal to Gen Z. This new crop of renters is spending more time on short-form video platforms like TikTok than any other generation.

To help you get up to speed on the advantages of TikTok, we have a quick 24-minute LinkedIn Live recording that answers marketers’ most popular TikTok questions. You can also explore the 5 advantages of TikTok advertising for more tips on reaching the next generation of apartment renters.

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How We Rated 2023’s Multifamily Marketing Trends https://conversionlogix.com/blog/how-we-rated-2023s-multifamily-marketing-trends/ https://conversionlogix.com/blog/how-we-rated-2023s-multifamily-marketing-trends/#respond Mon, 06 Feb 2023 23:40:19 +0000 https://conversionlogix.com/?p=13834 We rated this year's top marketing trends, so you don't have to. Find out which trends we're the most excited about this year.

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Ready to be the most informed multifamily marketer in the room? Read our hot takes as we rate our level of excitement over this year’s industry trends.

Artificial Intelligence🔥🔥🔥

Chat GPT is one of the hottest topics technology topics this year. The platform has garnered millions of users overnight and is changed the way all industries are looking at AI. If you have used the platform, it is impressive in its ability to adapt its speaking style and information to a user query, going beyond what we are used to seeing from Google search. While moving faster than ever, we still have a ways to go before AI is super effective in the apartment marketing space. 

We have seen platforms like Google and Meta use AI for years to target online users, place bids on behalf of advertisers, and optimize campaigns. However, we are still seeing the need for human oversight of AI and human intervention when new information is presented.

What you need to know:

  • Chat GPT is making AI a more high-profile initiative for tech companies.
  • AI is rapidly improving and becoming more helpful but still requires human intervention to course correct and provide timely information. 

Short-Form Video🔥​​🔥🔥​​🔥🔥

New research from HubSpot reveals short-form video to be the most popular trend among marketers, with 90% of marketers planning to increase or maintain their investment in the content format in 2023.

The popularity of TikTok played a large role in the growth of short-term video consumption and still continues to offer a big opportunity for marketers in the years to come.

New in 2023, is the growth in short-form video outside of TikTok. YouTube, owned by Google’s parent company, Alphabet, reported a huge rise in the adoption of YouTube Shorts. In a recent earnings call, the CEO of Alphabet announced that YouTube Shorts has surpassed 50 billion daily views, up from 30 billion one year ago. The company also announced ad funding for creators developing YouTube Shorts on the platform at the start of the year. 

What you need to know:

  • Test TikTok if you want to scale brand awareness in 2023. Apartment brands, particularly properties geared towards college students, are seeing impressive brand reach statistics and search engine traffic gains from TikTok Ads.
  • YouTube Shorts is gaining massive popularity and will provide ad revenue to creators in 2023.

Local Search Marketing 🔥🔥🔥🔥

Google Business Profile is still the most common way for renters to discover you in the search engine, making this a continual focus for property marketers. In addition to updating your profile regularly and filling in all the fields you are allotted, what else are multifamily marketers doing to dominate local search results? Focusing on the basics of authority-building SEO strategies that support all aspects of search engine marketing and making strategic investments in Google Ads. While it’s certainly not a new strategy for 2023, it’s a foundational strategy that comes up every year and supports your overall marketing efforts. 

What you need to know:

  • Google Profile losing optimization is crucial to your local search strategy.
  • Communities investing in awareness campaigns like social advertising should maintain a strong local search presence so prospective renters can find them in the search engine when they come back to search for the brand.

Floorplan Specific Ad Campaigns 🔥​​🔥🔥🔥

We’re seeing communities shift from focusing solely on brand campaigns and overall community attributes to developing segmented and targeted strategies around promoting specific floorplans. With ad automation in the mix, this is now happening in real time. Another way marketers are doing new things with this strategy is virtual tour video content by floorplan and incorporating that in ad campaigns and linking ads to special floorplan offers that appear on the site. 

What you need to know:

  • Floorplan marketing is more agile than ever with ad automation. 
  • Communities are creating more floorplan-specific videos and incorporating them in ads and follow-up links in emails.

Influencer Marketing 🔥🔥

Influencer marketing, while popular in many B2C industries, has always been seen as hit or miss for the multifamily industry. We’re seeing a shift in focus from influencer marketing to UGC across all industries. While influencer marketing isn’t a top strategy we recommend, developing UGC content for video ads is something we are curious to explore with clients in 2023. We know prospective residents value authenticity, trust, and social proof in marketing. We just don’t see influencers as essential as a distribution channel. If you want to tap into the video creation side of outsourcing social media, we suggest looking for everyday people who can help you create new content while retaining control of the distribution through your own brand’s advertising channels.

What you need to know:

  • Influencer marketing in multifamily is overrated.
  • User-generated content that you can distribute across your own brand campaigns is trending.

Connected TV🔥🔥🔥

Connected TV is a trend that all advertisers have been sleeping on. While traditional TV advertising has historically received a bad rap for being too expensive and vague in the way it targets and reports viewers, Connected TV advertising breaks these assumptions. These ad campaigns work more like Display ad campaigns than traditional TV and can enable you to target based on actual behavior and intent to rent. This channel tracks post-visits from people who saw an ad and then later searched and expands multifamily marketing beyond mobile, and provides cross-device opportunities to scale awareness. 

What you need to know:

  • Young adults are streaming TV in addition to social media video consumption, and Connected TV advertising offers a path to reach them at scale.
  • Increasing spend on Connected TV advertising has proven to have a significant impact on overall campaign performance.

Website Analytics Evolves 🔥​​🔥🔥

All Google Analytics users will be forced to make the shift to Google Analytics 4 this year. With this new shift, we’ll see an increasing reliance on engagement metrics that look past bounce rate to judge the level of intent prospects have on your website. The new platform promises to deliver more mobile-focused website analytics and improves cross-device and platform tracking capabilities. They’ve also made new additions to multitouch attribution, filling in gaps with machine learning.

What You Need to Know:

  • Website analytics will be more engagement-focused in 2023.
  • Multitouch attribution is becoming a bigger topic as marketers seek to understand the impact of social media and video ad investments.

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5 Video Marketing Trends You Can’t Ignore in 2023 https://conversionlogix.com/blog/5-video-marketing-trends-you-cant-ignore-in-2023/ https://conversionlogix.com/blog/5-video-marketing-trends-you-cant-ignore-in-2023/#respond Fri, 30 Dec 2022 01:45:37 +0000 https://conversionlogix.com/?p=13645 Conversion Logix President and COO, Andrew Cederlind joined Kristi Fickert, VP of Enterprise Growth at Realync, for a live video discussion about video marketing trends multifamily marketers should know about in 2023. Watch the full video recording and read the recap here.

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Conversion Logix President and COO, Andrew Cederlind joined Kristi Fickert, VP of Enterprise Growth at Realync, for a lively conversation discussing the top video marketing trends multifamily marketers should be aware of in 2023. To learn about all the strategies and client stories they shared, watch a recording of the LinkedIn Live event on-demand here.

In this blog post, we shared a recap of the video trends these marketing leaders presented to help guide your video marketing strategy in the coming year.

#1 Show Don’t Tell

Video has become a popular entertainment, and educational tool for personal and professional uses as the format engages multiple senses and increases information retention among customers and employees.

In this discussion, Kristi shared the following eye-opening stat, “People retain 90-95% what comes from video vs. 10% from written content”. She went on to say, “if you are tired of prospective residents asking the same questions over and over again, show a video they will retain it better”. 

Andrew elaborated on this point by sharing that at Conversion Logix, video has become a go-to media format for clients to showcase their property and within the company between employees. He shared the effectiveness of sending videos within the organization to quickly communicate a point or demo instructions for a task, providing a reference that employees can go back to. 

#2 Authentic Video Engaging Prospects

With the popularity of video formats like TikTok and Instagram Stories, the demand for authentic video content is growing. When it comes to apartments, this means that apartment seekers are expecting real-life reflections of what a community is actually like.

Kristi advises property managers to gather behind-the-scenes content. While the everyday renter may not think about some of the things that go into getting an apartment ready to rent during their search, things like watching the carpets being cleaned, new paint, and unit upgrades could increase affinity for the community through video.

It’s also important to note that just because authenticity is on the rise, doesn’t mean low-quality visual content is. Andrew mentioned that it’s still important to create visually appealing video assets but to focus on the message, delivery, and content over high-production styling.

#3 Repurposing Video Marketing Assets to Extend Your Budget

Brands are extending the life of their video content by repurposing it. Prospects are demanding video in various formats and across many different channels. To keep up with this demand, communities can take video assets they are already developing, like virtual tour content, and reuse them across assets like their ads, emails, and social media channels, or as a lead generation opportunity. 

During the live event, Kristi shared a story of a community that pre-recorded video tours and pre-recorded videos of post-tour follow-up messages from the property manager. The community leveraged these authentic videos on multiple platforms and even tried testing the videos in ads. The result was a 300% ROI! Their team built awareness and trust by using the community’s staff and a personable approach to talking about the community.

#4 Accelerate the Sales Process

Using video in the tour process can save communities three times as much time. “The average tour lasts 14 minutes while the average in-person tour lasts 45-50 minutes”, says Kristi. Considering the staffing crisis the industry is experiencing, leveraging virtual tours to sell your community while in-person staff focuses on prospects further down the sales funnel is key. 

Andrew illustrated the importance of video in the prospect journey by sharing a recent Zillow study that found people used to tour five communities in person and are now only going to two. “The more we can meet people how they want, the better the experience. That way, the people on site are there because they want to be there versus they have to be there.”, says Andrew.

#5 Experimenting With Video Marketing

Creating video marketing content can feel intimidating for many operators which is why they don’t get started. In the live event, Kristi encouraged operators to get more comfortable on camera by doing it more often and putting themselves out there. “It’s ok to be vulnerable,” says Kristi. We are all learning and trying new things when it comes to video. The more you do it, the better you will be at it.

The speakers both shared the importance of testing new things with video to find out what resonates.

Andrew remarked, “what I think is going to work isn’t always right.” You don’t always know for sure what video content will grab people, especially with ads which is why A/B testing is so valuable. He went on to share a recent experience when he was analyzing the results of a multifamily video ad campaign. Everyone thought the video that was less polished and more off the cuff wouldn’t perform as well as the polished video. On the contrary, the less polished video outperformed the traditional style video ad two to one in conversions on the website. 

With the new technology built into ad platforms, video testing is more accessible than ever and is something everyone should try.

Bonus: AI-Generated Video Marketing Tips

At the end of their discussion, Andrew and Kristi tested out the trending AI platform ChatGPT to see if AI software had additional video marketing tips to share. The AI shared the following advice for operators and marketers working with video that was spot on.

  1. Keep it short and sweet
  2. Use compelling visuals
  3. Tell a story
  4. Add a call to action
  5. Optimize for mobile
  6. Social media platforms are a great way to promote your videos
  7. Invest in video SEO

Don’t Miss Our Next LinkedIn Live

Wish you had the chance to watch this discussion live? Follow Conversion Logix on LinkedIn to make sure you are the first to know when we have our next LinkedIn Live event.

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Conversion Logix® Announces Integration With Video Tour Platform Realync https://conversionlogix.com/blog/conversion-logix-announces-integration-with-video-tour-platform-realync/ https://conversionlogix.com/blog/conversion-logix-announces-integration-with-video-tour-platform-realync/#respond Mon, 14 Nov 2022 18:00:00 +0000 https://conversionlogix.com/?p=13382 The Conversion Cloud® is now integrated with Realync! Learn how this integration makes it easier than ever for apartment marketers to promote and attribute on-demand video tours!

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Conversion Logix Announces Integration With Realync

You know the situation…your community has multiple two-bedrooms that need to be leased as soon as possible. Other units are leased up, but the two-bedrooms units aren’t moving. If only prospective residents could just see the floor plan, you know it would pique their interest and entice them to schedule a tour.

With our latest Realync integration, it’s now easier than ever to use The Conversion Cloud® to capture lead information and deliver immersive unit-level video experiences directly from your website.

“Today’s renters want flexible on-demand video experiences, and Realync has proven to be an exceptional resource for multifamily operators looking to scale their video tour efforts to meet prospects’ needs,” remarked Andrew Cederlind, President and COO of Conversion Logix. “Now communities will be able to leverage their Realync video assets within The Conversion Cloud to automate and attribute the promotion and delivery of video tour content from any device, at any time of the day.” 

Why Conversion Cloud and Realync Users Will Love This Integration

  • Onsite teams can quickly and easily promote video tour options on every page of a community’s website.
  • Managers gain access to video engagement tracking and lead attribution to make data-driven decisions.
  • Teams can confidently prevent duplicate entries and user errors when uploading video tour content.

“We partnered with Conversion Logix to help our mutual clients scale how quickly and efficiently they capture website leads. Multifamily leasing is becoming increasingly competitive, so maximizing the conversion of traffic that communities receive is of the utmost importance,” said Matt Weirich, Co-founder, and CEO at Realync. “We’re excited about how Realync can provide more convenient video touring experiences that convert in partnership with Conversion Logix’s touring applications.”

How This Integration Helps Leasing Teams Fill Vacancies Faster

Conversion Cloud users can easily automate and deploy unit and amenity-level Realync video tours within Conversion Cloud applications, increasing online conversions. 

Now multifamily operators can:

  • Gate and promote their virtual tour experiences with The Conversion Cloud, converting anonymous visitors into leads.
  • Automatically deliver Realync tour videos when prospects request a virtual tour from a Conversion Cloud application.
  • Access virtual tour attribution and engagement metrics, increasing visibility into the effectiveness of marketing campaigns and virtual tour promotions.
  • Quickly adapt their video tours to highlight vacant units or unique amenities.

Get Started

Interested in adding your Realync video content to The Conversion Cloud? Contact your Conversion Logix account manager to get started or schedule a call to learn more. 

Want to learn more about The Conversion Cloud? Visit this page for more information.

About Conversion Logix

Conversion Logix®, LLC provides digital marketing services, and licenses lead generation software to industry leaders in the multifamily housing, senior living, automotive, and small business markets. Our people work across the industry sectors that drive and shape today’s small business marketplace. Conversion Logix has been ranked on the Inc. 5000 seven years in a row and listed Austin Business Journal’s Fast 50 Growing Companies. Conversion Logix is a Premier Google Partner, a Facebook Business Partner, and developed The Conversion Cloud®, a lead generation software suite designed to help businesses generate more leads, appointments, and sales. Learn how Conversion Logix is transforming local business marketing at conversionlogix.com.

About Realync

Realync is a multifamily video engagement platform unlocking authentic experiences that connect and convert across the entire prospect and resident lifecycle. Realync’s all-in-one video solution enables multifamily teams to create memorable experiences, lease efficiently and communicate effectively with current and prospective residents. Realync partners with many of the nation’s largest property owners and managers and is actively being used in over 500,000 units today. Realync was named an Inc. 5000 fast-growing private company. Realync is a 2022 NAA Top Employers and 2022 Best Benefits company. To learn more about this integration, please reach out to integrations@realync.com.

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