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Optimizing Data
By Erica Rascón on Jul 7, 2017 in Marketing, News
Yesterday, we laid the foundations of a strong online presence. We now continue with how to gather insights from analytics to inform marketing and retention decisions.
- Micro-Adjustments Lead to Success
When vacancy rates inch upward, resist the urge to slash prices. “Price should be the last negotiable item, not the first,” advises Sawh.
Examine your SEM data, which will show leads generated and which keywords drive conversions. Use that information to adjust pay-per-click ads, the easiest marketing factor to manipulate.
In a case study, Bell needed to fill several 2-bedroom units. Data revealed that people who visited the website’s Pets page were most likely to reach goal completion. The team marketed 2-bedroom units to pet lovers to successfully fill the units.
You can also make adjustments based on prospects’ objections to visits and objections to leasing.
- Leverage Soft Data
“Business intelligence tools can give you a purview in but it doesn’t tell you the story. Customer insight is the soft data, the human touch,” says Weaver.
SEO and SEM generate traffic but once traffic is translated into website and site visits, ORM and customer relationship management (CRM) capture data about visitors. Both give insights into why visitors chose to lease (or not) with your property.
Use data gleaned from ORM to tweak the resident and prospect experience. If several reviews indicate that the marketing doesn’t match the product, for example, it’s time to update your gallery and re-examine your marketing message.
With prospects, poor follow-through lets many conversions slip away. “It will take eight times of someone telling you no before they say yes,” explains Norbury. “Three points of contact aren’t enough.”
“What we tend to forget is that we paid, maybe $20, for the phone to ring. If we don’t answer or don’t give our best performance, we wasted $20. People are afraid to communicate, afraid of rejection. But you’ve got to make that connection. Go through your prospects and call or email them until they tell you to stop,” advises Weaver.
Norbury also suggests mixing up contact options including email, phone calls, and text. Strong templates and drip campaigns make it easier for site staff to stay in touch. You might also consider rotating consultants, since some personality types will resonate better than others.
“[Rotating consultants] lead to two or three fresh leases in a day or two. We didn’t spend any more money,” says Weaver.
Use soft data to bolster resident retention. Begin with reviews and surveys completed by current residents. Compile and analyze feedback to improve the resident experience.
Weaver has conducted resident focus groups at Bell properties. Customer insight prevented Bell from changing the color of a property from bright pink to a neutral tone. “The customers actually liked the color! We would’ve upset the residents without knowing it without those surveys.”
For more great multifamily insights, register for the 2018 NAA Education Conference & Exposition Exhibitor Summit, September 12-13 at the Omni San Diego in San Diego, CA.
