Resident Data Mining
- It’s not always in the best interest of your property to copy what competitors are doing just for the sake of trying to keep up. Always examine your demographic first and find out if they are open to change and willing to adapt. For example, don’t renovate your property just because a competitor is renovating. Your current residents may not be willing to pay for the upgrades. However, if you do decide to follow your competitors, you should also be prepared to invest in marketing to a new demographic who will be willing to pay the premium.
- Predictive analysis can be used to estimate future renter trends such as where your renters move from, how much they’re willing to pay and how long they’ll stay. Identify the variables that are important for your property and look to see if you are able to find correlations in the data. For example, you might be able to find that age group X stays longer than age group Y. Then you can look at what percentage of your community is age group Y, when they’re likely to move out, and how much you’ll need to budget to fill those units. Essentially, this data can help you plan ahead and could also help mitigate surprises such as a dip in leasing.
- Thanks to the web, there is a ton of resident and prospect data available to us today. It can easily become overwhelming. In order to make the best use of your data, narrow your focus by first identifying your goals. Once you’ve identified your goals, identify the metrics that relate to that goal, and finally, identify the data that relates to those metrics.
Experiencing the Brand Everywhere: Making 100% Integration A Reality to Boost the User Experience
- “What we’re selling at Drybar is a feeling and an experience.” – Michael Landau, Drybar Co-Founder. Experience is made up of hundreds of carefully created touchpoints that make each customers visit memorable. Identify and perfect your touchpoints.
- Create a purpose-focused brand by putting the “why” at the center of your brand. Once you figure out your “why”, then you can determine your “how”, “what” and “who”.
- Identify your customer’s mindset, then transform your brand to meet their needs. Engage them with marketing, activate them with education, then measure your results.
Push-Button Fabulous: Third-Party Lifestyle Services
- Select vendors that serve your residents, fit your brand, and integrate well with your systems.
- How to do a small-scale rollout: identify a test community, set roll-out goals and expectations, give it 90 days, and continue to engage along the way. (Don’t set it and forget it.)
- Make decisions that bring value to residents, the community and the owner.
Consumer Neuroscience and Marketing Effectiveness
- Campaigns that expose your content to consumers over an extended period of time, such as a drip email marketing campaign, activate the brain’s retrieval practice response that says, “Oh yeah I remember that.”
- If a resident makes three or more friends in their community, their likelihood of renewing their lease is around 70% versus 30% if they don’t have any friends.
- Eye-tracking technology has shown that consumer’s engagement in video marketing increases when people are used in the video.
- UDR and Equity Residential are two companies that have redesigned their home pages to show one simple call-to-action: Where do you want to live? It’s actually good to use one call-to-action and to use white (negative) space on your website. People hate complexity. Sometimes people fail to check out on your website because there are too many steps to get there.
- Brands tend to like curvature versus harsh angles. People are more emotionally engaged with things that are less angular.