{"id":18270,"date":"2017-07-07T05:00:49","date_gmt":"2017-07-07T12:00:49","guid":{"rendered":"http:\/\/www.yardi.com\/blog\/?p=18270"},"modified":"2020-12-24T22:22:42","modified_gmt":"2020-12-25T06:22:42","slug":"18270","status":"publish","type":"post","link":"https:\/\/www.yardi.com\/blog\/18270\/","title":{"rendered":"Optimizing Data"},"content":{"rendered":"

Yesterday, we laid the foundations of a strong online presence<\/a>. We now continue with how to gather insights from analytics to inform marketing and retention decisions.\"naa2017\"<\/a><\/p>\n

    \n
  1. Micro-Adjustments Lead to Success<\/strong><\/li>\n<\/ol>\n

    When vacancy rates inch upward, resist the urge to slash prices. \u201cPrice should be the last negotiable item, not the first,\u201d advises Sawh.<\/p>\n

    Examine your SEM data, which will show leads generated and which keywords drive conversions. \u00a0Use that information to adjust pay-per-click ads, the easiest marketing factor to manipulate.<\/p>\n

    In a case study, Bell needed to fill several 2-bedroom units. Data revealed that people who visited the website\u2019s Pets page were most likely to reach goal completion. The team marketed 2-bedroom units to pet lovers to successfully fill the units.<\/p>\n

    You can also make adjustments based on prospects\u2019 objections to visits and objections to leasing.<\/p>\n

      \n
    1. Leverage Soft Data
      \n<\/strong><\/li>\n<\/ol>\n

      \u201cBusiness intelligence tools<\/a> can give you a purview in but it doesn\u2019t tell you the story. Customer insight is the soft data, the human touch,\u201d says Weaver.<\/p>\n

      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.<\/p>\n

      Use data gleaned from ORM to tweak the resident and prospect experience. If several reviews indicate that the marketing doesn\u2019t match the product, for example, it\u2019s time to update your gallery and re-examine your marketing message.<\/p>\n

      With prospects, poor follow-through lets many conversions slip away. \u201cIt will take eight times of someone telling you no before they say yes,\u201d explains Norbury. \u201cThree points of contact aren\u2019t enough.\u201d<\/p>\n

      \u201cWhat we tend to forget is that we paid, maybe $20, for the phone to ring. If we don\u2019t answer or don\u2019t give our best performance, we wasted $20. People are afraid to communicate, afraid of rejection. But you\u2019ve got to make that connection. Go through your prospects and call or email them until they tell you to stop,\u201d advises Weaver.<\/p>\n

      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.<\/p>\n

      \u201c[Rotating consultants] lead to two or three fresh leases in a day or two. We didn\u2019t spend any more money,\u201d says Weaver.<\/p>\n

      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.<\/p>\n

      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. \u201cThe customers actually liked the color! We would\u2019ve upset the residents without knowing it without those surveys.\u201d<\/p>\n

      For more great multifamily insights, register<\/a> for the 2018 NAA Education Conference & Exposition Exhibitor Summit, September 12-13 at the Omni San Diego in San Diego, CA.<\/p>\n","protected":false},"excerpt":{"rendered":"

      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. \u201cPrice should be the last negotiable item, not the first,\u201d advises Sawh. Examine your […]<\/p>\n","protected":false},"author":440,"featured_media":18272,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_s2mail":"yes","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1440,4],"tags":[289,151,62,29,44,538,40],"class_list":["post-18270","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-marketing","category-news","tag-apartments","tag-crm","tag-marketing","tag-multifamily","tag-naa","tag-revenue-management","tag-yardi"],"acf":[],"yoast_head":"\nYardi Blog<\/title>\n<meta name=\"description\" content=\"Yesterday, we laid the foundations of a strong online presence. 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