Can You Calculate a Cost Per Lease From Geofencing?

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Geofencing: An Overview

Are you struggling to generate enough leads for your apartment complex while keeping your cost per lease under control? If so, you may want to consider geofencing. Geofencing is a marketing tactic that uses mobile device IDs to target a specific geographic area and show ads to potential renters in that area. By focusing on branding and awareness, geofencing can help you expand your reach to a larger group of prospective renters, ultimately driving more leads from search and ILSs while reducing your cost per lease.

The Relationship Between Geofencing and Cost per Lease

While cost per lease is a useful metric for measuring the success of bottom-of-the-funnel tactics like search and ILSs, it may not be the best metric to measure the success of geofencing. Geofencing is different from these tactics in that it focuses on branding and awareness. By expanding your reach to a larger group of potential renters, geofencing can drive more people into the conversion funnel, resulting in more leads from search and ILSs and ultimately lowering your cost per lease.

How Do You Measure Geofencing Success?

So, what metrics should you use to measure the success of geofencing? While cost per lease may not be the best metric, website visits and conversion zones are two important metrics to consider. While geofencing captures data based on mobile device IDs, privacy restrictions prevent capturing personal identifiable information like names and mobile numbers. However, geofencing can track when a particular mobile device was captured in a target zone, shown ads, clicked on them to go to your website, and then came to the conversion zone. These metrics allow you to optimize your campaigns for better performance and ensure that your ads are getting in front of the right people, leading to a lower cost per lease.

Comparing Geofencing to Other Branding and Awareness Tactics

Geofencing is just one piece of the overall marketing pie. It should be compared to other branding and awareness tactics like paid and organic social media and Out of Home (OOH) signage. By comparing the performance of these different tactics, you can determine which ones are most effective for your apartment complex. While geofencing can be a powerful tool for generating leads and lowering your cost per lease, it's important to use it in combination with other tactics to create a comprehensive marketing strategy.

How to Use Geofencing to Generate More Leads and Lower Your Cost per Lease

So, how can you use geofencing to generate more leads and drive more conversions while lowering your cost per lease? By focusing on branding and awareness, geofencing can help you expand your reach to a larger group of prospective renters. By getting your ads in front of more people, you can drive more leads from search and ILSs, ultimately leading to more conversions and leases with a lower cost per lease. Remember to focus on metrics like website visits and conversion zones when measuring geofencing success, and optimize your campaigns for better performance.

In conclusion, geofencing is a powerful marketing tactic that can help you expand your reach and generate more leads for your apartment complex. By using it in combination with other branding and awareness tactics, you can create a comprehensive marketing strategy that drives results. Remember to focus on metrics like website visits and conversion zones when measuring geofencing success, and optimize your campaigns for better performance. With the right strategy in place, geofencing can be an effective way to generate more leads and drive more conversions for your apartment complex.