Geofencing Focuses on Branding & Awareness
First, it's important to understand that cost per lease is a typical metric for bottom-of-the-funnel tactics like search and ILSs. Geofencing is different in that it expands your reach out to people beyond those who are actively looking for apartments to a much larger group of prospective renters. Geofencing focuses on branding and awareness. The goal is to drive more people into the conversion part of the funnel so you get more leads from search and ILSs.
Website Visits & Conversion Zones
Geofencing is based on mobile device ID, which is an anonymous number associated with every device. Due to privacy restrictions, we can’t capture their name, mobile number or other PII (personal identifiable information) and do a match back to determine the number of leases. What we do know is that a particular mobile device was captured in a target zone, was shown the ads, may have clicked on them to go to your website and then came to the conversion zone. This allows us to know our ads are getting in front of the right people and to optimize the campaigns for better performance.
So, What Does That Mean?
Geofencing is a piece of the overall marketing pie and should be compared to your other branding and awareness tactics like paid and organic social and even Out of Home (OOH) signage.