Geofencing marketing is a powerful tool that can help multifamily marketers target prospective renters using location-based behavior. By creating a virtual boundary around geographic areas, or points of interest (POIs), marketers can send targeted ads to prospective renters who have entered a geofenced area. Yes, that means we can even geofence a competitor property. This allows apartment marketers to drive awareness, website traffic, and foot traffic to their own multifamily properties.
In this guide, we'll delve into the world of geofencing marketing for multifamily marketers, exploring its benefits, how it works, and how it can be used effectively to drive leases and boost occupancy rates.
Geofencing marketing offers numerous benefits for multifamily marketers. Here are some of the most notable advantages:
1 ) Increased Property Visits: Geofencing marketing allows marketers to target users in close proximity to a property, feeder communities, competitor properties, and even top employers, increasing the likelihood that they'll visit and tour the property.
2 ) Better ROI: Geofencing marketing is a cost-effective way to reach potential renters, with a higher average click-through rate. Why? Multifamily marketers can target them based on location-based behavior that shows an intent to rent.
3) Unsaturated Advertising Channel: Geofencing is still an emerging technology and few properties are investing in geofencing technologies which allows them to stand out from their competitors.
Geofencing marketing for multifamily marketers involves three key components: the geofence, the exposure, and the reporting.
The Geofence: This is a virtual boundary created around a specific geographic area such as a competitor's property or feeder communities identified from historical (and anonymous) mobile location-based data. ApartmentGeofencing.com provides comprehensive prospect research to gather high-converting points of interest via its Placer.ai partnership.
The Exposure: Qualified prospective renters receive digital display banner ads on their favorite apps and websites. Additionally, with ApartmentGeofencing.com, clients can allocate a budget to target prospective renters via streaming TV.
Inclusively, ApartmentGeofencing.com has also rolled out cost-effective AI-generated videos and commercials for multifamily clients. Learn more.
With streaming TV, clients will have the opportunity to showcase their property on popular streaming channels such as Peacock TV, ESPN, Hulu, MTV, and many more!
The Reporting: ApartmentGeofencing.com provides a live dashboard available for clients to check on their campaigns to track the ROI of their geofencing campaigns. Track website traffic and foot traffic conversions 24/7 with access to your own dashboard link. Our data team will provide recurring reports and provide optimization recommendations so that your campaigns remain responsive to changes in traffic behavior and seasonality.
To make the most of geofencing marketing, multifamily marketers should follow these best practices:
1 ) Define Your Target Audience: Identify the renters you want to target and create geofences around locations where they are likely to be, such as nearby competitors or popular amenities.
2) Create Compelling Messaging: Craft messaging that is personalized, engaging, and relevant to the user's location and behavior, highlighting the unique features and amenities of the property.
3) Set Clear Objectives: Define your goals for geofencing marketing, such as driving property visits, increasing leases, or building brand awareness.
4) Monitor and Optimize: Monitor your geofencing campaigns regularly and make adjustments based on performance data to improve ROI and drive better results.
Geofencing marketing is a powerful tool that can help multifamily marketers increase property visits, drive leases, and boost occupancy rates. By following best practices and creating compelling messaging, multifamily marketers can effectively leverage geofencing marketing to engage qualified potential renters and deliver location-based, targeted messaging that can help drives leases and build brand awareness for multifamily properties.
If you're a forward-thinking multifamily marketer looking to gain more exposure for your multifamily property, book a quick discovery call with us to learn more.
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