5 Things to Know About Marketing in 2023
Boost Your ROI in 2023
By Kori Covrigaru
In today’s world, marketing is no longer just about getting people to your property for viewing. It is about creating an experience that engages them at every point on their journey.
According to the New York Times, single-family rental homes accounted for 35% of the 44 million rental units in the United States in 2021. This means the world of property management keeps growing. Marketing has undergone a more radical transformation in the past decade than in the previous century. By 2023, marketing will be even more data-driven and personalized than today—and only continue to evolve from there. Here are the 5 things to know about marketing in 2023.
Community-Based Marketing
Community-based marketing is the most effective way to reach your target audience and influence their buying decisions. It is a strategy that can be implemented at every stage of the sales funnel, and it works by establishing a relationship between you and your target customers. For this kind of marketing, you give your customers a voice and a degree of agency.
Above all, community-based marketing focuses on building relationships with customers and stakeholders in your community by providing them with exact value rather than just selling them things. Symbiotic relationships make customers share satisfactory experiences with others—according to Duel, 72% of customers share good experiences with others. The newly rolled out Whatsapp community feature, where communities can be created, and in-chat polls added, is an excellent medium to leverage for marketing departments of property management companies.
Conversational Marketing
Conversational marketing is a crucial part of the future of marketing that focuses on building relationships with customers rather than pushing products. It can be used to build awareness for your brand and drive conversions. The idea of conversational marketing borders on providing a personalized experience for customers or potential customers.
According to Drift, the demand for immediate communication has grown yearly by an average of 64%. When it comes to property management, conversational marketing has a lot of potential benefits. You can use it to connect with customers before renting from you and then keep them connected after the move-in process. This relationship building can make you more competitive in an already competitive market, allowing you to charge higher rents and attract top tenants.
Marketing to Gen Z vs. Millennials
Gen Zers and Millennials are two of the most important groups to consider when marketing your products. They are both very different from each other, but they also have some things in common. Both groups have grown up with technology and have been shaped by it differently, so it’s important to know how to market to them as separate groups. The best way to market to Gen Zers is through social media platforms where they can see how involved your brand is with current events and causes. If you can show them your brand has a purpose beyond itself, they’ll be more likely to want what you offer.
Millennials are likelier to choose products based on brand reputation than price or quality. This means that if you want to market towards them effectively, it is important that your brand has a good reputation and communicates its values clearly through its messaging and visuals.
As a property management company, you must understand how to market to Millennials and Gen Zers. This allows your company to offer better customer service and ensure that your customers always feel heard.
User-Generated Content
User-generated content—UGC for short—is precisely what it sounds like: content created by your users. It can be a review of your product or service, a photo of them using your product or service in their home, or even a video testimonial explaining why they love your brand. When you produce UGC, you do not only get free exposure. You also provide consumers a chance to share their stories with others and encourage them to think about your company when they need a comparable service.
Cohesive Customer Experiences
Cohesive customer experiences are the holy grail of marketing. It means that you are creating a consistent customer experience across all your marketing channels—from your website to your email campaigns to your social media presence. Property management companies must give prominence to how the customer reacts or feels through their customer journey map. Below is a visual representation of the customer journey map:
Cohesive experiences help create brand loyalty. When people have an excellent first impression of your brand, they are more likely to return for future interactions. A cohesive experience provides consistency across all touchpoints, so there is no doubt about where to go next time you need something from your property management company.
Marketing is integral to running a successful property management company. It is not something you can ignore and hope for the best. So, for property management companies, knowing the top marketing trends in 2023 will boost your ROI. For more information on how to increase ROI, please visit www.planomatic.com/roi-study/.
