Apartment Blog

Economic times have many businesses thinking twice before they spend their money. However, numerous studies, going back as far as the Great Depression, have shown that maintaining or increasing advertising during tough economic times yields greater results than advertising during good times. According to a recently released article titled, “Advertising in a Recession: In Chaos Lies Opportunity,” advertisers who can maintain or increase their advertising investment will see a greater impact in their advertising. During the recession of the early ’80s, research shows that firms that maintained or increased ad spending during those tough economic times enjoyed significantly higher sales growth, both during the recession and for the next three years versus those that eliminated or decreased advertising.

“In the middle of difficulty lies opportunity”- Albert Einstein

Below you will find ten helpful tips for advertising during tough economic times.

1.      Maintain Quality Customer Service

Current and previous customers are your most valuable asset when the economy’s in a bad place. They already know, like, and trust your business. You can avoid the usual sales and marketing costs to introduce them to your business. Instead of chasing new customers, target the ones you’ve already got. Customer service is even more important in challenging times.

2.      Gain Market Share at Your Competitors’ Expense

During the last recession, McDonald’s almost tripled their advertising campaign at a time when their competitors, namely Burger King, were cutting back. So even though this may seem counter-intuitive, tough economic times may be the time to increase your marketing.

3.      Increase Your Visibility

Consumers don’t stop buying during tough economic times. They may become more selective, but they are still going to buy-most likely from a brand they know. The more visible you are, the more confident your customers and prospects become. By reminding them of your stability and staying power, they will put more trust in your business.

4.      Create Synergy Among Marketing Mediums

Utilize all of your offline and online marketing tools and create synergy between mediums. Enhance your print with text messaging and use streaming video to create a better user experience online. An integrated marketing approach helps to create an overall communication strategy for your target market.

5.      Maximize Your Print Advertising with Mobile Marketing

This can deliver highly personalized and useful information when and where it’s needed. By including a For Rent Magazine^® text messaging keyword on your print or outdoor advertising, you’re allowing prospective renters to reach you 24/7. According to Mobile Marketing Association, 69% of U.S. mobile subscribers use text messaging, with 44% texting daily or weekly. Mobile marketing is on the rise and consumers are conveniently searching for apartments and jobs via mobile Web sites and PDAs.

6.      Enhance Your Internet Marketing with Streaming Video

ForRent.com’s Community Theater^TM video package is an effective Internet marketing alternative allowing you to cost effectively reach hundreds of thousands of prospective renters with our video syndication network. Streaming video has a proven track record to be a successful brand-building medium that has increasingly effective and measurable results. According to comScore Media Metrix, Americans viewed more than 11.4 billion videos for a total duration of 558 million hours during the month of July 2008. 

7.      Build Closer Relationships

The mantra, “It’s not what you know but who you know,” will become more important in tough economic times. Online social networks allow you to actively engage with consumers and deliver messages that are relevant to their changing needs. According to eMarkerter.com, 44% of U.S. consumers used social networking sites at least once a month in 2008. Customers will be looking for those businesses that are still actively engaging with them.

8.      Integrate Community Theater Videos Into Your Social Media Profiles

Through social media, new relationships can be formed between brands, businesses, and consumers which will outlive the economic downturn. Get involved in communities and social networks where your customers are already engaged. Post your Community Theater videos on your apartment community social media profiles such as MySpace^®, Facebook, Twitter and YouTube^TM.

9.      Leverage E-mail Marketing

E-mail marketing will gain market share because marketers can tie them to sales. Use your ForRent.com Community Theater video and send an ePostcard to prospective renters that filled out a guest card on ForRent.com. ForRent.com’s Community E-mailer also allows you to create and send a personalized brochure via E-mail. The power and reach of email has become a must for businesses. It is easy and provides direct interaction with your customers.

10.  Provide Perks

Providing perks to existing customers is good for brand loyalty and can help you achieve brand differentiation. Providing perks to new customers can also provide a leading edge over your competition when it comes to catching the attention of first time customers.  Some example perks are move-in coupons, waiving application fees, rent specials, movie coupons, gas gift cards and more!

New technology combined with traditional marketing methods
generate more leads for property managers

Finding a home is a big decision for potential renters. Property managers should be interested in making this process as seamless as possible. With the emergence of new media putting properties in front of prospective renters quicker than ever, it is important for property managers to take advantage of new, technologically-savvy marketing techniques. While maintaining traditional efforts, to continue generating leads you can utilize all of your offline and online marketing tools and create synergy between mediums. By adding mobile marketing, streaming video and social media to marketing initiatives, property managers have the potential to increase their reach, better identify with the apartment market’s target demographic, and generate more leads from potential renters.

Mobile marketing, such as text messaging, and streaming video can assist your marketing endeavors in many ways. Maximize print advertising with text messaging to create an opportunity for property managers to interact more with their residents—increasing the residents’ brand loyalty in the community and the property management company. Mobile marketing expands marketing reach to all types of media and results in more online conversions. As a marketing tool, streaming video can generate more exposure for property managers and encourage conversation between properties and their potential residents. According to comScore, U.S. Internet users viewed over 11.4 billion online videos during July and 75% of the total U.S. Internet audience viewed online video. Read the full comScore report here.

Social media personalizes the apartment searching process, allowing seekers to become more connected with a property. It offers a variety of marketing avenues for property managers. They can communicate with residents and prospective residents through social networks, blogs, instant messaging, and podcasts. According to the findings of the 2008 Cone Business in Social Media Study, almost 60% of Americans interact with companies on a social media Web site, and one in four interact more than once per week. The survey found that 93% of Americans believe a company should have a presence in social media, while 85% believe a company should not only be present, but should also interact with its consumers via social media.

With the advances made to communication through technology, it is not only important for property managers to deliver their message to potential renters, but to also actively participate in the conversation. Today, that conversation is taking place on social networking sites, blogs and video-sharing sites. These new forms of new media personalize the apartment searching process, allowing seekers to become more connected with a property.