Multifamily Executive, October 4th, Featuring Mill Creek Senior Brand Manager, Cassie Khaing
Apartment marketers don't just create flyers and boost your property's curb appeal anymore. As their role has evolved, they've become critical revenue drivers.
Marketing folks have traditionally been known within the multifamily industry as the team that creates flyers and increases a property’s curb appeal. But this view has been changing over the past several years at multifamily companies across the country.
Advances in technology and communications have triggered a dynamic change in resident behavior and the way customers search for apartment homes. These changes have, understandably, forced a corresponding evolution in the role of marketing to occur. More than ever, marketers today contribute to the strategic process behind a development, supporting pricing and revenue goals and partnering with operations in a more analytical way.
“As marketers become more involved in pricing, IT, and new initiatives, we’re being viewed as less of a cost center,” says Beth Tuttle, vice president of marketing for LMC. “We’re becoming more tech-savvy and getting involved on so many different levels. It’s not just making flyers and creating Facebook pages anymore. The more data-driven and analytical we get, the easier it is to be seen as an extension of the operations team.”
From Cost Center to Revenue Driver As big data and analytics allow marketers to better understand the customer journey and leverage that information into meaningful strategic opportunities, it becomes natural for the marketing team to become involved in the pricing process and other key operational functions. As that transformation continues, marketers are slowly starting to be viewed as ROI drivers for apartment firms.
“Consumers are typically conducting their searches online using multiple sources and crossing multiple channels, and they’re visiting apartment communities in person during the final leg of their search,” says Jennifer Anderson, director of B2B marketing for RentPath, who designed and developed the organization’s revenue marketing strategy. “Marketers are closest to the digital marketplace; they’re best positioned to understand how to drive revenue in this new world.”
That’s not to say all previous marketing functions have become obsolete.
“We’re still providing operations with traditional media, just in a different way. We’ve created access to self-serve tools to streamline the process for the on-site teams,” says Cassie Khaing, senior brand manager for Mill Creek Residential. “This allows us to spend more time partnering with the operations team to maximize online campaigns and generate cost-effective traffic.”
Full MFE article here.