Multifamily marketing can be a true mixed bag of ideas, utilizing a variety of tools to get the word out about your properties. Everything from online listings to signage to t-shirts and brochures; there’s a lot of stuff (for lack of a better word) to keep track of. And while it seems like you may have your tactical approach under control, the time and energy it takes to manage the execution details of your marketing plan can be overwhelming…and take you away from the more strategic part of your job.
When you consider the benefits of working with a Centralized Marketing Platform (CMP), it can make all the difference in the time management of your day-to-day operations. A CMP is a simple, yet extremely efficient way for you to focus on priorities like occupancy and resident retention, instead of being overwhelmed by the administrative details behind the production of products that increase foot traffic to and awareness of your properties.
A CMP is the solution. The single supply chain that allows you to execute marketing strategy. It doesn’t replace strategic planning or the creative process, but provides tools so you don’t have to reinvent the wheel every time. These include a Smart Store, purchasing guide, dedicated account team and performance metrics to simplify the logistics and in turn, save you valuable time and money in executing your marketing tactics.
Consider the following five ways that a CMP is different – giving you the ability to increase efficiency and demand for your property and in turn, increase NOI – compared to what you’re currently doing.
Difference-maker #1: Volume Buying Power
Your current situation –The logistics of working with multiple vendors on a case-by case basis is sapping your time and budget on a regular basis. Tracking multiple invoices to control marketing spend takes you away from priorities like lead generation and maintaining occupancy levels.
The CMP difference – Utilizing the volume buying power through your CMP saves time and money. Prices for all marketing materials are pre-negotiated and maintain the consistent branding standards of your properties. If you consider an annual marketing materials spend of $750,000, the savings rate gained from a CMP can result in a 15% savings.
Difference-maker #2: Reduce the Pain of Turnover
Your current situation – Turnover is inevitable in the multifamily business, and onboarding new managers can take an extreme amount of time and energy. This is especially true if your marketing managers utilize templates or designers spread across multiple markets and vendors.
The CMP difference – A CMP builds an ease of marketing execution – for any manager – into one single platform. The inherent pain of turnover is reduced significantly knowing all of the marketing items are at the fingertips of the new manager. This results in less onboarding time wasted and gives your new manager the ability to more quickly focus on lead generation and increasing foot traffic for your communities.
Difference-maker #3: More Control and Improved Brand Consistency
Your current situation – Many times, Regional Marketing Managers and Property Managers spend way too much time on tactical administration, vendor management and the mechanics of executing property promotions. The problems that result in inconsistent brand image (think photo-copied property brochure) can have a profoundly negative effect on your image.
The CMP difference – Utilizing the simple “one-click” ordering with preset templates personalized to each property’s brand saves time and allows for staff cost savings. Access to your CMP tools can be made available to both regional marketing managers and individual property managers or leasing associates. As a result, Regional Marketing Managers can handle more communities, and Property Managers can execute leasing activities more swiftly, enabling wider spans of control while improving brand consistency.
Difference-maker #4: Acquisition Support
Your current situation – Acquiring a new property and/or client is an important part of your overall business strategy, and unfortunately, your marketing managers and leasing associates are “drowning in the details” of converting new properties and clients to reflect your brand image.
The CMP difference – A CMP can be setup to easily and efficiently create and deliver all of the detailed marketing materials to support the acquisition in a timely manner. This allows for a quicker turnaround time to market, and increases your manager’s ability to generate qualified leads within your new community sooner.
Difference-maker #5: Win the Battle of Hidden Costs
Your current situation – Operating expenses continue to rise; yet a typical Regional Marketing Manager convinces operators that the “flexibility” of a decentralized marketing system is the best option. In turn, the hidden costs of working with local vendors – things like recurring setup fees, rush shipping charges, the lack of a competitive bidding process and loss of buying power – are increasing marketing spend, vendor management and creating brand inconsistency.
The CMP difference – When you employ only one source for all of your marketing materials, this not only creates brand consistency and reduces expenses through bulk pricing, it increases the quality of each and every item. More importantly, this creates increased insight, visibility and control within your budget and aids in budget planning.
Working with a CMP can transform the way your marketing plan is executed within your communities. Through it’s simple, easy-to-use application, the effective marketing of your properties increases overall efficiency, works to increase foot traffic and therefore demand for your properties, and in the long-run, increases NOI.
Gain greater insights on CMP efficiency here!