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TC AM 004 - Launch News, TC Live, and 2023 Marketing
A big announcement, an upcoming Live, and 2023 marketing
Welcome to the fresh faces in the development and multifamily worlds who found us last week! Join other smart, curious folks by subscribing below.
Good Morning 👋 – Chris here.
Welcome to the Transforming Cities A.M. Edition.
A simple Saturday read in under 5 minutes.
Smarter Living Podcast Network
This network will become your one-stop destination for content across the entire Multifamily industry. Just think - a single source for important topics like:
Learning & Education
Follow along for more formal details, a virtual launch party, contributing podcast announcements, and more.
Transforming Cities Live
We'll dive into their co-led Shortstack development process: what it is, what it means for housing, and why it differs from anything else. This will be an enjoyable topic to cover!
Join us for a great conversation and Q&A from you on March 7 at 10AM MST.
The 2023 Marketing Mindset
Over the last 6 months, the sales process for new property marketing projects has shifted. Developers, owners, and fellow marketers are asking more questions about KPIs and ROI than ever.
This isn't 2019 anymore. Money is tight, so naturally, everything finds itself under a microscope.
I used to try and answer this question with a passion.
My Type A, Enneagram 1 self loves to figure it out and stand by a solution. I'd do my best to reassure by reviewing what we know about the location, the expected audience, unit sizes, rents, etc.
I would also reference stats and spitball numbers based on previous projects. It was a big game of hypotheticals.
But it's a losing battle. And it will be for you, too.
I was reminded recently that a 13-year-old can capture, edit, and post a TikTok video that gets 5,000 views and hundreds of engaged comments in an afternoon.
As professionals, that can be disheartening to reflect on when we consider that a beautifully designed multi-million dollar property often only sees a few hundred leads.
So no matter what I say about KPIs, I know I'm dead in the water when that type of media expectation is normalized today.
Developers, owners, and operators see a landscape of virality, views, and engagement daily.
"I want that," they (understandably) think.
Back to real estate, though.
How does this relate to property marketing?
And how does it work when there is a renewed drive to see results in a budget-conscious and fickle capital environment?
I think it requires a reframing of our new 2023 reality.
Right away, I use this question to share my point of view on property marketing and its impact on an organization's overall marketing strategy.
It's not one thing or two things. It must be a global approach that the entire organization agrees to.
What are two ways we can view the ROI of our marketing efforts?
One involves "KPIs," and the other does not.
First, you can measure the impact of your work by looking at soft metrics. Metrics that are often observed or self-reported:
Mentions (social, email, DM)
Leasing Engagement (emails, calls)
Revenue (this is a must-ask question today)
The second way to evaluate marketing ROI has nothing to do with metrics. For this, we turn to the evaluation of process and efficiency.
A single thoughtfully executed pre-leasing effort can unlock many time-saving pieces of the corporate process:
An email newsletter system, workflow, and distribution list primed for all future initiatives.
A roadmap for all organic social distribution.
A framework for content calendars that the organization can "press repeat" on.
A growing list of interested renters that can be blended into future marketing campaigns - property or corporate-specific.
Activation strategies that can be used as internal IP moving into subsequent properties.
Most items listed above are created in a company vacuum if no process or bigger picture is defined.
In other words, there's a tendency to recreate the wheel every time.
New brand approaches, new email campaign tools, new opinions on data, etc. A revolving door each time a property needs to find success.
So, when we think about KPIs and the ROI of marketing a property in today's world, it's not binary.
The renter today is more sophisticated than ever and can't be bought through an ad.
They want to understand the story of where they will be putting down roots, spending tens of thousands of dollars, laughing and crying, and, more generally, doing life.
That decision, today, is about more than a KPI.
It's about a thoughtful brand and property design with the renter in mind. It's about making that property easily discoverable and consumable. And it's about finding clever ways to be top of mind and in the running.
It's not just Google Analytics.
It's some data and a lot more about having your finger on the pulse.
Self-reported attribution and gaining clarity in a buyer's journey will be the new secret sauce for savvy marketers in the coming years.
We already see it happening today.
That's all for this Saturday.
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My eyes are open for feedback, too. Let me know what content you enjoy and want more of. And, of course, what you find less valuable.
See you again next week.
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