Multifamily Preleasing: Interactive is a Great Tool!

Today's renter economy is strong enough -- in many areas-- that preleasing is gaining popularity as part of a multifamily property's revenue management strategy. 

In evaluating a prelease strategy, we'd like to suggest several ideas to consider after you've determined property specifics, audience, features, amenities and the like. We think they'll make your marketing process more effective as you reach out to your audience and enable them to better see your property's value (and values!).

(1) Use Interactive In Your Messaging -- Start Branding: Of course, you've considered your audience but..we're suggesting a bit more as you evaluate marketing messages to the audience.  Are you thinking, Gen X, Gen Y, Boomers ... does it really matter? 

Recent studies suggest that all 3 demographics have much in common (the "Connected Consumer" isn't limited to only Gen Y, for example).  And, your "most connected" consumers are women..regardless of age group.

 

While Gen Y has grown up in the digital age and are recognized as comfortable with technology, there are unique opportunities with interactive systems (large touchscreens and tablets) to connect with all audiences.

Today's consumer wants immediate information. Interactive touchscreens respond to their particular interest. 

Does your visitor want to see if their furniture fits into the your 2 bedroom unit  (which they can't visit)? CPS' interactive SalesTouch Move it/Move it feature allows consumers to select from a "sized" furniture palette and move furniture into the unit.

What about your building's amenities? The pool; the clubhouse; the fitness center -- all still to be built What will they look like?

Neighborhood? Will there be a local coffee shop? How about restaurants in the area?

Key to providing information is making it actionable: provide a way for your visitors to imagine visiting the coffee shop (how about an exterior image) or visiting a new restaurant (highlighting the "best" menu item) or riding the bike trail (how about the sunset along the river?). 

Pre-leasing works best when your audience -- boomers, Gen X, millennials -- can imagine living in your building, the selected unit and the neighborhood.  Interactive touch systems let your visitors start telling stories about how the property will meet their objectives! And, you're building your brand in the process.

(2) Energize Your "Green" Messaging: Study after study suggests Gen Y will spend if a product is shown to be cost effective and eco-friendly.  The latest consumer neuroscience studies suggest boomers appreciate marketing messages illustrating what value will be gained.  Highlighting green's cost-effectiveness is a powerful marketing message for all audiences.

And, while there are lots of "big ticket" green products, your message can highlight that it's the little things that count, too.

Do you have a "green" strategy?  Use your touchscreens and tablets to leverage that message.  Start your eco-friendly messaging at the pre-lease process --  highlighting unit features such as low-flow faucet/toilets, energy efficient appliances and low-e windows.

Build on it with the little things that are part of your pre-leasing process: CPS' SalesTouch offers e-brochures and prints brochures "on demand" and only the desired floorplans.

Add-on with features that come as a result of move-in: e-leases/renewals, streamlined recycling programs..maybe even a community garden.

Keep all of this information in front of your prospects as they're touching to discover your property's amenities and your brand.  Touch is powerful; neuroscience tells us touching a monitor generates completely different brain processes than using a mouse.  If you'd like information regarding CPS' interactive touchscreen system, SalesTouch, plrease visit our website, www.cpsusa.com.

55+: Ideas to Fine-Tune Your Marketing Messages

Many marketing studies (and our own Solutions blog!) spend quite a bit of time talking about the Gen X and Gen Y audience.

As they should: these demographic groups constitute a significant buying segment in today's economy -- whether you're selling big ticket items such as homes and cars or day-to-day products including cable, groceries and cell phone plans.

Interactive touchscreens, CRM: nuanced messaging!

Nevertheless, the Baby Boomer generation is still a noteworthy demographic in terms of purchasing power; fresh insights, based upon Nielsen NeuroFocus consumer neuroscience research, suggest revisiting preconceptions and marketing approaches for this demographic.

In essence, mature minds respond differently to messages, input and information.  Differently doesn't mean less or slower or diminished.

No one wants to be considered "old" or be treated as such -- particularly this generation.  60 is the new 50, right?  Stereotyping doesn't work.

But, did you know that mature brains respond better to positive advertising messages and actually have broader attention spans than Gen X and Y? This enhanced attention span suggests more nuanced messaging is not only appreciated but critical. 

Nuanced shouldn't suggest busy or overly-detailed, however; this generation doesn't like clutter or rapidly changing graphics/information. Progressive Grocer's Boomer Brain Marketing Assumptions: Think Again article suggests, "While the messaging can be complex, the delivery and format should be simple."

Implications for your marketing efforts? Imagine you're 55+ (and take the above comments into consideration): when viewing the Colonial Heritage interactive touchscreen "welcome" image, what message do you take away?  Engaging, peaceful, serene, inviting?  Wouldn't you like to explore more?

Interactive touchscreen sales tools respond very well for this generation: the delivery and format can be specifically designed and consumers are able to progress through your marketing information at their own speed.

Consider your CRM activities, too.  Make your product "top of mind" with easy-to-recall messages -- and utilize an automated CRM system providing repeated follow-up with your prospects.  Keep the messaging positive and highlight what your consumer will gain with the purchase.

Boomers might be a consumer segment frequently overlooked; nevertheless, they continue to exert a major marketplace influence in terms of purchasing power.  Enhance your impact with nuanced messaging!

Interested in exploring how to enhance your marketing program to better respond to not only Boomers but Gen X and Y? We'd love to talk to you regarding SalesTouch and CRM 2.0 software products!

Your sales office provides a distinct home-field advantage!

Earlier this week, our CPS Solutions blog talked about marketing studies indicating that regardless of product -- that is, whether it is consumer electronics, cars or new homes, for example -- women are emerging as the primary role in decision-making.

We'd like to highlight another set of marketing data suggesting that even the most "dialed-in" retail locations (and..we're all retailers at heart..wouldn't you agree?) have room to improve their actual physical location as a place of engagement.  We're going to provide several ideas to consider-- and they're completely different from yesterday's Relater Suggestions #1 and #2!

In-house Idea #1: Be Bold and Strategic with Signage:

It bears repeating over and over...the mere fact a consumer walks through your doors indicates a level of interest in your product.  The good news is you have a physical location for prospects to visit and it is up to you to maximize its marketing value!

We spend a lot of time in this blog talking about interactive touchscreens and they're certainly a way to go Bold and Strategic!  Interactive touchscreens engage prospects from the minute they walk in your door -- and they're great conversation starters.

Small sales trailer goes Bold & Strategic with Signage!

They're other ways to go Bold, however, and several are probably well within your control.

No doubt, you'd like to engage your prospects and get them involved with your brand.  How visible are your calls to action?  Do you make connecting (via Facebook or other digital channels) clear and straightforward?

How about your prospect registration cards?  Do you "just" ask for information or do you include a QR code or piece of information found only on the card? Try kicking-up this process!  Think about the reg card as a means of two-way communication.

What about business cards?  Some might find them "old school" but..why not have them located so it is easy to pick one up?  Many times, business cards are put away in a desk or placed in some obscure location.

Selling new homes? Try putting a different piece of information along with your card in each model!  Mary Smith might not be interested in the rec center highlighted in Plan 2 but..very interested in the school information located in Plan 4.  Who knows what the next visitor will find interesting but..you're making an effort to reach out, offer something of unique interest and your contact info is attached to all of it! 

Did you know people find thowing out a business card with a photo very difficult?

Remember: your location provides you with a distinct home-field advantage.  Put it to good use!









HomeBuilder CMO's: Your Construction Team Can Help!

The rapidly changing relationship between marketing and technology has been discussed by many; we found an interesting article summarizing an IBM study analyzing CMO issues. We think there's an opportunityto utilize technology employed by your construction team to help address the areas highlighted as CMO concerns:

(1) data explosion and social media;
(2) growth of channel/device choices; and
(3) shifting consumer demographics.

What do you think?  Are these your concerns? And.. are we serious about how your construction team might help?  Absolutely!

Live from your job-site: relevant and engaging content!

We like to think your construction team can help you deliver value to your customers and help create lasting relationships with your customers, as well.  How?  By taking advantage of recent construction scheduling software features utilizing new devices mentioned in #2 (above). 

Encourage your Field Managers to take "stage of construction" photos or video.  CPS FieldConnect Mobile makes it easy to email those immediately -- from the jobsite. Then, post those images on your website! 

Have a special "behind the scenes" story to tell?  Going green in terms of materials or processes?  Here's a unique, up-to-the minute way to tell your story! And, these stories will help you stand out -- both to potential and current buyers.

Social media (#1 on the list) is another great location for these stories.  Post Lot #12's grading photo; there's no doubt Lot 12's buyer will re-post it on his/her Facebook page, too!  Now, your buyers are joining your marketing team; and they're telling your story!

Did you know over 60% of Millennial (aren't they are large component of #3 above?) social media users will look-up a brand mentioned on a friend's page? You've just expanded your marketing reach -- not only in sheer numbers but to a demographic that is very relevant in today's market.  And, you've made a huge step in keeping them engaged; who knows when you'll post another image or aticle directly relevant to them? 

Try it; let us know how your content is becoming more relevant, more appealing and helping address those concerns outlined above.  Want more information about CPSFieldConnect Mobile?  We can help there, too!

Student Housing Leasing Offices: Great Venue for Interactive

Over the last decade, student housing has undergone a significant transformation.  Back in the day, universities (both public and private) housed almost all students on campus -- in dormitories and houses.  Married and graduate student housing demand emerged in the 50's and 60's; university-built apartment complexes met this need.  In the early/mid 70's, universities started adding apartment complexes designed for undergraduate students to meet demand for "non-traditional" housing.

Student Housing: Interactive Kiosks Meet Leasing Office Demands

Now, we've seen the transition towards private companies providing housing for all student groups.  Many institutions built and/or remodeled their traditional offerings around the Baby Boomer growth period.  Now, their complexes are aging and "in competition" with housing choices offered off-campus.  While "power houses" such as Harvard and Stanford might not find this an issue, Bill Bayless, CEO at REIT American Campus Communities, notes in Builder, "Colleges and universities, in order to recruit and retain students, need market-based solutions acceptable to today's customers."

Market-based solutions allow colleges/universities to allocate their ever-tighter budget dollars to their core mission: education.  As student "consumers" look for housing options, many schools find themselves unable and/or unwilling to compete.  Yet, housing is critical to the institutions's marketability.  Tom Trubiana, Chief Investment Officer at REIT EdR says, "Schools are looking for solutions to fulfill their commitment to students.  They're looking to the private sector, which can go out to the capital markets and raise funds."

As a result of this change, "student housing" is seeing the addition of features and amenities typically associated with "market" housing.  Mike Harnett, Pulte's chief investment officer, suggests "resort-style student housing" is becoming the norm -- and this is similar to housing provided by Pulte in its Del Webb communities. “It’s about high-touch, hospitality, and lifestyle,” he says.

The leasing process is somewhat unique in this market niche.  Students might reserve popular locations a year (or more) in advance.  At the same time, there's a tremendous "rush" at certain times in the year.  Just as complexes are changing, the leasing office must adapt, as well.  We're seeing the addition of interactive touchscreen kiosks and tablets to provide a quick overview of what's available to lease (and when), property highlights and surrounding local "hot spots" including dining, shopping and hotels for parents to use when visiting!

Marketing Housing to Millennials? Product Info as Key

No doubt, you've run across an article or two (maybe twenty??) about marketing to Millennials.  Sometimes referred to as Generation Y or the Echo Boomers, Millennials are the demographic group following Generation X.  Born somewhere between the late 70's and early 2000's, members of this generation are known for their increased use and familiarity with communications, media and digital technologies.

CPS' interactive touchscreen: information, authenticity, quality

Although not large as the Baby Boom generation, Millennials are a significant part of today's economy -- which makes sense as they're in their prime "purchasing" years.  As a result, all sorts of marketing types are joining Millennial parents in trying to determine what influences their decisions! 

Pamela Marsh and Erin Bilezikjian-Johnson (referred to as M and BJ hereinafter) were interviewed for an Advertising Age article regarding Millennial "shopping habits." There were several interesting comments that are worth considering if you are related to a homebuilder or multifamily marketing team.  Then, it might be worth evaluating how your marketing approach meets the Millennial's "shopping" process.

First, M and BJ note there is the myth of Millennial "impulsiveness" regarding decisions.  Their analysis suggests the reverse, "Millennials spend time and effort researching products and services."  Millennials read reviews, talk to people and place a tremendous amount of value in shared information, experiences and references (frequently, via social media). 

This result suggests providing information is a critical marketing objective as is encouraging sharing and making acquisition of shared experiences and materials part of your marketing process. 

Second, look back to the first comment and revisit the concept of shared: Millennials "helicopter" each other; they tell stories about their experiences, provide details about prices and  highlight both good and bad purchases.  And, most of the time, they're using technology to helicopter.

This suggests facilitating stories is a great marketing process -- visually encouraginh your prospects and buyers to re-visit your sales/leasing centers, providing a "gathering" piece of technology such as a touchscreen to encourage conversation about the experience of living there and making purchases, and making sure you've maximized your social media presence in terms of story-telling.

Finally, even though Millennials are very tech-savvy, they're open to having relationships with brands.  However, the brand needs to meet several key criteria, according to M and BJ, including authenticity, affordability and quality.

How are you demonstrating these Millennial-critical qualities in your marketing program?  Take a look at the Whole Foods Market Customer Comment Board (above); they're using an interactive touchscreen system to solicit comments, provide a calendar of events and display the week's current specials (that's authenticity, affordability and quality -- at a touch!).

Shopping & Queues: It's All About Customer Satisfaction

Pete Abila is on point in his May 14, 2012 blog, "What might seem like an obscure topic is actually one in which we are all affected: The Science of Lines."

Everyone has heard the horrors of DMV, airport, Christmas and amusement park lines.  They're long, they're boring, they close just before you get to the end!   We've probably all asked the question, "Isn't there something that can be done to improve this situation?"

QuikLine installation underway: Whole Foods 57th Street NYC

And, from the store/park/agency perspective, the "line" experience (or the "front") is crucial to customer satisfaction levels regarding their entire experience.  In other words, it doesn't matter (or matters less) that you found the bargain of the century if the check-out experience was lousy; the ride might be unbelievable but the entrance system was confusing and...you get the idea. 

Progressive Grocer sums it up pretty well, "75% of shoppers said a positive experience at the front of the supermarket makes their overall opinion of the store 'much better'."

That's a pretty significant number: 75% have a better shopping experience when the checkout process is perceived as good.  Another interesting comment is concern about check out time is so strong that many shoppers, upon entering, will glance at the front and base their shopping experience (time and related $$) on line conditions. 

Sometimes shoppers will "balk" after looking at lines (leaving the experience without a purchase) while some may wait in line for awhile and then leave without finalizing their purchase.  These behaviors are particularly bad news for a retailer: they were not only able to entice a shopper into their store (which took advertising, marketing, location and all sorts of other retail and financial components) but the shopper made positive purchase decisions only to lose the revenue because of a perceived (or actual) wait.

You're no doubt asking, "This should be a no brainer: why isn't the "front" experience better?"  There are several elements to this discussion and they range from mathematical and economics models to psychology:

(1) The tradeoff between cost and service in the "front" experience.  One might suggest a new cashier whenever someone new arrives to check out but..that's really not a reasonable solution given any sort of "cost/benefit" analysis.  There are ways to improve the equation, however!

(2) There are opportunities to implement queue management systems that notify shoppers when a new line is available, direct shoppers to the next available line and clearly identify closed registers.  These systems reduce many of the negatives associated with waiting such as the "unfair" line, questions about which line is faster, etc.

CPS' QuikLine provides all of those features with an administrative process allowing store employees to quickly/easily open new registers, assign registers to "express" categories and create messages.

QuikLine helps resolve a number of shopper "behavioral" concerns about waiting: "unfair" lines (e.g., "Why don't they handle returns in a special area?"); waiting seems longer longer when the end result is unknown ("I can't even see all the lines; some are around the corner or hidden") and "group" waiting's appeal ("I'd rather wait in a single line and know what to expect").

(3) The "wait experience" is capable of moving beyond "clock watching" when process improvements are made.  Why not make the waiting experience informative and/or a revenue opportunity?  It is possible to make a wait feel shorter by providing easy-to pickup items next to the line or running informative video, for example. There will be an immediate impact on both customer satisfaction and revenue!