Marketing Trends During COVID-19
Multifamily Housing (MFH) Marketing Trends
In an effort to help the multi–family housing (MFH) industry as a whole, Nurture Boss has collected important MFH marketing statistics and trends. This critical COVID-19 information, found in our MFH Marketing Trends Report, will help you successfully market to your future and existing tenants.
In addition to pulling this data, we’ve compiled an ideal list of responses/actions that your properties can take to stay ahead of the curve.
In a recent study performed by 2ndKitchen “56% of tenants say they are looking for a new unit”. Understanding the why behind this statistic allows us to meet it head on. “More space” is the primary reason this 56% is looking elsewhere. Creating marketing material for your larger floor plans and advertising your WFH amenities, such as conference rooms and built–in desks, is a great way to work in tandem with this statistic.
A recent study by GlobalWebIndex shows, as of March 2020, there has been a worldwide increase in media device usage among internet users due to the coronavirus outbreak. 70% of that increase was done through mobile devices. So we should ask ourselves: are we marketing directly to mobile? Are we leveraging SMS communication and does our website have a mobile friendly experience? Understanding where to meet our prospects makes all the difference.
Email Marketing Trends
According to a recent study by Campaign Monitor, email open rates still remain around 17.8% with a low 2.6% click through rate. Which is relatively unchanged since the previous year. Is email marketing your primary method of follow up? Are you leveraging nurture methods with higher engagement rates to ensure no leases are being left on the table?
Text Message Marketing Trends
Text message marketing has become more popular in the last few years and continues to be one of the best methods for future resident and current resident communication. Open rates on text messages come in at 98% with a high click through rate of 58%. We are also seeing a 5% click to call rate as well as a 5% online application rate when information is sent via text message through Nurture Boss.
Now that you’re up to speed with the latest trends and statistics, what are you doing to account for this information when implementing your marketing strategies? In our latest MFH Marketing Trends Report we discuss how you can leverage this information to gain future residents and reduce resident turnover.