kate good: ads

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Tuesday, August 20, 2013

The Unexpected Email I Received From A Panhanlder Today

When I lived in Chicago I was never comfortable with people on the street asking me for money. I was worried that I was contributing to a bad habit that may have put them on the street or that their story was a fraud. When I was walking the Country Club Plaza in Kansas City, I was told that a certain panhandler sitting near The Cheesecake Factory made over $70,000. While I tried not to pass judgment, I never understood why someone who was that good at asking a stranger for money did not get up and get a job. After all, successful sales people have to ask people they do not know for money all the time! There were times when I thought the "loose change seekers" were better at it than I was.

I have also seen many panhandlers to demonstrate marketing savvy. They know people will read their sign so they put something worth reading. Personally, I respect the signs that make me laugh. Here are some of my favorites:

Today, my view of a panhandler changed when one of them emailed me. For the first time in many years I have a morning routine that includes driving the same route each morning. At one high profile corner there have been two panhandlers who are friendly and creative with their signs. One morning I whipped through the light and saw the sign out of the corner of my eye. The gentleman was asking for money for his BMW fund. I found this to be an example of the strength of the Houston economy and if I were not late for a meeting I would have made a u-turn and snapped a picture for my Facebook status update.

Each day I drove this route I looked for him again. Finally today, the stars aligned and I caught the light while he was standing there with the sign. I figured it would not be nice to take a picture from the inside of my car and not give him money. So, I broke a personal rule and quickly pulled out some dollar bills. I handed them over and asked for a picture.

For the next 30 or so seconds we had a conversation that started with "you get it don't you". In an instant my view of this man changed. He explained that he is a writer and is trying to get noticed. He asked me for a card because he carries on the panhandler tradition of asking strangers for something, in other words, he is a salesperson. At this point my Mother, Linda, is probably thinking she should have told me 1000 more times not to talk to strangers! Well Mom, talking to strangers has pulled me along in life and I felt an instant connection with this one. His name is Tom and he is looking for a job.

I am impressed with the email he sent me. Well written, complementary, researched (made two references to blogs I have written) and effective. His talent is obvious. I hope he finds what he is looking for but I will miss him on the corner.

If you would like to read Tom's blogs, please visit: http://homelesspatriot.blogspot.com/ and http://rogersparkbench.blogspot.com/

Wednesday, September 19, 2012

Did we leave you behind?

I love to study all things marketing and in the past 13 months I have been taking notes about marketing that gets my attention in an age where traditional marketing channels no longer work. Based on my notes, here are three things I am doing in my marketing plans and activities today:

1. Simplify Your Message - Today's consumer is on advertising overload. The days of busy ads selling all things to all people no longer exist. Today, the message the reaches and resonates with the customer is a simplfied one. Stay on target and be clear.

2. Keep it Positive - Everyone likes good news. Fun, happy, positive messages are memorable and welcome in all worlds. Celebrate and enjoy. Pass this along to your target customer and it is contagious.

3. Don't tell people what you sell, tell them why they should buy it. 'Nough said!

Friday, August 17, 2012

Videos That Get Watched

I'm getting requests for my favorite videos I showed during my panel discussion on Videos That Get Watched at the VMS conference. Here ya go! All 6 are worth a look.

http://www.obtampons.ca/apology
If you have not clicked on this one yet....do it and prepare to laugh and the video and marvel at the unique use of technology.

http://www.videobrewery.com/
Video Brewery is like Crowd Spring wh
ere you post a project and people submit storyboards and bids. They are great for creating explainer videos. Check out their gallery.

www.dollarshaveclub.com
Remains the most amazing launch of a business in 2012 by using this one video. However, I wonder what their launch would have looked like if they included a link to action??!!

http://www.youtube.com/watch?v=_u7CnATFJ3o
You know I LOVE the mini cooper peep show. This video became a powerful commercial for the launch of their new topless car. Bada Bing!

http://propertysolutions.com/
My cospeaker showed the video for Entrada, Property Solutions new product. Some behind the scenes info, this was shot for $1,000 plus the price of talent, in their office. Cool! But, I am convinced property management people have better eyewear!

http://www.youtube.com/watch?v=68GNoqB9zSk
Prepare to be moved by this incredible video that Eric Whal and Jon Engles shot and edited in 7 hours. Bravo. It moves me.

Thursday, July 19, 2012

Tactics in New Construction Lease-Ups

by Chris Wood on May 25, 2012

MINI and multifamily at AIM 2012's New Tactics in Construction Lease-up panel with Apartment All-stars speaker and occupancy specialist Kate Good.

A lot has happened in apartment Internet marketing and technology since the last big development boom. With the consideration that new community lease-up budgets are often eight to 10 times larger than typical community marketing budgets, the Bozzuto Group’s director of interactive marketing Michael Kilmurry and Apartment All-stars speaker and occupancy specialist Kate Good ran AIM attendees through an exhilarating gauntlet of creative lease-up strategies in their Tactics in New Construction Lease-ups session at AIM 2012.

“Whatever you do, you’ll want to track analytics through all channels,” said Kilmurry. “In fact I want a t-shirt that says I love tracking URLs. But creating a new community ultimately comes down to starting a conversation, and you’ll have to do that, too.”Bozzuto has found recent success starting conversations by networking deep into their PR and marketing associations, pairing up with luminaries and brands like Candace Bushnell, Neiman Marcus and Georgetown Cupcakes for event based marketing that has turbocharged preleasing at the firm’s new communities.

“The market is focused on what’s new, what’s hot, what grabs our attention and holds it,” said Good. “With lease-ups we’re looking for a great launch, because 10 percent of the market typically influences the purchasing decisions of the other 90 percent. That’s the new, critical importance of brand advocate marketing.”

Good shared insights from marketing campaigns including Dollar Shave Club and MINI, and suggested a deeper social media and technology empowerment at the site level to throttle lease-up success, including personalized leasing agent web sites and URLs and training leasing teams better on delivering messaged communications. “Add value to the leasing conversation,” Good said, “and I do believe that 50 percent prelease openings can happen with regularity.”

Wednesday, January 18, 2012

Join me on January 25th to learn about marketing tips to impact your traffic in the next 7 days! This program is RED HOT!

Visit www.MultifamilyInsiders.com/allstars to register.

Tuesday, July 12, 2011

Make Your Point!

I want to give a big round of applause to Southwest Airlines for taking a unique selling position and really driving it home. When Southwest decided to not follow all the other airlines who have crazy bag fee's, they embarked on one of the most creative and complete campaigns I've witnessed in years.

Who did not laugh at the commercial showing the baggage team on the tarmac watching the plane push back saying "I'm really going to miss those bags"? They said it as if their friends were leaving them communicating the point that bags are not enemies at Southwest.

They also found a new use for caution tape by using it to define the lines at their ticket counters calling it a baggage fee free zone. Great visual for all the people flying other airlines in the terminal who were just charged $50 for their bag!

Any to really punctuate the point, they painted their carts and planes and the message could now be seen at 35,000 feet.

The important marketing lesson is to complete your campaign. Having a banner with a marketing message is not a campaign and will not get as recognized as repeating this message throughout the leasing experience. Here are some places where you should extend your message:

Welcome sign

Team buttons

Team shirts

Stickers and stamps

Napkins for hospitality (cheapest thing you can buy!)

Pens

Outreach gift

Smart poster in model (see more on the smart poster in Kate's Great Ideas)

Flyer's, ads, Website

While researching this topic I learned that in May 2010 Southwest completed a survey of 3900 business and leisure passengers where they could pick from 55 choices what aspect is most important to them when choosing an airline. Here are the top five “needs” for business travelers:

1. Has good safety record
2. Offers non-stop flights where I want to go
3. Has convenient flight times
4. Provides good value
5. Does not charge fees

And the top five for leisure travelers:

1) Has good safety record
2) Provides good value
3) Does not charge fees
4) Offers non-stop flights where I want to go
5) Has sales on fares

The fact that charging fees made it on the top five for business travelers is surprising to me. Most business travelers do not have to worry about the fees, since their company will pick up the charges. However, the Southwest campaign has made even the business traveler think about fee's.

Southwest’s next step is to advertise they do not have ticket-change fees either. This won’t be as easy to get across to customers as the no bag fees. It is more obvious for a passenger to know if they have to pay for a bag. It is more difficult for passengers to know if something will come up and they will need to change their flight. Southwest feels confident they can get the message across with a series of new creative ads.

Gary Kelly, Southwest’s CEO and President, wondered out loud at their recent Media Day event, why airlines would do something passengers hate. He stated that Southwest feels lucky that almost every other airline is charging for bags and they are not.

We won’t know how successful no fees will be, but so far Southwest is reporting both growth in leisure and business travelers. I have previously stated it is not an airline’s fault for charging fees… passengers choose to pay them. If passengers are willing to pay fees, airlines will continue to charge them. If passengers rebel against the fees and choose airlines that do not charge them, you will see fees start to go away (although ticket prices will most likely go up). It is a great experiment and I think so far it is working well for Southwest.

Thursday, March 17, 2011

Four Bucks Is Dumb

A downside of my career is that I see the inside of an airplane more than I care to. The upside is that I like what I do when I get off the plane. Each trip enriches my thinking. Maybe it's the change of scenery that makes me notice things. Today my work took me to one of my favorite cities, Seattle. I noticed a billboard that made me think. It said "four bucks is dumb." Next to the tag line are the golden arches.

McDonald's went right to the home town of the coffee house to say the rules of the game are changing. Through the recession, Starbucks became the poster child of excess. While trying to help a renter make a decision on an apartment that was $75 above their price range, I compared the difference in price to their daily Starbucks coffee habit. I'm sure I'm not the only one who has tried this approach and succeeded. It is a fine illustration of lining up priorities and checking in to make certain you are spending your money on things that really matter in life such as your home and not your daily caffeine jolt.

I recently read that Howard Schultz, CEO of Starbucks, came out of retirement to help Starbucks through this time of change. And, it was seeing this billboard that made him understand consumer behavior was changing so rapidly that it was time for Starbucks to seek answers. Yet he compared this to flying an airplane without instruments. You see Starbucks invented and mass marketed the modern coffee house. They did this for many years without competition. And now, responding the opportunity in a down economy, another major brand known for value was on the attack.

Two years ago, Starbucks was being forced to the middle of the market by the low end products that McDonald's and Dunkin Doughnuts offers and the high end independent coffeehouse. Starbucks feels the middle is the worst place for their brand. They decided to not let people define them and get back in control of their own destiny.

In the middle of the market is a tough place to be. There will be a better product and people to pay more for that product. And then there is the low end provider who sacrifices something to give the lowest price. But the middle guy has to compete with both ends of the scale: convincing the high end buyer that they don't have to pay more for quality, and the low end buyer that they should pay more for your product. This makes for a very tricky marketing plan. It is essential you define who you are and how you can sell it.

As our industry continues on the path of recovery, define your road map by knowing how you will compete and make the most of your market position.

Tuesday, September 21, 2010

Kool New Words from the New Mobile World Order

I had the pleasure of presenting at the Multifamily Brainstorming Sessions with my friend and sister in all things marketing, Casey VanZandt. As Vice President of Marketing for Campus Advantage, Casey is in touch with the new lingo so that she can understand the trends of her target market. During our session, we shared the following definitions:

Vaguebooking
An intentionally vague Facebook status update that prompts friends to ask what's going on, or is possibly a cry for help.

No Stalk
Phrase used before one inadvertently says something that sounds stalkerish on Facebook.

That’s Crazy
It's the perfect response when you haven't been listening at all.

Text hole
Someone who texts on their cell phone in really inappropriate places, like movie theaters, concerts, plays, etc.

YouTube loop
When you go to watch a quick 30 second video on YouTube and regain consciousness hours later having jumped from interesting video to interesting video.

Textalizer
A breathalyzer attached to your computer and/or cell phone whose sole purpose is to prevent you from sending messages.

Phantom Vibration Syndrome
You answer your vibrating phone only to find out it was never vibrating.

Please note, many of these words will not clear your spell check!

Monday, September 20, 2010

Pay to post a comment? This practice could cost your company $11,000

My interest in the subject of paying for posts has piqued. Geno Church, keynote speaker at the Multifamily Brainstorming Sessions this year, commented on the practice of paying bloggers and fans to post good things about a product or service. He warned that this is a violation of FTC rules. For many people, this is the first time they have heard about such law.

There is a $11,000 fine per post in place and is to be enforced by the FTC. We understand this applies to companies paying people to make a post no matter what the subject matter. You can still employ this practice but each post must provide a disclosure saying they were paid to do so. Here is an explanation of the fines the FTC can impose:

FTC to Bloggers: Disclose Freebies or Face $11,000 Fine
By Frederic Lardinois / October 5, 2009 10:41 AM

According to new guidelines from the Federal Trade Commission (FTC), bloggers who fail to disclose that they have received freebies when they write about a product can now be fined up to $11,000 per post. The new FTC Guide Concerning the Use of Endorsements and Testimonials in Advertising argues that any post of a blogger who receives "cash or in-kind payment to review a product" should be considered an endorsement. Because these posts are now officially considered endorsements, bloggers who receive freebies must now disclose this fact on their site.
Freebies and the Independent Blogger

While the FTC will obviously have a hard time enforcing these regulations, there can be no doubt that marketers regularly approach independent bloggers (and especially mommy bloggers) with freebies. When bloggers accept these exchanges, they may not always disclose them in the posts that result. So, while bloggers who are involved in these schemes often tend to say that they would have reviewed the product anyway or that their reviews are often critical, there can be little doubt that payments and freebies influence these stories.

These new rules and rather large fines should bring some bloggers and marketers into line, though others will surely continue to push the ethical boundaries. And blogging Payola is unlikely to go away completely because of these new rules.
This marks the first time the FTC has updated endorsement and testimonial rules since 1980. The new rules also take on celebrity endorsements. If celebrities endorse a product and make false or unsubstantiated claims, or don't disclose 'material connections' between themselves and the advertisers in ads and outside the context of the ads (talk shows, social media, etc.), these celebrities can be held liable under the FTC Act. Judging from this, it would seem that celebrities who tweet about a product they endorse are now risking large fines.

Thursday, July 29, 2010

Snap and Go Marketing

For Rent Magazine Introduces Snap and Go

NORFOLK, Va.—(July 19, 2010) — For Rent Media Solutions announces the launch of Snap and Go, the Microsoft® Tag mobile scanning feature available to front cover advertisers at no additional cost. Prospective renters can use this tag to scan a bar code on For Rent Magazine through the camera on their mobile phone, which brings them to their area's apartment listings on the ForRent.com mobile site. The "Snap and Go" tag is a mobile media first in the multi-housing industry.

"The 'Snap and Go' tag is another option we provide to our advertisers that conveniently brings property listings to potential renters and helps generate more awareness for property managers and their communities," said Brock MacLean, senior vice president of national sales and development, For Rent Media Solutions. "Through 'Snap and Go' and other features like unique URLs, text messaging short codes and social media icons, which are included on each For Rent Magazine ad, we are truly making our print offering interactive. These interactive features create a seamless way for renters to use our print publication to access information online or through their mobile device."

How Do You Use It?
This how to video demonstrates how to download and use Snap and Go: www.youtube.com/watch?v=Qq639IFsfkA&feature=youtube_gdata

Since the January 2009 introduction of Microsoft® Tag, more than one billion tags have been created for businesses worldwide. According to the Microsoft® Tag site, more than 20 million magazines featuring the tag were in the hands of U.S. consumers during the month of April.

Download the Microsoft® Tag Reader app: itunes.apple.com/us/app/tag-reader/id298856272?mt=8

Wednesday, April 28, 2010

Template Ads Can Still Be Fun

I love the part of my job when I am asked to consult with apartment communities on their ads and position in the market. I approach all my work with this question: Will it generate traffic and close leases? When you create marketing peices and then ask this question, you begin to see that saying things like everyone else will not create more traffic becuase you do not stand out in the market.

Let's take on this challenge in 2010 and think of better ways to say things. Don't just list things you offer, tell the customer why they should by it. Stop using the same tired words to describe your features that everyone else is using such. Step up to creative writing and step ahead of your competition.

I've included a graphic in this blog post because I want to commend Atlantic Palms in North Charleston for putting something fresh and fun in your Apartment Guide ad. Bravo my friends!!

Monday, April 12, 2010

Trend: Greater Focus On Lead Conversion

The world of apartment leasing and marketing will never be what we knew as early as 4years ago. The items that made your marketing plan a sure fire success will not get you the same results today. The leasing consultant that ranked number one during your leasing contests may be struggling. Does this mean that we should throw our hands up and site a bucket load of excuses? Not if you want your job!

People are still renting apartments so why not rent one from you? If you want your unfair share of the available leases, and to keep your job, study these trends which I will be spotlighting in my upcoming blgs and make necessary adjustments, not excuses.

Let's start with Lead Generation.

The issue of lead generation has increased in the last two years. Technology has helped gather leads but the conversion factor has not increased. Simply put, leads must be converted and there will be increased attention to convert and close more leases. Your marketing and leasing strategy should include a solid system to follow up every phone call and email lead. Work that customer until they lease. We are using more advertising sources than ever before, make sure you are counting all the traffic they are delivering and take a closer look at your teams ability to convert that lead to a lease.

Monday, November 2, 2009

My "Super Freakonomics" Book Report

I love the "freakquel" for Freakonomics titled Super Freakonomics. It is a super interesting read and please don't let my book report replace reading the book. My hope is that it will lead you to check it out of the library, stroll on down to Barnes and Noble or download it onto your Kindle.

People respond to incentives. During 2009 the apartment industry became the perfect case study for this fact. However, what we need to be concerned with is explained in this book. "People respond to incentives, although not necessarily in ways that are predictable or manifest. Therefore, one of the most powerful laws of the universe is the law of unintended consequences." When we understand this concept, we might start to see what is next for the concession driven markets.

The book explains numerous examples of unintended consequences of from a vast number of incentives. It will certainly change your way of thinking. I found myself empowered to make better decisions understanding the true cause and unintended effect that can often result.

Too often we feel that solutions do not exist unless they are right in front of our eyes. The authors take us through history to show this is not the case.

As sales and marketing experts, we must understand how people make decisions, change their mind and act on an opportunity. Super Freakonomics teaches us how an environment and or personal motivation could create a shift to a completely different intention by a human.

Don't pick up this book if you want to understand the economy and where it is going. The book says if you "understand the incentives that lead a schoolteacher or sumo wrestler to cheat, you can understand how the subprime-mortgage bubble came to pass."

Friday, October 30, 2009

2010 Marketing Trend: Simplicity Makes the Buying Decision Easier

A article in USA Today leading the money section on October 28 introduced us to the powerful marketing mantra for 2010, simple is better. The graphic which leads the article asks via multiple choice, how many ingredients are in a scoop of Haagen-Daz's Simple 5 coffee ice cream. The answer is five.

If 2009 effective marketing message was about buying stuff cheap then this new trend will most likely build on that foundation. For example, my co-speaker on the Apartment All Star Tour is Lisa Trosien. All year she has been reminding us to follow the trends of major brands such as Subway with the $5 footlong. Leave it to Lisa to even sing the jingle on stage. This is a perfect example of trying to sell twelve inches of sandwich pretty cheap and keeping things simple by not making the pricing complicated.

When you keep things simple, you create a tangible reason to buy a product or service. For starters, it is easier to understand. Next, it helps build confidence that nothing is hidden or unexpected. This is what you get, just 5 ingredients that you can pronounce. A strong message in a food industry that has mass production.

I was working with a client today trying to work on removing reasons why someone would not rent from us. One thing is that it is a complicated formula to figure out what you have to do and what you owe if you break your lease agreement. Sure, the formula seemed like a good idea at the time, after all, we don't want them breaking their leases. Yet now, in a economy where job growth is non existent, people want to know what the obligation will be if they get laid off. We decided to roll back to yesteryear where we asked for 60 days notice, one months rent cancel fee and payback their concession. Still some meaningful money, but much easier to understand.

What else should we simplify?

Friday, October 16, 2009

Seminar Wrap Up by Chrissy Wills at CAA

Kate Good Presented "Beating the Benchmark" at the CAA
Written by Chrissy Wills
Wednesday, 23 September 2009 15:30

The Columbus Apartment Association (CAA) hosted Kate Good, national speaker, who presented "Beating the Benchmark" on September 23rd at the Fawcett Center. Forty CAA members were in attendance to hear Kate explain how to market during this economy.
Kate recently presented at the National Apartment Association annual convention in June at Mandalay Bay in Las Vegas. She is a nationally recognized apartment marketing expert known for her amazing creativity, energy and motivational ability. Kate has been working in apartments her entire life, and has brought invaluable insight to developers, marketing directors and associations across the country.

To start the Beating the Benchmark session, Kate gave some interesting facts about today's apartment industry. Approximately 70% of communities nationwide are offering concessions, everything from one month to four months free. According to her research, current consumer buying habits include: an average of two visits to make a decision, apartment residents are looking for extra spaces, in traditional relationships the female is the primary decision maker in choosing a home, the first visit to a community is virtual and apartment residents will take 60 - 90 days to make a decision.

The CAA members enjoyed Kate's humor and case studies about McDonald's trying to become Starbucks and Starbucks trying to be like McDonalds. She shared these ideas to get attendees to think about what their unique selling features are and to showcase those in ads and leasing presentations. Also, she recommended stepping up ads with language for today; she likes terms such as comfortable, generous for the money, durable, built to last, and great buy.
To close Kate shared easy marketing ideas and effective closing techniques. Some of Kate's favorite marketing ideas included handwritten notes, placing the bootleg signs inside the community to remind current residents about the community's benefits and creating a special of the day. CAA members really liked the seminar and could easily take away fresh ideas from it.

Kristi Fickert with Village Green Management traveled from Cincinnati to hear Kate speak and really gained a lot from the presentation, "I think everyone in the room took at least ten new ideas home with them."

The CAA would like to thank our members for attending Beating the Benchmark and look forward to seeing them at the next seminar.

Wednesday, October 14, 2009

Marketing in a Down Economy from the Lowes For Pro's Web site

The recession is bad news for just about every sector of business, and property leasing is no exception. But before you rush to slash your marketing budget as a cost-saving move, consider that good marketing may be the key to keeping your business afloat. Your tenants are out there, and with careful marketing you can find them. Rather than dream about high rents and low vacancies, focus on a plan to survive the recession. That means offering great value and making sure people are hearing about what you have to offer-in other words, keep marketing. ''If you need traffic, you shouldn't cut your marketing budget, '' says Kate Good, professional speaker, marketing solutions expert and partner on the Apartment All-Stars tour. Instead of keeping your current marketing program, look at changing it up and marketing more intelligently.

Good suggests starting with the tenants already in your properties. ''The least expensive strategy is to market internally and close the back door. '' So while it's critical to study your market and know which promotions are luring tenants, it also makes sense to devote some of those perks-a couple of months free rent or a new flat-screen TV-to your existing clientele. It seems counterintuitive to give discounts to the people who are currently underwriting your revenue stream, but if you increase your retention rate you'll be solving your vacancy problem without the turnover costs associated with moving in a new tenant.

When it comes to reaching out to prospective tenants, be selective. Figure out who is already drawn to your properties and find more of them. Good uses this example: If you notice that your community appeals to active seniors, invite the local bridge club to meet for free in your clubhouse. That way, more people in the target market will see your property, and word will spread. ''Don't try to be all things to all people, '' says Good. ''Identify the kind of people who like your community, find out where they are, and figure out how to attract them. You're saving money by reaching out to a smaller audience, but it's the right audience. ''

Even with changes to your marketing strategy, don't do away with all of your traditional marketing. ''Print drives traffic to the Internet, so make sure you keep those ads out there, '' says Good. And you have to do it year-round. ''Renters pick up the apartment guide in February or March even though they might be renting in June or July. If you pull your ad in February because you're not getting any traffic, you've lost an opportunity for residual traffic later. I don't pull back on advertising until I'm full, and most people aren't full right now. '' Next, consider changing your pricing model. Instead of charging the same rent for every two-bedroom unit, for example, charge more for the unit at the end of the hall with more windows, or the unit with new carpet. There are two advantages to this strategy. First, you can make more on your premium units. Second, if the least expensive units sell first, then your best units will be available for display during the peak of leasing season. ''If you're charging a flat rate, your best units get cherry picked, '' says Good. ''You want to have that more desirable unit-with the higher price tag-available when you have higher traffic. ''

Slashing your marketing budget isn't the right response to the recession-changing the way you approach marketing is.

Wednesday, May 13, 2009

Marketing in a Down Economy

By: Steve Hendershot
Issue Date: April 2009

The recession is bad news for just about every sector of American business, and property leasing is no exception. But before you rush to slash your marketing budget as a cost-saving move, consider that good marketing may be the key to keeping your business afloat. Your tenants are out there, and with careful marketing you can find them.

Rather than dream about high rents and low vacancies, focus on a plan to survive the recession. That means offering great value and making sure people are hearing about what you have to offer—in other words, keep marketing.

“If you need traffic, you shouldn’t cut your marketing budget,” says Kate Good, professional speaker, marketing solutions expert and partner on the Apartment All-Stars tour. Instead of keeping your current marketing program, look at changing it up and marketing more intelligently. Good suggests starting with the tenants already in your properties. “The least expensive strategy is to market internally and close the back door.”

So while it’s critical to study your market and know which promotions are luring tenants, it also makes sense to devote some of those perks—a couple of months free rent or a new flat-screen TV—to your existing clientele. It seems counterintuitive to give discounts to the people who are currently underwriting your revenue stream, but if you increase your retention rate you’ll be solving your vacancy problem without the turnover costs associated with moving in a new tenant.

When it comes to reaching out to prospective tenants, be selective. Figure out who is already drawn to your properties and find more of them. Good uses this example: If you notice that your community appeals to active seniors, invite the local bridge club to meet for free in your clubhouse. That way, more people in the target market will see your property, and word will spread.

“Don’t try to be all things to all people,” says Good. “Identify the kind of people who like your community, find out where they are, and figure out how to attract them. You’re saving money by reaching out to a smaller audience, but it’s the right audience.”

Even with changes to your marketing strategy, don’t do away with all of your traditional marketing.
“Print drives traffic to the Internet, so make sure you keep those ads out there,” says Good. And you have to, do it year-round. “Renters pick up the apartment guide in February or March even though they might be renting in June or July. If you pull your ad in February because you’re not getting any traffic, you’ve lost an opportunity for residual traffic later. I don’t pull back on advertising until I’m full, and most people aren’t full right now.”

Next, consider changing your pricing model. Instead of charging the same rent for every two-bedroom unit, for example, charge more for the unit at the end of the hall with more windows, or the unit with new carpet.

There are two advantages to this strategy. First, you can make more on your premium units. Second, if the least expensive units sell first, then your best units will be available for display during the peak of leasing season.

“If you’re charging a flat rate, your best units get cherry picked,” says Good. “You want to have that more desirable unit—with the higher price tag—available when you have higher traffic.”

Slashing your marketing budget isn’t the right response to the recession—changing the way you approach marketing is.

Tuesday, April 28, 2009

What Madonna Taught Me

My Marketing Mentor: Madonna

In my consulting practice, the economic crisis of 2009 has brought about the need to change, retool and reinvent everything we do in the leasing and marketing of multifamily rental assets. What worked as little as two years ago will simply not cut the mustard today. In fact, it won’t even be close to the results those efforts created 24 months ago. My experience has taught me that this is the time to be at the top of my game so that I can rise to this challenge.

Like everyone else, I need someone I can learn from. This is why I have chosen Madonna as my marketing mentor. For me, Madonna came on to the music scene while I was in my first few years of high school. Even though we wore uniforms, we would try to put a lace band in our hair that would match our lace socks. Every girl running around Fisher Catholic High School wore not less than 6 – 10 black rubber bracelets on her arm and risk detention for a uniform violation infraction. I have to admit, I was influenced by Madonna.

As the years rolled on, Madonna sprinted into a provocative direction and defined herself with her extremely open sexuality. She stared in her movie called “Truth or Dare.” She shifted that X rated image and was nominated for her performance in musical movie Evita. Then in yet another grand process to change her ever evolving image, today, she is writing children’s books. Do you remember the last book she wrote prior to her children’s books? It was sold with a paper cover at the bookstore because of its cover! How does a woman go from pop artist to sexual icon to movie star to author of children’s books? She does it by constantly reinventing herself. She can retool her image to fit her business needs. This is a person who is a marketing genius. She has a unique ability to change her image and position in the spotlight year after year.

If we take a lesson from the marketing manual lived by Madonna. Any apartment community, no matter when it was built, can survived and thrive as Madonna has. I am excited to be working on some projects which are being rehabbed. The “before and after” photos of the apartments are astonishing. To follow suit the marketing needs to be rejuvenated often with a new name, logo and market position. However, you don’t have to redevelop your buildings to conduct a marketing rehab. And, there is no better time than now to reintroduce your apartment community to the market with a fresh look. This is what it takes to get the attention of today’s consumer.

I think Denny’s should receive an award for their effort to get America back to their dining rooms. The Tuesday following Superbowl Sunday, Denny’s offered a free Grand Slam breakfast to everyone who visited. Including the Superbowl ad to launch the campaign, Denny’s spent six million dollars on ads, food and staffing. 200,000 American’s waited in line for up to two hours for a free breakfast valued at $5.99. Not only did Denny’s receive over 100 million dollars in free advertising due to the fact that every media outlet covered the event, they also got old customers and future customers acquainted with the value they offer on a plate.

I drive past apartment communities in every city I visit and many have invested in a rejuvenation effort in years. Their signs have not changed, the landscaping is overgrown, and their exterior colors are out of date. When I open the apartment rental magazines I still see ads with the same old photos and tired words that have not been freshened since the 90’s. If Madonna was your marketing director, she would jump on this need to refresh, renew and reposition. The styles we use for new logo’s has changed. For just $180, the online designers at www.CrowdSpring.com will send you a minimum of 25 entries for new logo options. This small investment is a great start to kicking your image into the current day.

Wednesday, February 11, 2009

Valentine Thought: 12% of all marriages are a result of an online introduction.

It happened again at lunch today....another online dating success story and a pretty new diamond on the left hand to prove it. Yes, two more people have found love through online dating. I also have a friend who met a wonderful man online and they had their first date on Valentin's Day. Wow, these online dating sites kick out results! And I thought I had to move to Phoenix to date a man! Little did I know people are finding their perfect match by clicking away.

Let’s think about this trend. I feel this means that, more than ever, people are trusting the Internet to be the hub of their social expansion. This is good news and means that Internet Listing Services (which act like Match.com but for apartments) will continue to gain popularity. The renter will see that the site can be trusted to help them with their relocation to a new apartment home.

A friend of mine recently told me that as soon as she knew she was getting divorced she hopped on to a dating site and got back in the game! (Results: After 34 coffee dates, she found Mr. Wonderful. They are getting married this weekend in Costa Rica!)
So, it must be true that if an Internet Listing Service helped the customer find their current apartment, they will return to that site when it is time to search for another apartment. For this reason, it would be wise to study not only what sites generate traffic but take it a step further and invest in the listing services that generate leases.

What makes an effective Internet listing? First off, would you consider meeting someone for a coffee date if you did not have a photo to view on the matching Web site? My guess is your answer is no. Same is true for apartment shoppers, they want to see photos. You can have unlimited photos so snap away and get them posted to the Web page.

Next, it is important to get the highest search ranking you can. Figure out which site is currently bringing in the most traffic and leases and maximize your presence by upgrading to their premium package. Make that site work even harder for you have already figured out it is money well spent.

And finally, follow up on every lead within an hour….yes, an hour. In fact, that is almost too late. In the world of texting and instant messaging, people expect a response now. They may forget about you in an hour and move on to the next profile, I mean apartment community.

Thursday, January 15, 2009

"Magazine Ads Increase Web Traffic by More Than 40%"

Hello to my blog readers! This is a great article from ForRent.com and I don't just think that because they quoted me....the information will help you rent more apartments. Learn and live, Kate

January 15, 2009 In today’s economy it is more important than ever to effectively build your company’s brand offline and online. Magazine Publishers of America (MPA), an industry association for consumer magazines, released third-party research which offers marketers insights on purchase funnel dynamics and consumer online behavior that can have profound ramifications for advertisers looking to maximize their ROI. One of the most important things the study found is that media synergy is important and that the more media you have the better results you will achieve. When examining media, magazine ads are the most effective medium when it comes to purchase intent.

Key Findings from Research:

Magazine ads are # 1 in driving brand favorability: Magazines have 2X the impact of TV and 4X the impact of online

Magazine ads are # 1 in driving word of mouth: Among the general population and influentials, magazines are the strongest influence on personal recommendations

Seeing a magazine ad increased web traffic by more than 40%: Including a URL address such as the ForRent.com Vanity URL in magazine ads significantly increased web visits

Including a URL address increases web visits: When the URL was included in the magazine advertising creative, the percent change in visits tripled from two to six points

People were 2X as likely to visit a website after seeing a magazine ad: Magazine ads have a major impact on building web traffic at each stage of the purchase funnel

Magazine ads are # 1 in driving web search among 18-44 year olds: Magazines promoted web searches more than any other medium

Magazine ads are the #1 offline medium for driving consumers to social networks: Magazine readers are more than twice as likely to be social networkers compared to TV viewers and two-thirds again more likely than newspaper readers

Download the full report here

In a recent blog entry, Kate Good, a nationally recognized apartment marketing expert, states “Print drives traffic to the Internet. I have heard some chatter concerning dropping print ads to save money and “going to all Internet.” This has been tested before and it failed. Eventually you will see that the loss of residual marketing that print provides will adversely effect your phone and walk in traffic.”

For Rent Media Solutions continues to prove “The Power of Print and Internet” is delivering favorable results. In 2008, For Rent Media Solutions launched nine additional publications, including four After 55TM Housing and Resource Guide magazines, three ForRent.comTM-The Magazine publications, one For Rent Magazine®, and one Apartamentos Para Rentar®. ForRent.com-The Magazine instantly affirmed the powerful combination of print and Internet by increasing LEADSTM in a variety of previous “Internet only” markets by 313%.1

Source: Magazine Publishers of America (MPA) http://www.magazine.org/ 1ForRent.com internal sources