?? On Trends: Yours, Mine, and Your Customer's
I don’t know about you, but I’m sitting here today trying to figure out how we’re already a full month into the year.
The start of a new year inevitably means lots of predictions for what lies ahead.
I like seeing everyone’s predictions – they show me what’s fresh on people’s minds at that moment in time.
But you know what I like even more?
Real data and behavioral insights from customers that give us a glimpse of underlying trends that might not always be top of mind.
Today, we’ll dive into both — and what they mean for you.
Let’s start with what the experts have to say.
The team at Rent Dynamics asked the top marketing minds in multifamily to share their top trends to keep an eye on this year.
Those folks did not disappoint: AI, branding, centralization … it’s all in there.?Grab the full report?– it’s definitely worth the read.
Five trends I’m keeping an eye on:
“Try it on” marketing
As marketers, the most basic goal is to deliver experiences – both online and in person – that help the shopper to answer the question, “What is it like to live here?”
We want shoppers to feel like they can “try on” their apartment before they buy.
Programming that elevates placemaking
Let’s avoid the “random acts of marketing” and instead get intentional about ways to make your property more marketable.
As an industry, we spent the last decade+ investing in incredible amenities and beautiful spaces — many of which aren’t enjoyed by the majority of residents.
Why?
We’re not giving them reasons to try them.
Placemaking programs and events showcase your amenity spaces and allow residents to enjoy them in a social setting.
The easiest way to explain this is to show you?this video. The Collective Apartments by WC Smith have mastered the art of activating their amenity spaces … which has activated?renewals to the tune of 70+% year over year.
Role specialization
Centralization is big right now. And one of the major benefits is that it enables us to improve how we focus on specific areas of the business.
When we move away from the generalist mentality, we produce better results and reduce the demands placed on the on-site teams.
This works especially well if we move closer to a franchise approach – programs can be designed and perfected by specialists, then broadly rolled out to your communities.
Not sure what I mean??Here are just a few of the new opportunities being created today?by forward-thinking operators.
The rise of the parent brand
We’ll see a lot more work put toward more consumer-facing parent brands this year. If you’re going this route, really take the time to deliver experiences that resonate. The best brands are the ones that clearly articulate?who they are for?and?what they stand for.
领英推荐
Who am I keeping my eye on in multifamily? GID’s?Windsor?brand, Carroll’s?Arium?brand, and?Sentral, to name a few. Any others you’re watching?
There are *many* benefits of a consistent, recognized parent brand –?here are a few ways you can leverage a parent brand to improve your marketing.
Shopping behaviors shifts: Social splinters, and more shoppers look beyond search engines
Apartment shoppers today are looking well beyond Google and Facebook, and our marketing mix will need to adjust accordingly.
Consumers are spending time in places like Facebook Groups, Reddit forums, and Nextdoor looking for advice.
They're asking friends in "dark social" channels like Messenger, various DMs, and Whatsapp.
More searching and browsing is happening on visual platforms like TikTok, Instagram, and Pinterest.
The way consumers are shopping for apartments is shifting, and it makes a difference in how we need to approach storytelling and word-of-mouth marketing.
Ancillary income explodes, brands buy in
There are more ways than ever to add value through paid resident experiences, and new services and amenities (think suppliers like Amenify and Impulsify).
Most properties also have other untapped ways to unlock value through brand partnerships, on-site activations, and platforms like Peerspace.
Think about it like this: Every consumer brand in the country is looking for ways to reach the living room of their customers. Multifamily operators?literally own the living room of the customer.
That is powerful … and it’s underleveraged by virtually every client we work with. It’s something we’re working hard to change.
We can foster that connection in ways that add a ton of value for the residents (and that brands are willing to pay for).
Of course, there are already plenty of examples – check out these?properties that have created revenue-generating amenity spaces?and?ways you can increase property income *without* raising rent or adding fees.
But enough with the talking heads already. What do our customers tell us the big trends are going to be?
Our customers' actions tell us what they want, what they prioritize, where their interests lie, and where their minds are at. Their actions ... and their searches.
This is why the Pinterest trend report is one of my favorite annual reads.
Pinterest Predicts isn't giving you predictions based on the skewed viewpoints of “experts” with an agenda … it's sharing a glimpse into what this year's trends will look like based on what our customers are searching for *right now.*
As Pinterest says,?"Before you see it everywhere, see it here."
Ready to see it first??Check out the full Pinterest Predicts report, along with 13 specific ways these trends translate to you and multifamily.
Whew … that’s a lot to take in. And you absolutely should not expect to jump on *all* of these trends.
In fact, most of these trends aren’t for you. And that’s ok. But I hope you find one or two nuggets of value here, and you go all in on the one or two things that will help you stand out in your market.
Now it’s your turn – what trends are you keeping an eye on? I’d love to hear from you. Leave a comment, or?DM me on LinkedIn. I read every message you send.
Thanks so much for being here. Let’s go make it happen.
Be well,