Many experts predict that a recession will be present in our economy over the next year. Marketing in times like these can sound tricky, but it doesn’t have to be. The multifamily industry is strong — people always need somewhere to live. There are some ways property management teams can continue to market throughout a recession while being sensitive to what others are going through. Here are some recession proof marketing tips teams can use to market successfully through a downturn.
Focus on word-of-mouth marketing
These days, 65% of millennials are willing to pay more for good customer service. That being said, it’s one of the most important focuses your property can have. If your teams focus on making the experience smooth, word-of-mouth marketing comes quickly. Individuals are more likely to share what they experienced with others, and this can help your teams. Plus, you may be driving more traffic to your property with a higher emphasis on online reviews.
Solve a problem
At first glance, the problem you are trying to solve may seem obvious. Of course, you’re trying to help people find where to live. Consider how you can take this thinking a step further. What are some ways you can work with prospective customers to solve a problem? Are customers struggling to find pet-friendly communities? Make sure this is clear in your advertising. Does your property offer concierge services? Figure out how you can leverage your marketing efforts to promote these features. When you solve a major issue, you have a higher chance of persuading potential residents to choose your community.
ROI
What return on investment is your property providing? If you can prove this, choosing your community will be a no-brainer. For instance, can you save your residents money with an on-site workout center? Does your community have a pet washing station? Can you save pet grooming expenses by offering a place to bathe their pets? Consider how their investment in your community will save them time and/or money.
It’s essential to have empathy and understanding for residents during challenging times like a recession. Remember that word-of-mouth marketing is priceless. Be sure to help solve a problem and find out how you can help your residents save. Most importantly, you’ll want to help ensure your team has time for what’s important…being human.
