Are You Marketing to the Right People?
Digested from Property Management Insider
Renter segmentation data is critically important today, though it’s also increasingly complex. Basing a marketing campaign on age only is a tactic of the past.
“There’s no individual segment that is overwhelmingly dominant,” says Greg Willett, chief economist at RealPage, in a post on Property Management Insider. “That’s an important thing to think about when you’re operating your community or doing the marketing plan. You’re not going to be serving just one core audience; you’re going to have two or three of these segments that are going to be important in a given community.”
Willet points out that lifelong renters, whom he calls perma-renters, make up 16 percent of the resident base, and marketers ignore them at their peril. And even within the three dominant demographic groups—millennials, Gen X and baby boomers—the older and younger people within those cohorts might well want different things in an apartment community.
Apartment communities are best off tracking and analyzing the data they cull from prospective renters during the lease process, along with available public and private information.
“There is real diversity among those who live in our apartment communities,” says Jennifer Staciokas, senior vice president of marketing and training at Pinnacle, in the post, “and you can’t just get stuck on presenting yourself to only one demographic like the millennials.”