Looking for and acquiring a home (be it renting or buying) has been called one of life’s major stressors. Engaging feedback from one’s ‘social network’ can ease the anxiety of this decision. Leveraging social networks provides a human element to your brand and brings a trust factor to the rental process, since users can interact with their friends,ask questions, receive feedback, make comments and respond to listings. By integrating social media marketing into your mix, you are giving current resident and prospects a seamless method for tapping into your comminutes throughthe tremendous power of social media. Why is it that some facebook pages have loyal followings, thousands of “likes” and hundreds of comments on every post while others sit forgotten? It’s the content! Join Erica Campbell, Director of Marketing at For Rent Media Solutions as she shares advanced new media tactics and best practices to actively engage your residents and prospects across all of your social media platforms. Learn how other companies have done it right and what exactly you can do to make social media the best performing tool in your marketing arsenal!
Social networking sites reach 82% of the world’s online population representing 1.2 billion users around the world; making it the fastest growing platform for marketing and advertising dollars…and it is no different in the multi-family industry.
An organization with a customer-centric approach is a huge challenge to create but provides a coherent customer experience.
Development of corporate policies, with particular emphasis on those relating to social media participation is important which we have touched on before in past webinars. It is also important to define the rules of engagement to be followed to help guide your organizations response to threats. By building in a defined set of response procedures, it is possible to minimizethe amount of damage that a social media crisis can inflict.Questions that need to be addressed are:-When are your employees ‘your’ employees?-Are you responsible for their actions when they are “on the clock”? -Are you responsible for their actions when they are on their own time? -Consider your audience and be authentic-Remember to protect proprietary and confidential information
Facebook is all about conversation. It’s necessary to immerse yourself in it to keep afloat and to stay relevant. Comment Guidelines sets the boundaries for acceptable behavior on the company’s Facebook page. Know what the media, competitors, employees and residents are saying about you and track the content of the conversation to gauge success. It’s good to respond to the three inevitable types of conversation:Apartment community questions, resident complaints and complimentsSome things to consider: Will you reject comments which include offensive or inappropriate language?Will you allow personal attacks? In an ideal world you might allow people to question or argue your company’s content – after all, this medium is about conversation. However as we all know, this isn’t an ideal world. Even if you do allow criticism, consider outlawing aggressive attacks. – On-topic comments: What will you do with comments that veer away from the topic of the post or other peoples’ comments? Will you allow comments that appear to be spam? Will you take action against repeat offenders? Will you provide a way for commenters to contact someone if their comment is not approved, or if they have other questions?
Have a ‘plug and play’ platform where you brainstorm possible crises that could occur with your property’s Facebook page so you can react in a timely manner when in fact it does occur. Play out these scenarios to help you build canned responses.Educate you staff internally. Implement an employee policyEnsure factors that make up your brand integrity are balanced Find and address the negative influencer
measure what pieces of content (type) cause amplification (allow your social contributions to spread to your 2nd, or even 3rd, level network). Understand times
Leveraging Social Media Marketing Trends for the Apartment Association of Greater Knoxville
LEVERAGINGSOCIAL MEDIAMARKETING TRENDS Erica Campbell Director of Social Media Dominion Homes Media @ericacampbell
AGENDA• Social Media Landscape• Education• Growth• Engagement• Measurement• Ignition Points
Social Networking is the most popular online activity worldwide & reaches 82% of the online populationSource: comScore Top 10 Need-to-Knows About Social Networking and Where It‟s Headed Report December 2011
Social Media Is Becoming More Influential At EachPhase Of The Connected World
SOCIAL MEDIA LANDSCAPEBenefits of Social Media • Create awareness, buzz and brand positioning to prospective renters. • Connect with your best and most likely customers by giving them a reason to like or follow the brand in social channels. • Increase resident satisfaction which decreases turnover and increases occupancy. • Engage residents by making community communications more participative and personally relevant. • Influence residents to share their positive experience and encourage them to refer their friends.
RETURN ON INVESTMENTROI = [Gain from Investment – Cost of Investment] / Cost of Investment The formula
The investment-return relationship Non- $$$ $$$ Action Reaction Financial FinancialInvestment Impact Impact This is very important but ROI doesn‟t live here Non-Financial Impact = Potential
Augment your social media engagement efforts, stay current & learn up-to-date skills to maximize your exposure.EDUCATION
EDUCATIONOrganize Yourself Internally Customer Human Marketing Sales/Leasing Legal Service Resources
EDUCATIONSocial Media Ambassador• Good communicator and writer• Good technical skills with computers and online applications• Active in the social media realm, particularly Facebook• Excellent understanding of your company, history and reputation• Team player with the ability to take charge and lead others when necessary
EDUCATIONSocial Media Policy• Create conversation guidelines for employees and social media admins.• When are your employees “your” employees?• Are you responsible for their actions when they are “on the clock”?• Are you responsible for their actions when they are on their own time? Social Media• Remember to protect proprietary and confidential information. Policy• Draft a social media style guide.
EDUCATIONWhat is Your Content Strategy?• Define an effective channel strategy• What is your mission statement, brand position or brand promise?• What is your brand personality?• What is your brand identity?• What differentiates your brand?• What is your company story?• What do you want your customer experience to feel like?• Identify types of content
EDUCATIONCreate a Content Calendar Local Events Neighborhood Community Apartment News News Living Tips
EDUCATIONComment Guidelines• Develop a listening framework.• Will you reject comments which include offensive or inappropriate language?• Will you allow personal attacks?• On-topic comments: What will you do with comments that veer away from the topic of the post or other peoples‟ comments?• Will you allow comments that appear to be spam?• Will you take action against repeat offenders?• Will you provide a way for commenters to contact someone if their comment is not approved, or if they have other questions?
EDUCATIONHave a Reputation Mgt Plan Risk Table SWOT Analysis
EDUCATIONWho Responds?• Regional/Corporate – Pros: Not emotionally tied to the issue/concern – Cons/Challenges: Could cause for delay because they must obtain all info from on-site team before responding & should stand behind the on-site team, if possible• Property Manager – Pros: Knows all the details, backstory & may personally know the resident with the issue/concern – Cons/Challenges: Too emotionally invested, especially if he/she is the target of the review or comment
GROWTHPinterest Pinterest is the 3rd largest social network and is an invitation only social network that allows users to visually share, curate, and discover new interests by posting, also known as „pinning,‟ images or videos to their own or others‟ pinboards (i.e. a collection of „pins,‟ usually with a common theme).
ENGAGEMENT Encourage Interaction Posts that end with a question have a 15% higher engagement rate.Source: Facebook
ENGAGEMENTEncourage Interaction Fill-in-the-blank posts generate about 90% more engagement than the average post. Source: Facebook
ENGAGEMENTMake a Visual Impact With PhotosPosts including a photo album, a picture or a video generate about180%, 120%, and 100% more engagement than the averagepost, respectively. Source: Facebook
ENGAGEMENTDeliver Value @ Tag Businesses Partnership Marketing: DesignConcierge Services & Green Partners
ENGAGEMENTPromotions & Sweepstakes Status Update GiveawayPhrase that Pays Caption Contest
Monitor the health of your brand on the social web to understand your sentiment, key demographics, influencers & competition.MEASUREMENT
MEASUREMENTDistributionWhat social media channels are you using, how canpeople reach you, are you visible?• Followers• Fans• Number of mentions• Reach• Inbound links• Blog/YouTube subscribers
MEASUREMENTInteractionHow likely are followers going to engage, spread yourmessage and interact with each other? • Retweets • Contributors and active • Facebook Insights contributors • Forward to a friend • Pageviews • Social media sharing • Unique visitors • Comments • Traffic from social • Like or rate something networking sites • Reviews • Time spent on site • Response time
MEASUREMENTInteraction Google Analytics Facebook Insights
MEASUREMENTInfluenceHow do attitudes change due to the social media activities?This is the branding value that should convert into sales.• Share of conversation vs. competitors• Resident and prospect satisfaction• Sentiment positive, neutral or negative• Number of brand evangelists Insert this query into Google
MEASUREMENTCalculate the Engagement RateAmplification Rate Amplification = # of Retweets Per Tweet Amplification = # of Shares Per Post Amplification = # of Share Clicks Per Post (or Video)Conversation Rate Conversation Rate = # of Audience Comments (or Replies) Per PostApplause Rate Applause Rate = # of Favorite Clicks Per Post Applause Rate = # of Likes Per Post Applause Rate = # of +1‟s Per Post Applause Rate = # Likes Per Post (or Video)
MEASUREMENTROI & ActionHow many leases, renewals and other real world resultsdo you get from social media? • Sales revenue • Lifetime value of customers • Reduction in turnover • Increase in resident referrals • Issues resolved & resolution • Leasing & Maintenance staff rate time saved • Number of leads/Conversions • Share of repeat customers (per day, week, month) (from social media vs. other • Cost of lead channels) • Lead conversion rate • Transaction value per • Revenue (per follower, lead, customer customer) • NOI Increase
MEASUREMENTROI & Action According to SatisFacts Research, each unit turned over at the end of a residents lease, averages a cost of $3,900 to the property manager. This turnover cost includes the loss of rental days while vacant, concessions and maintenance. The research also demonstrates 54% of turnovers are, in fact, controllable. Sense of community = Less turnover
IGNITION POINTSThings You Can Do Today!1. Start your search for your social media ambassador.2. Decide on the themes for your content, create a content calendar & commit to posting.3. Upload pictures & videos from past events & establish a goal for how many photos you would like to post per month.4. Create a Facebook Timeline cover photo.5. Start collecting email addresses from residents.6. Set up Google Alerts.