Hello, readers! This is Michael, RentVision’s Content Writer. This week’s blog focuses on the importance of remarketing campaigns for apartment marketers. But, first, here’s a recent personal experience with remarketing ads that I want to share:
The time had come for me to buy a new pair of shoes. Like 53 percent of consumers, I started my search online, even though I knew I was going to buy them from a local company. Now, I’m loyal to a specific brand of running shoes, so I went directly to the company’s website to research the available styles, color, and price options. I clicked on a pair I liked so I could read customer reviews before finalizing my selection.
Those 15 minutes of research occurred at least one month before the date I actually purchased the shoes. In the meantime, however, my browsing experience was completely interrupted by those annoying, flashy banner advertisements we all get after searching for a product online. They were especially frustrating because I already knew I was going to buy them, and they were promoting a brand I already loved.
Those advertisements were the result of a remarketing campaign—a commonly used tactic by internet marketers that targets individuals who have already visited and taken action on a website. When I visited the shoe company’s website and then proceeded to click on the specific model of shoe I liked, Google placed a small file, or “cookie”, that then displayed an advertisement for that product on other websites.
The Psychological Factor
Many people, myself included, immediately dismiss remarketing advertisements because they’re annoying and intrusive. Consider this: you’re more likely to successfully complete Navy Seal training than click on a banner ad, where the average click-through rate is 0.35 percent!
However, there’s a valuable psychological component with remarketing campaigns. Potential residents build a sense of familiarity each time they see your community’s logo, colors, branding, or floorplan photo in an advertisement. After around 5 impressions, they’ll remember your apartment. And when they see the same brand over and over, they begin to trust it more—otherwise known as the “Mere Exposure Effect”.
So, while remarketing campaigns may not result in a lot of clicks to your apartment community’s website, they provide valuable additional exposure to potential residents. Remember, a potential resident will only see a remarketing advertisement of your apartment community after they’ve visited your site.
Remarketing for Multifamily
My search for a new pair of shoes wasn’t competitive because I trusted only one brand and also had an infinite amount of time to make a selection.
The decision process when shopping for a new apartment home, however, is entirely different. First, the window of time for an apartment seeker is shorter. 56 percent of respondents in a rent.com survey said their apartment search lasted less than three weeks, while 18 percent said theirs was less than one week.
Second, those searching for a new apartment don’t have much knowledge about all of the options available to them. They’re going to have to do a lot of research, and they’re not going to immediately convert to a lead the first time they visit your community’s website because they have nothing else to compare it to yet.
This is why remarketing campaigns are so important for the multifamily industry: your apartment community stays in front of potential residents multiple times during their search, which could lead them back to you when they’re ready to buy.
While remarketing campaigns can result in annoying banner advertisements with low click-through rates, they have an important psychological effect on consumers. They’re especially relevant for the multifamily industry because they target potential residents who’ve already visited an apartment community’s website, keeping those apartments top of mind during their shortened search process. That’s why they’re a crucial part of our digital advertising strategy—click here to learn more.