How Technology is Saving the Day on the 4P's of Marketing
Technology is making the “4 Ps” of marketing more pronounced and memorable.
The “4 P's” of marketing – product, place, promotion, and price. It’s the classic approach ingrained in every marketing strategist’s repertoire in Marketing 101, long before digital technology led the masses through Black Friday from the comfort of a recliner.
The old-fashioned tactics that remain at the core of today’s marketing campaigns have built some of the most iconic brands through the history of commerce. And they don’t have to be embedded in Twitter, Snapchat, Instagram or Facebook by modern marketers to be effective. But technology is making them more pronounced and memorable.
A strategy to guard against surprises
In the apartment industry, each P has a unique purpose rolled within a portfolio’s marketing strategy. Before property management technology, they sometimes got a little lost in the fray, however. Back in the day, associates kicked back in their Naugahyde chairs sporting a big grin when a community was filled to the brim with residents. Little did they anticipate what was around the corner.
An onslaught of renewals caught management by surprise and suddenly the property had lost 10 percent of its occupancy. If only the staff had been alerted.
Today’s revenue management technology is protecting the “4 Ps” with some internal safeguarding. Some of the most advanced tools provide operators not only a transparency in real-time occupancy but what lies ahead that could spell disaster if gone unnoticed.
“We’re able to have a forward look into things like revenue management systems and anticipate risk that a property may have,” said LeaseLabs Senior Vice President Brock MacLean at RealWorld in July.
Like in 90 days there may be a glut of two-bedroom apartments – for whatever reason – that needs to be addressed well in advance.
Revenue management can send a signal of that impending risk to the marketers who can realize an opportunity to mitigate risk but revenue targets without conceding price by heading off a potential disaster well ahead of time.
“So now we’re taking what once was a perceived risk, creating signals to really dial up your marketing effort, and actually capture opportunity and drive greater yield for an asset,” MacLean said of RealPage’s GoDirect Marketing strategy. “We’re taking what could have been, and at one time historically, a challenge and really creating an opportunity for our customers.”
Delivering leads that matter
The solution results from RealPage’s union with LeaseLabs and delivers direct leads to help reduce marketing costs and boost occupancy. It’s another example of how technology is allowing greater transparency in what works, what tools are available and what levers to pull, MacLean said.
Brands now have the tools to drive a direct marketing strategy to control leads versus sharing them with the competition. The new adaptation of the “4 Ps” is managing leads through prioritization and converting them at a higher rate.
“Technology that allows our customers to understand what leads are more likely to convert, prioritize those and bring them into the fold,” MacLean said.
Building a connection through brand execution
Brand execution has become “supercritical,” he adds, through web presence, expansive content and the understanding of who’s searching content to build the connection to the property.