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Cost-Effective Resident Acquisition

whitepaper-20091

Published April 2009, this whitepaper authored by MyNewPlace Founder and CEO, John Helm , is an in depth analysis of the how leading owners and managers are analyzing their spending to make marketing dollars stretch further.

Background

Marketing is a significant expense for owner/managers of mulitfamily housing. However, many advertising decisions are made without clear data on how effective different forms of advertising are. The multifamily industry can change this by using principles of direct marketing to assess which advertising methods will generate the most leads and leases for the least money.

This whitepaper outlines five basic steps owner/managers can take to evaluate which sources of leads are most cost-effective:

  1. Identify Sources
  2. Determine Common Metric
  3. Benchmark Sources
  4. Allocate Spend (and Effort)
  5. Repeat

These basic steps can help managers identify up to 30 percent of their advertising spend that is not cost-effective. That money can then be reallocated to more efficient advertising methods, resulting in more leads and leases for the same, or possibly even less, money.

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