Get the Lowdown on Location-Based Advertising
August 9, 2018Question: What’s more important than coming up with effective apartment marketing ideas? Answer: Understanding why the ideas are effective. It’s one thing to create an effective marketing system, but only by understanding the intricacies of that system will you be able to replicate it time and time again. With that in mind, let’s look at the numbers to see why location-based advertising is one of the most effective digital marketing systems in use today. It all starts with the phone in your pocket. That sleek metallic object is barely even a phone anymore; It’s a computer; It’s a camera; It’s a GPS system. That last attribute is what makes your phone the perfect advertising tool, and it’s why location-based advertising is such an effective digital marketing method. We’re here to tell you why location-based advertising is effective, why marketing dollars go further when they’re spent on location-based advertising, and why it’s one of the best digital marketing ideas for apartments.
The most important aspect of any marketing campaign is getting your message in front of the right people. Think back to the last time you took a cross-country road trip. While driving, you probably saw multiple billboards that told you to, “Take a Left in 5 Miles,” or “Exit Now.” Gas stations and fast food restaurants pay big money for these billboards because they know their message will get to their target audience; people on the highway. The same principle applies to location-based advertising. Instead of a billboard, however, the ads show up on smartphones — reaching audiences on the devices they use most often.
You don’t need statistics to tell you that people like to use their phones, but consider these two bits of info: 90% of US mobile users keep their phone’s location services turned on. 47% of consumers would shop somewhere that offered promotions when they’re nearby. Almost everyone allows advertisers to see their location, and half the population says location-based ads would be effective. Still, just 22% of businesses are taking full advantage of location-based advertising. Businesses that do take advantage will find themselves one step ahead of competitors. Apartment complexes are unique in their ability to use geotargeted ads because location is everything in the residential industry. One way properties can take advantage of location-based advertising is by using the ads to promote “Tour & Sign” or “Look & Lease” specials. Everyone who sees the ad will already be within a couple blocks of the leasing office, making it easy for them to take advantage of the offer. Location-based advertising is still fairly new, so it’s still possible to leverage this new technology before your competitors. Time is running out, however, and businesses are catching on.
The mobile location-based advertising market was a $16 billion industry in 2017, and is expected to reach $30 billion by 2020. Let’s get your property started on the location-based advertising path before the competition catches wind of it. We recommend using geotargeting and geofencing for property events, housing fairs, promotions and more! Reach out to a Threshold/Carve team member today for a customized quote and more apartment complex marketing ideas.