subject: Testing Social Media to Market a Local Apartment Complex [print this page] Testing Social Media to Market a Local Apartment Complex
Facebook offers advertising for all who are willing to pay. Right now, the apartment industry has been quite slow to take up the tool for the purpose. The issue is will advertising on Facebook produce renters at a rate that makes trying worthwhile?
The statistics available show very very high impression rates and very very low click through rates. However, given Facebook's capacity to identify by specific geography, I believe the medium may offer significant advantages for the local advertiser. The reason is I can reach out and touch my target customer in my target city and unlike other venues my target is much more likely to be thinking locally as well.
I recently set up our first facebook ad. I was able to very quickly craft a simple ad target at my target age demographic in the specific communities where I am located. Facebook was able to tell me how many users would be likely to see the ads -- approximately 31,000.
Of course whether facebook works is to some degree driven by my ability to identify my customer. That's the great thing about apartments. I know the best age range and as facebook increases available information, I expect I will be able to continue further refining my ads to place them in front of folks who have a need.
Intuitively, Facebook seems like a good place for me to create exposure for the apartment complex. Why? Well the other interesting point about my target is I know a high percentage of these consumers will move every year. In fact, I know that a higher percentage of this age group will move than any other age group. This is a wonderful point when working with a site that offers a targeted demographic. Why is that? Most people begin planning their move from one apartment to another some 90 days prior to completing it. Because of this, I know a high percentage will be moving in the next 12 months.
That means that in any given month mort than10 percent of this demographic will beginning to consider their move. All of this amounts to providing the long answer to the time is right to experiment with Facebook. Moreover, I am not sure folks in our market place can afford not to begin working with the tool. Besides, what do we have to lose, we only pay for clicks we receive. And that means, the experiment can hardly be anything except beneficial.
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