Misconceptions Around Google Ads in Multifamily
There is no denying the importance of PPC advertising in the multifamily industry. Not only does PPC provide the opportunity for quality leads, but it also gives access to in-depth audience insights and behavioral learnings. Google can be confusing and overwhelming at times, so we can assist in debunking common misconceptions around Google Ads in multifamily.
A Small Budget Won't Do Anything
Thanks to Google targeting capabilities, a small budget has the potential to go a long way. The more we know about a property's audience, the more we can efficiently spend an allotted budget. From detailed demographics, location, and time of day targeting, Google allows advertisers to control spend in a targeted and strategic manor. This creates the ability to make a small budget incredibly efficient. Our blog on targeting tips for PPC in multifamily delves into specifics about all targeting that Google offers.
Seasonality Rules All
While the winter months often slow the roll of quality leads, there are several other factors to evaluate when assessing performance. Instead of giving away our search playbook (yes, we have one), we can simply review a few situations that often diminish performance.
Impression Share: Are your brand campaigns struggling? It's important to consistently check in on brand impression share. Sometime ILS' bid on brand terms, in turn plummeting a once steady brand campaign(s).
Irrelevant search terms: as a basic search 101, always check search terms. Don't waste money, make sure to negate any irrelevant traffic.
Keyword performance: it's important to check in on certain keyword performance, including spend, cost-per-lead, average position and search impression share. Often times a drop in account performance is due to one keyword or a handful of keywords, which you can combat by simply making weekly check-ins on keyword performance. Setup expectations of average position and search impression share for brand keywords, and adjust bids accordingly.
Of course, seasonality is not to be ignored. According to Apartment List, “Searches for apartments jump from December to January and then ramp up gradually through the spring and summer months. Apartment searches peak in July, before tapering off in the final three months of the year. Moves, on the other hand, are relatively quiet at the start of the year, before ramping up dramatically from March to their August peak.” Understanding market trends is key in preparing strategy for PPC advertising.
Overselling Ad Copy
Stick to the truth. When a property is expensive compared to the market, it is important not to write affordable in the ad copy, but rather play up its luxury features. If a property needs renovation, don't refer to it as luxury, but rather market its fair pricing. At the end of the day, ads need to target those who will sign a lease. It does no one any good to mislead potential renters.
Have other questions about marketing for multifamily related to your PPC campaigns? We can help!