What is Customer Lifecycle Marketing?
Everyone knows in business the customer comes first. Customer Lifecycle Marketing is founded on this principle.
The goal of Customer Lifecycle Marketing is to send content to leads based on their stage in the customer lifecycle. What is exciting for a prospect may not matter to a dead lead and vice versa. So why would you send them the same content?
Plus, customers who received emails specific to their stage in the customer lifecycle have a 72% higher conversion rate.
Did we mention? Marketers who use segmented email marketing campaigns experience a 760% increase in revenue!
Let’s see what this looks like for Multifamily.
Still confused about CLM? Download the Customer Lifecycle Marketing Infographic.
How Does it Work?
Every potential Multifamily customer falls into one of the following zones:
- Prospect Zone
- Resident Zone
- Dormant Zone
So let’s take a look at the normal lifecycle for a Multifamily customer.
The idea is to get every lead into the Resident Zone. A.K.A.the zone where you are making money.
Obviously having full occupancy forever is a fantasy, but that doesn’t mean you shouldn’t form your strategy with that goal in mind.
Norman Vincent Peale said it best, “Shoot for the moon. Even if you miss, you’ll land among the stars.” That’s what we are doing with Lifecycle Programming.
How to Put it into Play
We have developed ready-made ‘plays’ to make the transition from each stage to the next as easy as possible. And maximize the number of customers in the Resident Zone!
By engaging with each customer at every step of the way, you can keep them active and increase your average customer lifecycle value!
Here are our 9 favorite plays:
Prospect Zone
- Pre-Tour Play
- Post-Tour Play
- Closing Play
Resident Zone
- Pre-Move Play
- Welcome Play
- Satisfaction Play
- Renewal Play
- Exit Play
Dormant Zone
-
Win-back Play
Let's take a closer look.
Prospect Zone
Prospect Pre-Tour Play
Start State: New
End State: Toured
Goal: Get a new prospect to take a tour
Once a prospect fills out a guest card, they should be added to the Prospect Pre-Tour Play to educate them about the property. This play showcases the property’s amenities, features, and the neighborhood to spark prospect interest.
Prospect Post-Tour Play
Start State: Toured
End State: Nurtured
Goal: Educate prospects who have toured your property about the next steps to sign a lease.
After a prospect tours your property, give them everything they need to sign a lease with the ‘Prospect Post-Tour Play.’ Show them your floor plan availability, notify them about any price-drops and invite them to community events.
Prospect Closing Play
Start State: Nurtured
End Date: Leased
Goal: Get nurtured prospects to sign a lease
Once the prospect has scheduled a tour, they are moved into the ‘Prospect Closing Play’ where they receive an extra nudge to sign a lease. This play provided a variety of timed offers like a waived amenity fee alert, a waived security deposit alert and a half-off your first month’s rent special offer.
Resident Zone
Resident Pre-Move Play
Start State: Leased
End State: Moved-In
Goal: Ease transition into residency for future residents
As soon as a prospect signs a lease, they should move to the ‘Pre-Move Play.’ In this play, they get all information they need to make their move as easy as possible. This play includes an ‘application approved’ congratulations, a move-in checklist, and a reference guide to insurance and utility companies recommended for your property.
Resident Welcome Play
Start State: Moved-In
End State: Stable
Goal: Keep residents happy
When a resident moves in, they should start the ‘Resident Welcome.’ It gives an overview of information new residents want to know. Typically, the play kicks off with a welcome email and is followed with an email that prompts residents to stay in touch. Next, you can move into some helpful tips for navigating the area, like where to find the various amenities, local entertainment venues, and where they should eat dinner. Round out your welcome play with a personal touch, like a triggered birthday email.
Resident Satisfaction Play
Start State: Stable Resident
End State: Renewable
Goal: Check in with current residents to make sure they are pleased with the property
After a resident has been at your property for six months, they should receive the ‘Resident Satisfaction Play.’ As the name suggests, this play evaluates how happy your residents are and gives you a chance to make amends with any residents who are unhappy. The satisfaction play usually includes an anniversary email, a resident survey and a prompt to refer a friend. To go the extra mile, you can send a follow-up email to address any concerns mentioned in the resident survey.
Resident Renewal Play
Start State: Renewable
End State: Renewed
Goal: Make residents want to renew their leases
Two months prior to a resident’s lease ending, use a ‘Resident Renewal Play’ to encourage your residents to renew their lease. Gentle reminders and special offers are an easy way to encourage residents to stay.
Resident Exit Play
Start State: Renewable
End State: Moved-Out
Goal: Maintain a positive impression by provide a smooth move-out process for residents who did not renew
Inevitably, some residents do not renew their lease. However, that doesn’t mean they wouldn’t be willing to recommend your property to their friends. Make sure you leave them with a good impression by using the ‘Resident Exit Play’ to make their move easy. Send them a move-out checklist to keep them organized. Also, send them an exit survey so you can know learn why some of your residents aren’t renewing. These survey results can inform your new resident retention strategy.
Dormant Zone
Win-Back Play
Start State: Dormant
End State: Leased
Goal: Get dormant leads to sign a lease
If a lead goes cold or a resident moves out, use the ‘Lead Win-back Play’ to change their minds. 53% of leases are not renewed, so there is a good chance they are open to being wooed by your property. Like all great rom-coms have made abundantly clear, people like it when you are honest about your feelings. Tell them that you missed them and want them back. Then, show them what they have been missing with special offers, floor plan alerts and property highlights.
Next Steps
While this all sounds amazing, it also sounds like a lot for your agents to juggle. Let’s look at how you can use automation to make it even easier than your current email strategy. You read that right: Better Content. Less Work. Tune in next Thursday to learn how!
Your Turn. What are some barrier to using a CLM campaign for Multifamily?