Budget-planning season is in full swing, and now is the perfect time to evaluate your marketing plan. Don’t have one? Not a problem – here’s a simple breakdown of what you need to know in order to build a strategic marketing plan for your business:

1. Decide on objectives. First things first: it’s time to figure out what you are trying to accomplish. Consider the strengths and challenges that your brand faces. Whether it’s the competitive landscape, geographic location, your budget, or your staff – it all plays an important role in determining your goals and objectives. As a property manager, you must determine what your occupancy level is and what you would like for it to be – take a look at industry trends and forecasts to determine how your community measures up. It’s important to be realistic when setting goals, but do consider challenging yourself for a greater reward.
 

2. Determine your audience. Who are you targeting? It’s critical to know who you’re marketing to so that you can tailor your messaging appropriately. A great way to identify your audience is by conducting market research. It’s easy to set up questionnaires using a service such as SurveyMonkey, and best of all, it’s very cost-effective! You can distribute the survey to your residents and prospects through email and social media, or have a staff member conduct in-person surveys at events or in approved public areas.
 

3. Choose your messaging. Now that you’ve established who your target audience is, it’s time to construct appropriate messaging for your brand. Use engaging content and don’t forget to include calls-to-action (such as, “To learn more about _____, contact us today!” and include contact information). With occupancy rate as a focus in your community, you want qualified leads to actually convert, so it is critical that your messaging is crafted to reach your target market.
 

4. Build your strategy. Now that you have listed your objectives, found your target audience, and determined your brand messaging, it’s time to establish strategies that will help you reach your goals. For each objective you created, list a strategy for accomplishing that goal. Your strategies will likely involve multiple steps or tactics, setting benchmarks that will help you measure your success along the way.
 

5. Calculate your budget. Arguably the most important step in preparing your marketing plan is determining what percentage of revenue you are willing and able to invest in marketing. This amount will vary depending on how quickly you want your business to grow. It’s important to be smart about how you choose to allocate funds – the U.S. Small Business Administration says a proper marketing budget should fall between 2% and 10% of sales.
 

6. Make advertising decisions. There are a variety of advertising mediums available to you – so consider which methods will work best for your community. Think about your intended audience, and base your advertising decisions around which methods reach your target demographic. 91% of the next generation of renters use an internet listing service to find their apartment. Younger renters are social and also tend to use sites like YouTube and Facebook in their apartment search. There are still many renters who prefer to view print advertisements, so it’s very valuable to consider adding print to the mix. Remember, renters are very diverse – they are shopping and searching everywhere – so using a variety of advertising types is valuable to you as a property manager in order to capture the most qualified leads. Be open to new ideas and don’t feel compelled to use the ‘usual’ methods – try something different and bring new life to your advertising strategy!
 

With your marketing plan in place, it’s time to start measuring the effectiveness of your strategies in order to determine what’s working for you, and what may need to be altered. Keep an accurate report of where your leads are coming from – if there is a standout method, you may want to focus more of your time and money there. Remember, your marketing strategy is ever-evolving. It’s critical to respond to the needs and desires of your customer, so stay relevant by listening in and conducting market research. Happy marketing!