Building Buyer Personas: The Importance of Selling to a Targeted Audience

The dynamic multifamily industry is ever-evolving, driven by new regulations and technological advancements. As consumer behaviors shift, so must your leasing strategies align with today’s renters’ preferences.

Gone are the days when leasing efforts emphasized property features like high-speed internet or shared community areas. Modern success lies in focusing on who you are selling to so you can understand the unique desires of your targeted audience.

Consider the scenario of a leasing agent who employs the same sales pitch for both a Baby Boomer and a Millennial. This one-size-fits-all approach is likely to result in missing out on potential leases. Today, it’s crucial to be well-versed in your property’s amenities and spaces and what appeals explicitly to each potential renter. This approach is encapsulated in a buyer persona – a tool that refines your sales strategy around your audience, potentially turning a single lease into multiple.

Understanding Buyer Personas

Do you truly know your customers? Their workplaces, shopping habits, and interests are not just trivial facts but vital to understanding their purchasing decisions. A well-crafted buyer persona targets your multifamily marketing efforts effectively, ensuring you reach the right people at the right time and in the right way.

A buyer persona is a semi-fictional representation of your ideal customer based on market research and real data, capturing essential details like demographics, motivations, behaviors, and pain points. Such insights are invaluable for creating tailored content, designing amenities, and providing customer service that resonates with residents.

Building Buyer Personas

At Criterion.B, we specialize in branding for new developments, always starting with creating detailed buyer personas. Our process involves interviewing current and prospective residents to gain a comprehensive view of the organization. We delve deep into understanding where customers spend their time online, what resources they trust, and the challenges they face.

In our journey of building brand identities for multifamily properties, we recognize the importance of understanding residents and communicating distinctively with each target audience during the leasing process. We create specific, memorable personas – like “Empty Nester Nell” or “Baby Boomer Bob” – making it easier to connect personally when these ideal residents walk through your door.

Consider the following when building a buyer persona:

• A memorable name.
• Job titles and responsibilities.
• Detailed demographics.
• Goals and motivations.
• Pain points and challenges in the apartment industry.
• Technical experience and work environment.
• Realistic photos over stock imagery.

Leveraging Buyer Personas

Once your buyer persona is firmly established, it becomes pivotal to align your brand in a way that resonates with this ideal customer. However, the challenge often lies in catering to a property that appeals to a variety of demographics. For example, an urban property might simultaneously attract a tech-savvy Millennial professional and a leisure-focused retired Boomer couple. Each group represents distinct types of customers with unique preferences and expectations.

In such scenarios, developing detailed marketing personas becomes an invaluable tool. It allows you to customize the customer experience for each segment of your target customers, ensuring that your marketing campaigns and sales pitches are tailored to address the specific lifestyle and desires of each group. This tailored approach not only enhances the customer experience but also increases the likelihood of resonating with potential customers.

To address these diverse customer personas effectively, utilizing tools like Google Analytics can provide insights into the types of customers interacting with your online content. This data can guide your product development, helping to shape the products and services offered in a way that appeals to each distinct group. Moreover, a free buyer persona template can be a great starting point for businesses looking to create content that appeals to various customer segments.

Incorporating buyer persona templates into your marketing strategy allows for a deeper understanding of your potential customers. It aids in crafting marketing campaigns that speak directly to their needs and preferences. As a result, your sales team can approach each lead with a more personalized and informed strategy, greatly enhancing the effectiveness of your sales efforts.

Furthermore, these personas play a crucial role in guiding content creation. By understanding the motivations, pain points, and interests of your different customer personas, you can create content that is both engaging and relevant to each group. This approach not only improves the effectiveness of your marketing efforts but also supports a more strategic and customer-centric approach to product development.

Overall, the use of detailed buyer personas in tailoring the leasing experience and marketing efforts ensures that your multifamily property can effectively connect with a diverse range of customers, enhancing both the customer experience and the success of your property in the competitive market.

The Key to Multifamily Marketing

Creating a buyer persona might seem like a meticulous task, but it’s a strategy that humanizes your audience and streamlines your marketing efforts. By understanding what renters value most, you can align your multifamily marketing strategy more effectively.

To get started, download our multifamily persona worksheet and develop a buyer persona that accurately reflects your renters’ needs and preferences, ensuring your commercial real estate marketing strategy is as effective and resonant as possible.

Understanding Millennials: A Generation Shaping Multifamily Marketing

In the ever-evolving landscape of the multifamily industry, staying attuned to shifting demographic trends is paramount for success. Among the most influential demographics shaping the market are millennials — individuals born between the early 1980s and mid-1990s.

With their unique preferences, values, and behaviors, millennial renters have become a driving force in shaping your multifamily marketing plan.

Understanding Millennial Renter Preferences

1. Embracing Technological Connectivity: Millennials have grown up in a digital age, where technology is deeply embedded in their lives. They rely on smartphones, tablets, and social media platforms to stay connected, conduct research, and make purchasing decisions. As a multifamily marketer, harnessing the power of technology and embracing digital marketing strategies is crucial to engage with millennial renters effectively.
2. Prioritizing Experiences Over Ownership: Unlike previous generations, millennials emphasize experiences more than material possessions. This mindset extends to their housing choices, as many millennials prefer the flexibility and convenience of renting over the commitment of homeownership. Highlighting the experiential aspects of your multifamily properties, such as amenities, community events, and convenient locations, can be key selling points to attract millennial renters.
3. Sustainability and Environmental Consciousness: Millennials are environmentally conscious and seek sustainable living options. Incorporating eco-friendly features into your multifamily properties, such as energy-efficient appliances, recycling programs, and green spaces, can resonate with millennial renters who value sustainability. Communicating your commitment to sustainable practices can differentiate your property and attract environmentally conscious millennials.
4. Authenticity and Transparency: Millennials value authenticity and are adept at detecting multifamily marketing gimmicks. They seek transparency in brand messaging and prefer genuine interactions. Building trust through honest and transparent communication is crucial in multifamily marketing. Share authentic stories, highlight the unique aspects of your properties, and engage with millennials through personalized and meaningful interactions.

Multifamily Industry Implications

1. Shift in Property Amenities: Millennial preferences have led to a shift in property amenities. Millennial renters increasingly seek out fitness centers, communal workspaces, outdoor recreational areas, pet-friendly facilities, and smart home technology. Incorporating these amenities into your multifamily properties can attract and retain this target demographic.
2. Rise of Digital Multifamily Marketing: Traditional marketing channels are no longer sufficient to reach millennial renters. Digital marketing, including social media for apartments, influencer partnerships, and targeted online campaigns, has become instrumental in effectively engaging with this tech-savvy generation. Investing in a comprehensive digital marketing strategy can yield significant results in attracting millennial renters.
3. Enhanced Community Engagement: Millennials value community and social connections. Creating opportunities for community engagement within your multifamily properties, such as hosting resident events, organizing volunteer activities, or facilitating social platforms for residents to connect, can foster a sense of belonging and enhance the overall resident experience.

The Technology Factor

Millennials are the first generation to grow up around the internet. Interconnectivity and information explain much of what makes millennials who they are. By looking at specific digital trends among millennials, we can understand what drives their behavior and how they make purchase decisions. Because of their large purchasing power, marketers are changing their tactics to get in front of this generation. New social media advertising tactics have evolved due to millennials spending more than three hours a day on mobile phones.

While millennials are evolving online marketing, their lifestyles define the multifamily space. As millennials tend to wait longer for marriage and kids, they delay homeownership and rent longer. Multifamily communities have to adjust their marketing tactics to attract these sought-after renters.

Understanding Millennial Renters to Craft an Effective Multifamily Marketing Plan

Understanding millennial trends is crucial for developing an effective multifamily marketing plan. By embracing technology, prioritizing experiences, emphasizing sustainability, and cultivating authenticity, you can align your marketing efforts with the preferences and values of millennial renters.

Leveraging these insights can help differentiate your multifamily properties in a competitive market, attract millennial renters, and position your brand for long-term success. Stay attuned to evolving millennial trends, adapt your marketing strategies accordingly, and embrace the transformative opportunities presented by this influential generation within the multifamily industry.