The rising value of your business’s digital assets
2020 was predicted to be a time of incredible business growth and then suddenly an unprecedented pandemic developed and the direct effects remain unpredictable. Historically, the world economy has followed certain trends regardless of unexpected events, or more truthfully, because of said events.
In today’s market, we are seeing businesses adjust, refine, and redesign their approach to marketing, management, and future planning. Whether looking for more residents in a multifamily community or working hard to maintain sales of your well-stocked products, the need for immediate and relevant marketing remains paramount. As person-to-person interaction reduces, digital marketing strategies become more essential to find your target markets and develop more streamlined support systems.
When it comes to digital marketing, there are countless lists of online assets to acquire to assist you in your marketing strategies. At its simplest, this list would include a website, some social media, a Google My Business listing, and a few other apps and platforms specific to your industry. But is it enough to just check off the boxes and expect to recover, much less improve your business both on and off-line? We here at Results Repeat can argue “nope, no way, not enough, na-ah.”
Consider this, you are sitting with your business partner reviewing the sales of the week and you ask “what was the name of that supplier we used last year?” and your kind partner replies “I always forget their name. Let me see if I can find them on Google.” We’ve all been through this. Every once in a while, we love the results we find. But let’s be honest, we have also had those moments of sheer frustration after finding limited results, outdated information, broken links, or we make the dreaded phone call, leave a message, and never hear back from the one place you made time to contact that day to send your largest order.
Don’t be that company. Please.
How old is your current website?
You may be thinking, my site is just fine. I have too much to handle right now and it has worked for years. Did you know with all the Google algorithm updates in the past years, many sites that “worked just fine” now have broken links, missing buttons, removed images, or just don’t show up at all? Yep, it’s a fact. You know that form you added for people to buy, ask a question, apply now? That could be simply not working and you sit and wonder where all the business has gone. The “set it and forget it” mentality just doesn’t apply anymore. Not only may your site not work correctly, but without regular well-positioned updates to your site and a wise SEO strategy, you are basically telling Google to just pass you by. Don’t panic – we can help. But how?
Are you adding new technologies to old websites?
Let’s use the multifamily industry website as an illustration here. These are websites in an industry that typically house the same types of pages: Apartment Floor plans, Unit Amenities, Photo Galleries, Contact Us, Apply Now. We are seeing all kinds of technology assets being used in a greater capacity in direct response to the current need to be more virtual. These are coming in the form of 3D Tours, Chatbots, Virtual Walk-throughs, and more. How you incorporate these additional assets into your website really matters. How you promote and track these pages and resources matters, too.
Through this time, Results Repeat has handled digital marketing for apartment communities across the country and understands the unique needs of each multifamily location. In truth, it all boils down to occupancy. The apartment community has vacancies to fill, the internet is pointing potential renters to the most relevant apartment websites within the specified area, and the goal is to make a match.
Right place, right time? No, we like to say “Right strategy, right results.”
It’s about results. How do you get folks to complete that valuable “Apply Now” form? How do you collect data or encourage potential apartment renters to contact you with their questions? It’s not just about having the phone number online. User experience, intuitive navigation, website function, and meeting and encouraging intent to rent are all important aspects of improving multifamily digital marketing as a whole. User intent plays an important role in digital marketing strategies. While your website may ultimately point all users to one contact page, the route they get there can be very different. Many users are quick to jump right to the details of a specific page or product while others have arrived at your site looking for further education about your specialty or location. Does your website speak to both and everyone in between?
Increasing the value of your business with digital assets
You are a real estate developer who owns various apartment communities in a certain area and is always in the market to buy a new property. What do you look for when acquiring a new apartment building? We know you walk the property, conduct inspections, look at their accounting and make sure it all lines up.
But what about the “off-property” business assets online?
- Did you look for the location’s current reviews?
- Have the current owners invested in marketing their multifamily property on Google?
- What social media presence does the apartment maintain?
At first blush, these things may sound whimsical, but the reality is that according to Matt Reilly, Director of Growth at RadPad, “More than 90 percent of people looking for their next living situation are searching online first and more than 60 percent are looking on mobile.” Oh yikes… are you sure your site is even mobile-friendly now? Renters want to know!
Back to your exciting new investment that looks great with the new gardens and fitness areas. Did you forget to look at the website and other digital assets associated with the property? Without due diligence in performing a digital marketing analysis, you could be the proud new owner of a terrible online reputation, one that is sending repetitive negative reviews and signals to Google who, in turn, has slowed its traffic to your “new” site. Issues like these will not be completely fixed with a new website built on the existing website address. They can be fixed, but it takes time, expertise, and a global understanding of your overall online business goals.
Let’s look at the same scenario but from the seller’s point of view:
This property management group has maintained a very positive digital presence that reflects their professional branding across all marketing outlets. Their websites are consistently updated with relevant information, they have invested in SEO for multifamily locations, and have increased their online traffic consistently over the past few years. This is accurately reflected in their occupancy rates and income statements. The owner and seller of the actual real estate have supported these investments in digital marketing for their apartment buildings knowing the resulting positive online presence increases the overall value of their real estate holdings.
How to value your business’s digital assets
Whether your business is exclusively online or you have a brick-and-mortar location that uses digital marketing to improve the bottom line, it is important to understand the value of each marketing campaign whether on or off-line. If you are wondering how to calculate your return on your investments (ROI) in a digital marketing campaign, Investopedia shares this formula for a simple approach:
Take the sales growth from a particular service or product line, subtract the marketing costs, and then divide by the marketing cost.
(Sales Growth – Marketing Cost) / Marketing Cost = ROI
So, if sales grew by $1,000 and the marketing campaign cost $100, then the simple ROI is 900%.
(($1000-$100) / $100) = 900%.
We know these are round numbers but you get the idea.
How much is a digital marketing campaign worth to you?
While this is not legal advice, if you are involved in either buying or selling a business of any type, you need to be sure to collect several items to exchange at the closing table. It’s not just about the keys to the front door anymore. Here’s a checklist of digital marketing assets that are essential to a smooth ownership transition. It’s important to address these prior to the closing rather than the post. We all know how tricky those transactions can be so to avoid being “locked out” of the important digital assets that affect the value of your purchase or sale, be sure to get these digital “ducks in a row.”
Essential Digital Marketing Assets:
- Domain Name Access
- Where did you buy your website address?
- What are the username and password?
- Access to Website Hosting
- Where are your sites hosted?
- What are the username and password?
- Google Tools log in details – Many times these are set up using one individual’s Gmail account. This person may or may not come along with the new purchase. Be sure to either be granted admin access or collect the usernames and passwords to:
- Google My Business Listings
- Bing My Places Listings
- Google Analytics
- Google Tag Manager
- Google Search Console.
- How will you access the social media pages? Be sure to get credentials to
- Facebook, Twitter, Instagram
- Any specific forums or directories that the business is listed within
- Collect the customer database for future contact like:
- Email newsletters
- Promotional Marketing
- Has the current business been hosting webinars or podcasts?
- Where and how do they access, post, and promote these events?
This is an oversimplified list of credentials you should address for any property transaction. But even in a shortened list, you can see the exponential marketing and digital assets that are essential to businesses today. If you are looking to increase the overall value of your business, Results Repeat can help!