How Technology is Saving the Day on the 4P's of Marketing

The “4 P's” of marketing – product, place, promotion, and price. It’s the classic approach ingrained in every marketing strategist’s repertoire in Marketing 101, long before digital technology led the masses through Black Friday from the comfort of a recliner. The old-fashioned tactics that remain at the core of today’s marketing campaigns have built some of the most iconic brands through the history of commerce. And they don’t have to be embedded in Twitter, Snapchat, Instagram or Facebook by modern marketers to be effective. But technology is making them more pronounced and memorable. A strategy to guard against surprises In the apartment industry, each P has a unique purpose rolled within a portfolio’s marketing strategy. Before property management technology, they sometimes got a little lost in the fray, however. Back in the day, associates kicked back in their Naugahyde chairs sporting a big grin when a community was filled to the brim with residents. Little did they anticipate what was around the corner. An onslaught of renewals caught management by surprise and suddenly the property had lost 10 percent of its occupancy. If only the staff had been alerted. Today’s revenue management technology is protecting the “4 Ps” with some internal safeguarding. Some of the most advanced tools provide operators not only a transparency in real-time occupancy but what lies ahead that could spell disaster if gone unnoticed. “We’re able to have a forward look into things like revenue management systems and anticipate risk that a property may have,” said LeaseLabs Senior Vice President Brock MacLean at RealWorld in July. Like in 90 days there may be a glut of two-bedroom apartments – for whatever reason – that needs to be addressed well in advance. Revenue management can send a signal of that impending risk to the marketers who can realize an opportunity to mitigate risk but...