Powerful Video Stats to Give Your Multifamily Marketing an Edge
by LCP360, on Feb 1, 2021 11:26:08 AM
From shifts in technology to an unprecedented pandemic, the way renters look for new apartments is much different than it was two years ago.
With renters online more than ever, video marketing has skyrocketed to be one of the most engaging tools for renters.
Incorporating more video in your multifamily marketing strategy can help generate more interest and increase lead-to-tour conversions. To help you make the most of your video marketing budget, we’ve compiled a list of video stats to help you shape your strategy this year.
78% of people watch online videos every week and 55% view online videos every day.
It’s true that people would rather be taken on a visual journey of your community than read about it. More than ever, renters are seeking out interactive ways to explore available apartments before moving forward in the journey. It is easily one of the most powerful research tools for renters to get information fast and in an entertaining way.
LCP Takeaway: Video tours, video walk-throughs and videos of resident testimonials are just a few pieces of marketing you can add to your multifamily marketing toolkit in 2021. Find unique ways to ramp up your video marketing or incorporate new video content into your strategy.
33% of viewers will stop watching a video after 30 seconds, 45% by one minute, and 60% by two minutes.
(Source: Ad Age)
While video marketing can get you impressive results, executing it correctly can be tricky. It’s important to note how to keep engagement high and drop-off low.
Most renters today are between the ages of 18 and 30 years old, which means you’re looking at a majority of millennials and Gen Zers with delicate attention spans. So you’ll want to keep your multifamily videos short, sweet and high-energy.
LCP Takeaway: For video walk-throughs or fly-throughs that show off available space, keep them no longer than a minute and only highlight your best-selling features. If you want to add current resident testimonials to your video repository, keep them no longer than 30 seconds. These short, mini videos can be perfect content to add to your social marketing mix.
On average, people spend 2.6x more time on pages with video than without.
It’s a no-brainer that video is a highly-engaging, fast-pace informational tool. For renters, they can gather a lot of information about your community in under two minutes simply by watching content, rather than reading about it. Most people are likely to drop-off from a page with heavy text, but if they can absorb the information through visuals and sound, they’re more likely to stick around. This only increases interest in your community and the likelihood of renters inquiring about more information or even ask about a tour.
The same can be said for most other interactive content. For example, LCP virtual tours have improved bounce rate by 15% and keep renters engaged for up to three minutes on a community website.
LCP Takeaway: Add more video throughout your community websites. When a renter lands on a community homepage, if they’re presented with video right away, you can help them answer their questions quickly and spark more interest.
Have a gallery page with only photos? Convert your gallery page into a highly interactive space on your website with video fly-throughs or drone videography to capture a birds-eye view of your community.
The gallery is where renters are learning the most about your community visually, and video is sure to keep them engaged longer.
Adding video to your emails can increase click rates by 300%.
Video and email marketing together aren’t yet commonplace, but it’s hard to ignore these kinds of engagement results. While many companies are exploring the use of video with email, it also has its place in the renter journey.
LCP Takeaway: To increase engagement and response rate, include links to videos of your community or resident testimonials in your outreach and follow-up emails. Not only is this improving the chance that they view your video content, but it adds another layer to the experience for renters and can help it feel more personal.
Video promotions are now equally as popular as photo promotions on Facebook.
Many communities opt to show only their exterior in a traditional photo advertisement or a slideshow of amenities, but video can actively stop renters from scrolling and hold their attention longer than a standard photo.
LCP Takeaway: Test out video advertisements on Facebook and Instagram for 90 days before diving fully into it. Mix this type of content in with your traditional photo ads to see which ad type performs the best and if you see a shift in lead-to-tour conversion with your promotional content.
A website is 53x more likely to reach the front page of Google if it includes video.
When you add interactive content to your website, renters spend more time browsing it. As a result, Google recognizes the time spent on your website increasing and is more likely to rank your content higher. To put it simply, the more time you spend on a piece of content, the more Google recognizes that content as useful and something that is likely useful to other people.
Higher ranking websites receive more click-throughs on Google and higher conversion rates, so livening up your website with video can get you meaningful results.
LCP Takeaway: Test out video on different sections of your website. Your gallery page is an obvious spot, but think about where your audience spends the most time. It’s likely going to be the gallery page, but maybe it’s also the homepage and your amenities page.
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Video marketing in multifamily will only continue to grow in the years to come. Whether you've given video marketing a try or you're just starting out, test out new approaches to video in 2021 to see what works for your community.