(#570) RENEWALS - GET THE BALL ROLLIN'
STUDENT HOUSING TIP
RENEWALS: PARENT EDITION
Want to get the ball rollin’ faster for your renewals? Get the parents, aka helicopter or Blackhawk parents, involved.
In the past, we’ve relied on a series of direct mail pieces strategically timed during the holiday season. Keep this part; however, I’d love for you to consider adding an email marketing component to your renewal efforts.
Yes, that’s right; you’re going to up your direct mail and email marketing game up a notch.
LET’S BEGIN WITH THE DIRECT MAILER PIECE
Take a moment and assess the letter you sent last year. Is this a letter you’d be stoked to receive or is it something generic along the lines of:
Dear Mr. and Mrs. _______,
It’s renewal season. We’d love for you to renew.
Renew early for the best rates, see below
Tier 1
Tier 2
Tier 3
Sincerely,
Property Manager
INSERT IMMEDIATE YAWN, and off it goes in the trash can. Even if your letter from last year was great, can you make it even better? Of course you can – think super awesome!
NEXT STEPS?
I recommend you take a moment of quality time (let’s say about 30 minutes or so) to personalize this letter to be the best letter you’ve ever sent out the parents. This letter is an excellent opportunity to communicate with parents as to what’s been going on in the community.
Don’t be shy, feel free to include a few pictures and pop in any community improvement(s), and past and upcoming resident events.
Your goal for this letter is you want the parents to be excited to read about the community so when it gets to the point in the message where you’ve dropped the renewal deets in it’s a NO BRAINER for them.
They finish reading the letter thinking, of course, we’re renewing our lease here!
In addition to the direct mail piece, you’re going to add a few layers of email marketing to the mix to engage and communicate more with the parents early on in November to get the renewal conversation and decision ball rolling.
That said, I recommend you prepare a 2-3 part email funnel. Put some QT into these emails, so they are just as fun and exciting as your letter.
If you’re tech-savvy, you can automate this funnel and if you’re thinking automation sounds confusing, just put a reminder in your calendar of when you’d like to send these emails out.
The email funnel is timed to complement your direct mail piece.
Double-check your budget, but if you can throw a few bucks at each mailer, I would.
I love using inexpensive gift cards such as a $5 Uber or Lyft Gift Card. Now, I realize $5 won’t get you super far in the transportation world, but it’s a credit that can be applied, to an account you know they have, and will likely be appreciated. Also, if the parent doesn’t want the gift card for themselves, they will probably gift it to their child or add it to their child’s transportation account.
WHAT IF YOUR BUDGET DOESN’T ALLOW FOR GIFT CARDS?
Stick with the direct mail piece aka the letter and email funnel.
If the budget won’t work for the letter, proceed with just the email marketing funnel.
WHY a GIFT CARD?
#1 They don’t add much weight to the mailer, so it saves on shipping as opposed to if you were to ship a more standard gift
#2 The parent(s) have to touch the card physically. AND who do the parents think of when they go to use it? YOU!
SAMPLE EMAIL SCHEDULE
Email 1:
Send a welcome email that’s an attention grabber. Include a teaser to keep your eyes out for a small gift that’s coming in the mail. If the budget is tight and there’s no gift, let them know a letter is coming soon and to be on the lookout. **If direct mail budget does not permit you can rely just on the email funnel.
Your goal in Email 1: Try to spark some excitement to be on the lookout for a gift. It’s also a touchpoint.
< Send Direct Mail >
Direct Mail:
Send the letter around Thanksgiving that includes a gift (if applicable) with renewal details. Point them back to their email for future info and deets regarding the community.
< Wait a few days >
Take a look at how Email 1 performed. How many people opened the email vs. didn’t open the email.
Email 2:
Part 1: For the people that didn’t open the Email 1, consider changing the subject line and resending Email 1.
Part 2: For the people that did open Email 1, send Email 2. In this email confirm they received the direct mail piece. “I hope you received the gift and can use it for a future ride. And of course, let us know if you have any questions regarding renewing your lease by responding to this email.”
Your goal in Email 2: Try to get a response and engage in conversation via email or your preferred communication method.
< Wait a few days >
Take a look at how Email 2 performed, both Part 1 and Part 2 performed. How many people opened the email vs. didn’t open the email.
Email 3:
Part 1: For the people that didn’t open the Email 1, consider changing the subject line again and resending Email 1 (3rd attempt).
Part 2: For the people that didn’t open the Email 2, consider changing the subject line and resending Email 2 (2nd attempt).
Part 3: For the people that did open Email 2, send Email 3. In this email, thank them for their business and remind them of any pressing deadlines to secure renewal.
Your goal in Email 3: Stay top-of-mind and to get a response and engage in conversation.
