Digital dust is a term that has been around for some time, but recently it has been revived with a new meaning. The term now ties itself to what is known as the Internet of Behaviors, being human behavior from interacting with connected devices, such as Alexa, smartwatches, and mobile devices – all which have a common thread of knowing our location and the tracks we leave on the Internet, from social media post, reviews, and online buying habits – the list runs deep. Even our cars now have digital voice assistances and what is known as telematics, which can monitor driving behaviors.
In short, digital dust is the evidence that is left behind from all our internet related usage, and companies are getting smarter about collecting it, as it provides the intel to better understand their end-users. This information allows companies the ability to anticipate what customers will want in the future.
If we look at online data usage in terms of what is called exabytes, the numbers clearly show the surge in our usage. For reference - one exabyte is equal to 1 billion gigabytes. In 2019, monthly data traffic in the United States reached 42 million exabytes. But in March 2020 alone, we had a 34-percent increase in data usage on smartphones, and 18-percent on in-home internet usage.
That massive jump of in-home data use in 2020 is certainly driven by so many companies converting to remote work. But a lot of it is coming from the fact that the typical household now has eleven Internet-connected devices – which is leaving a ton of digital dust behind.
So what is being done with all the digital dust we generate? Demographic data mining, your contact information, and location data are the most popular. These data packets are being bundled and sold to different businesses looking to target people of a certain demographic and location.
The multifamily housing industry can only get smarter from using certain data sets, but that data needs to be aggregated for it to become truly actionable, as we create a mountain of data points from every user. For the record - actionable data is information that gives you enough insight into the trends that the actions you should take becomes very clear.
If you break down what would be actionable in our industry, you need to look at it in two defined segments, external and internal data. External data are actions from open usage, such as what link did a user click, a good example of external data is web traffic. Internal data is gathered from internal usage, such as when somebody paid their rent. Let’s look at what we should be able to grab pretty easy – mobile vs desktop users – this will allow us to know what devices our prospective residents are using the most and give us insights on where to market and optimize our search presence. If the bulk of our audience is mobile, we need to market on mobile driven platforms, such as Instagram and TikTok.
If we dive deeper, we can see where our leads are coming from, Facebook, Google, or even an ILS. I am not talking about prospects selecting their source in a dropdown on a lead form, that is not accurate enough – this is through mining data the moment they arrive on our website. The list goes on as to what data we can gather and aggregate, such as what floor plans are being viewed most, or how many clicks are you getting from social media on your latest blog post.
We can then grab some internal data, such as general inquiries versus tour request versus applications, and then we can run some of our external data against it, such as how much web traffic we need to generate these actions, what floor plan type is getting the most tours or applications - versus which ones are not. We are now arming ourselves with actionable data to make decisions – and optimize the performance of our community.
Data has become a highly valuable asset, and over the last few years, data volumes have grown massively. Businesses that leveraged data to better understand their customers and improve their decision-making are the ones that are outperforming everyone else.
Want to learn how to leverage data to track today’s mobile renter? Download our latest whitepaper.
Kerry W. Kirby is a global entrepreneur, technology innovator, philanthropist, and the founder of 365 Connect, an award-winning technology firm within the multifamily housing industry. Over the course of his career, Kerry has been the recipient of an array of highly acclaimed awards, including the esteemed Louisiana Governor's Technology Award. He has been named to the Silicon Bayou 100 List of most influential entrepreneurs for nine consecutive years and has received a prestigious Titan Entrepreneur Award for his technological achievements. An acclaimed speaker, author, and award-winning podcaster, Kerry has appeared on the BBC Digital Planet program, NPR News, and various media platforms and outlets. He has contributed to an array of articles and studies on the convergence of technology in the rental housing industry.
Kerry serves on the Board of Advisors of Rainbow, a national nonprofit organization that provides service-enriched housing programs for affordable housing communities across the country, as well as the Board of Advisors of the Multifamily Women’s Summit, an event that allows women to strengthen their expertise, influence, and professional network in the multifamily housing industry. He is Chair of Technology Initiatives for the Multifamily Innovation Advisory Council, a private, members only group focused on assisting owners and operators of multifamily communities identify pain points and explore innovative solutions that will drive change across the industry.
Kennedy Wilson Grows Ireland Portfolio with Completion of Three Amenity Driven Multifamily Developments Totaling 800-Units in Dublin
Phorcys Capital Partners Acquires 114-Unit The Glen at Lake Oconee Village Upscale Senior Housing Community in Greensboro, Georgia
Olympus Property Adds to Arizona Multifamily Portfolio with 360-Unit Aiya Garden-Style Apartment Community in Phoenix Submarket
Blue Vista and Eastpointe Acquires New 300-Unit Luxury Multifamily Development Project in Undersupplied Market of Cheshire, Connecticut
The latest multifamily industry news
delivered to your inbox
DUBLIN, IRELAND - Global real estate investment company Kennedy Wilson has completed three major...
ALPHARETTA, GA - Phorcys Capital Partners announced its recent acquisition of a seniors housing...
GILBERT, AZ - Olympus Property, a renowned real estate investment and property management company,...
CHESHIRE, CT - Blue Vista Capital Management announced the close of its acquisition of a 300-unit...
LOS ANGELES, CA - Cityview, a premier multifamily investment management and development firm, and...
BOERNE, TX - Morningside at Menger Springs is expanding its senior living campus with 86 new...
SAN DIEGO, CA - MG Properties, a leading real estate investment and management company, announced...
TAMPA, FL - Greystar Real Estate Partners, a global leader in the investment, development, and...
The latest multifamily industry news delivered to your inbox.