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CASE STUDY: The Walton by Carpe, 27 premium residences

Campaign period / investment: A two-year project where media expenditures accounted for less than 1% of the total Gross Realisable Value (GRV).

The challenge: A premium apartment market caters to a limited demographic, with only a small percentage of individuals both able and actively seeking such properties at any given time. This challenge was further compounded by the project's launch coinciding with the peak of Victoria's economic downturn, significantly reducing the pool of prospective buyers with both the means and motivation to purchase.

Solution / results: Through exceptional collaboration and a holistic, always-on advertising strategy, the project achieved a high lead-to-sale conversion rate and an unparalleled cost-per-sale performance within its category.

Insights

The campaign's success stemmed from a highly accountable advertising approach and, crucially, a strong client-agency partnership. Equality has been a trusted partner of Carpe for many years, fostering a collaborative relationship built on trust and shared learning. This foundation enabled the seamless execution of a campaign focused on continuous optimisation and improvement.

Throughout the campaign, the client embraced recommendations, valued insights, and maintained a consistent presence despite challenging market conditions. This commitment to stability and investment directly contributed to reliable outcomes.

Given the finite budget and volatile market, meticulous optimisation of messaging, media, and audience targeting proved critical, highlighting the importance of fine-tuning every detail for maximum impact.

Targeting the top 1%

Simplify and optimise for user needs: Campaign landing pages were central to our strategy for The Walton. By prioritising value exchanges, such as offering downloadable brochures instead of generic "Enquire Now" CTAs, we increased engagement. Within the first three months, we refreshed the landing page's design and functionality, introducing a popup form that significantly boosted form completions. Later, a secondary, non-mandatory lead form was added to qualify users willing to provide additional details. This approach led to a 45% increase in leads over six months and reduced the cost per lead by 36%.

Data-driven creative optimisation: Midway through the campaign, we tested new ad formats on Meta, introducing Spotlight Carousels. These ads highlighted specific residences, showcasing renders and floor plans, and achieved the highest click-through rates (CTR) during the campaign. Dynamic campaigns complemented these carousels, optimising messaging relevance for each audience segment. Notably, kitchen imagery delivered a 1.09% CTR, while the 201-residence carousel, with floor plan downloads, achieved an impressive 2.12% CTR, combining inspiration with actionable details.

Refining audience targeting: Campaign audiences evolved from broad, interest-based targeting to refined lookalike and location-specific segments. Leveraging insights from REA, Domain, and internal property expertise, we identified high-performing audiences and shifted budget allocations accordingly. This iterative approach allowed us to maximise results and adapt dynamically over the campaign’s lifecycle.

Nurturing leads through email: For a campaign spanning nearly two years, maintaining lead engagement was critical. A well-structured EDM workflow provided ongoing value, driving higher engagement with tailored calls to action, such as apartment features or floor plan downloads. Workflow EDMs achieved an impressive 65% open rate, while ad-hoc sends to the broader database averaged 54%—well above the real estate industry average of 22.7%**Mailchimp reports for the Real Estate Industry.  

Leveraging search for closing sales: Search emerged as a crucial driver of leads, particularly during the latter stages of the campaign. This reflects the buyer journey, where enquiries are concentrated early on and decisions solidify closer to purchase.

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Equality acknowledges the Wurundjeri people of the Kulin nation, the traditional custodians of this land, and pay our respect to the Wurundjeri Elders, past and present.

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