AIM 2026: The Goldilocks Effect: Finding the “Just Right” in Marketing Spend and ROI

The Goldilocks Effect: Finding the “Just Right” in Marketing Spend and ROI 

Moderated by Annika Navac of The Bainbridge Companies, the discussion featured Heidi Jehlicka of The Bainbridge Companies, Laurel Zacher of LZ Strategic, and Andrew Cederlind, President and COO of Conversion Logix. Using Goldilocks’ “too hot, too cold, or just right” as the framework, the panel examined how operators can determine the appropriate marketing investment for each asset.

The central message was clear: there is no universal benchmark for “just right.” Every community has different goals, market conditions, seasonality, staffing capacity, competitive pressures, and historical performance. Applying one portfolio-wide cost-per-lead or cost-per-lease benchmark can therefore create misleading conclusions.

Underinvestment can be particularly costly. Laurel demonstrated how reducing marketing by $5,000 might look like savings on a budget, but if that decision slows leasing velocity by 30 days, the resulting vacancy loss could put $18,000 at risk. As she summarized: “That’s a bad trade.”

Overspending can be equally deceptive. High lead volume may create the appearance of success, but if cost per lead and cost per lease rise while conversion declines, additional marketing dollars may simply amplify an underlying operational, sales, staffing, or targeting problem.

The panel also emphasized that marketing cannot operate independently from operations. The goal isn't simply more leads—it is attracting the right renter, generating a manageable volume of opportunities for onsite teams, and ultimately producing leases.

Perhaps the biggest opportunity is changing how marketing communicates its value to ownership. Rather than reporting clicks, traffic, and activity, marketers should connect their investment to leases, vacancy reduction, retention, revenue protection, and NOI.

As Laurel challenged the audience: “Stop defending your budget, and start presenting the investment into marketing. Stop reporting on your activity, and start reporting on your impact to the bottom line.”

Key Takeaways

• Forget the universal benchmark. Determine “just right” at the individual asset level using historical performance, market conditions, seasonality, and business objectives.
• Cutting spend can increase costs. Marketing savings that increase vacancy or slow leasing velocity can ultimately hurt NOI.
• More leads aren't necessarily better. Lead quality, conversion, and onsite capacity matter more than raw volume.
• Diagnose before spending more. Rising costs combined with declining conversion may indicate a sales, staffing, targeting, or operational issue—not a lack of marketing.