Measuring the success of marketing strategies is essential to making informed choices. This data can provide a perspective that allows you to go beyond reacting to each twist and turn of the market. In fact, once you’ve got a solid grasp of key metrics, you’ll notice that you can identify and anticipate trends more quickly, actually speeding up your response times when a change in marketing strategy is warranted.
But time and resources are limited. Marketers face huge challenges just finding the bandwidth to track and monitor all the relevant data, to say nothing of making the appropriate course corrections in a timely manner. When you’re stretched thin, it’s more important than ever to prioritize and focus on the metrics that have the most impact.
Marketing objectives will vary; how you approach a lease-up may be different from how you tackle the challenges of a stabilized asset, but there are a few rules of thumb to keep in mind:
Think long-term profitability. If you’re just counting leads generated, or even lease conversions, you may find yourself missing the forest for the trees. Make sure to include data on lead quality to help you identify which leases will ultimately lead to the greatest long-term gains for the property.
Keep your eye on costs. Ultimately, lower is better when it comes to cost-per-lead and cost-per-lease, but where do you set your benchmarks? Look at industry standards and measure properties in your portfolio against each other, then experiment to find your sweet spot.
A word about advertising budgets. Make sure you’re evaluating spend based on conversion goals, like leases, rather than just traffic. You can spend a lot of money driving more and more traffic to your sites without ever seeing a single penny in revenue growth.
Consider the entire journey. On average, prospective renters will click on five or more online lead sources before making the decision to apply for an apartment, but most marketing systems count only the first or the last click when attributing a lease. Seek out the data on multi-source attribution, and don’t limit your measuring stick to digital sources for a clearer picture of the conversion pathway.
Optimize your Google My Business. The world’s most powerful search engine is providing results that are increasingly personalized and increasingly local. Once you understand your prospects’ conversion pathway, take advantage of GMB experiences to increase visibility and conversions. Younger renters, especially, are more likely to view and value property info presented in a GMB experience as “genuine” information as opposed to advertising.
Here’s the thing, the market is constantly evolving, and the digital marketing tools at your disposal are changing almost as quickly. The only way to keep from falling behind is to keep your eyes on the data and evolve right along with it.
For more information about how the Entrata platform can help you make data-driven marketing decisions, visit entrata.com/marketing or talk to your customer success manager.