That’s a mistake, much like viewing only the scoring and rebounding averages of a basketball player, when several other metrics such as shooting percentage, assists, steals, blocked shots and player efficiency rating provide a deeper analysis of the athlete’s acumen.
While the quantity of leads and leases are clearly important metrics, marketing teams should also be peering closely at conversion rates, volume of impressions on various channels and prospect data, such as location, demographics and psychographic of those potentially considering the property.
Here are a few deeper metrics that can provide a clearer picture of how effectively your marketing efforts are working and lead to more informed choices with your channels:
The assist value of a channel often gets lost in the shuffle, but not when utilizing this model. Rather than crediting a lead to the first or last touch point a prospect used when signing a lease, multi-touch attribution incorporates every channel involved and assigns a weighted value. So if a prospect visited an ILS, community website, social media advertising, review sites and a pay-per-click ad along the way, each would receive their share of the credit. That way if a channel such as Snapchat didn’t directly correlate to leases but guided prospects to the community site, it would be credited with assist value and not be dismissed as an invaluable source.
Social and PPC combo
A recent Entrata study found that a combination of Facebook and pay-per-click advertising led to the highest conversion rates. Implementing ad strategies and keywords along with a high-powered social media platform has the potential to steer prospects toward your community site, and ultimately, conversions. PPC campaigns allow the ability to measurably track your results, as well.
Advanced conversion rates
Looking at conversion rates is nothing new, as many marketing teams regularly compare their leases to the raw number of leads. But this can be misleading, particularly when deciding what constitutes a lead can be ambiguous. Lead management software can incorporate criteria that define quality leads and to help teams uncover truer conversion rates. Unqualified leads, after all, shouldn’t count against actual conversion rates. In addition, conversion rates can be segmented into time of season, by campaign, by community type and several other subsets of data.
Data is power, and when properly used can help marketing teams hasten needed shifts and strategies and gain a more accurate picture of effectiveness of their efforts. So while looking at leads and leases might be the first step, it shouldn’t be the only step when analyzing your data.