Like most tech advancements, the road leading to multi-touch attribution has been long and uphill. Multi-touch software has existed outside of multifamily for years, but industry-specific solutions, like those found in Entrata’s Marketing Suite, are fairly new and will continue to evolve. And like many developing concepts, the latest version is typically the greatest.
Multi-touch attribution, the practice of crediting each touch point in the renter journey on weighted basis, is a solution multifamily has been anxiously awaiting, but will quickly become standard operating procedure.
While tech can help you track and measure the various touch points, it must also keep pace with the progressions and heightening popularity of the concept. Flexible templates, real-time data and the capability to integrate with a property management system are a must.
Capturing and converting traffic remain the primary objectives, but understanding where prospective renters went on that journey, and how long they spent on each touch point, serve as valuable data that can help marketing teams determine how to allocate their marketing efforts. With that in mind, here are a few reasons why multi-touch attribution is such a crucial component of any marketing plan:
First and last touch point models are often inaccurate
Before the multi-touch attribution wave, onsite teams used to credit a conversion to either the first or last place a prospect visited. If the last place they visited was the community website, it got full credit. In other cases, if they first noticed the community on an ILS, the ILS was recorded as the conversion source. The first- and last-touch point methods are very inexact and don’t leave room for an assist value. Perhaps the prospect also learned about the community through several other sources (and probably so). Each of those deserves a portion of the credit.
It helps diagnose worthy and unworthy channels
In some cases, a Facebook ad might not be directly responsible for any lease signings. But perhaps it still is a strong channel in that it helps redirect prospects to the community page. Without multi-touch attribution, you wouldn’t know that Facebook ads possess a strong assist value and that the money dedicated to them is well spent. Conversely, dud sources can be exposed through multi-touch attribution, which can result in the savings of cost and time when eliminated. Channels that truly move the needle can be further focused on.
It is built for the current renter
The modern-day renter peruses at least five lead sources when looking for their next home. You don’t want to know about one or two of them – you want to know about them all. The ability to effectively track that journey provides keen insight into the journey, and ostensibly, the path others will take when considering your community.
The debate is no longer whether multi-touch attribution is necessary. For any thriving marketing team in the apartment sector, it is. But it’s almost equally important to make certain your provider is up to date on the latest multi-touch models.