Lead attribution within the multifamily industry is no longer as simple as asking, “Where did you hear about us?” Studies show that 84% of prospective renters use their smartphone during a search. Moreover, prospective renters are likely visiting multiple sites before making a decision. As a result, lead attribution has become more complicated. It’s essential that communities have a robust digital marketing strategy that incorporates multi-touch lead attribution.
To effectively build attribution, you should start by understanding:
Gone are the days when apartment seekers relied on print publications that quickly became outdated. Today’s renters now have a wealth of continuously updated information at their fingertips, which has complicated lead attribution.
Before the digital revolution, it was easy to attribute a lead to a single source, in part because renters had fewer options for information. Plus, prospects tended to visit a property or submit a phone lead much earlier in their search process.
However, while the influx of sites and sources may complicate the tracking of inbound leads, this expanded pool of resources also tends to provide higher quality leads overall. Renters who take the time to make informed decisions are more likely to convert.
To fully understand what sources renters reference when making their decisions, let’s take a look at the steps in a typical renter’s journey to find a new home:
Unfortunately, this means that a renter may attribute the lead to a site used in the last step of their journey. Thus, a community may be tempted to limit its marketing spend to only the sources from that final stage. But adhering to this narrow view will cause you to miss significant opportunities to capture a prospect’s attention in the earlier stages. The fact is that a property needs to find its way to a shortlist early on—before a prospect has moved to more focused research. The sources from all steps in the journey are important.
Because renters tend to reference multiple sources depending on which stage they have reached in their search, it’s important to expand your lead attribution model. With an investment in a mix of lead attribution methods, you can keep track of how you are reaching prospects at each stage of their journey.
In part two of this series, we will look at the flaws in current lead attribution models. In part three, we’ll discuss some of the approaches that can be combined to create a multi-touch attribution model that will allow you to measure your metrics more accurately.
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