Lead Source Attribution Series Part Three: Tools for creating a multi-touch attribution model

Tools to use in the creation of a multi-touch attribution model

To build your lead-source attribution model, it’s critical that you understand:

In part three of this series, we will look at three tools that can be used together to help establish a complete and comprehensive lead attribution process.

Establishing a multi-touch attribution model

The average marketer will likely need to implement advanced technology to map out a multi-touch attribution model. Here are three tools that your communities can use to gain greater insight into what sources are contributing to your lead acquisition and conversion tactics.

  1. Call recording can help eliminate some of the human error that often plagues lead source attribution. Your onsite staff can refer to the recorded conversations to verify the information they’ve collected. You can also perform an in-depth analysis of incoming calls to compare what prospects said to what your team wrote on the physical or digital guest cards. Additionally, these recordings can be useful for ongoing staff training purposes. (Always be sure to follow all state and federal laws regarding the acquisition of consent for recording a phone call.)
  2. Website tagging can help you gain clarity into which sources perform best. When you tag your websites (typically using a combination of custom URLs and UTM codes), you can track site traffic and determine your return on investment (ROI) for an individual source. For example, you can examine the audience overlap between sites to see how much traffic each source referred independently.

    Keep in mind that the number of leads received shouldn’t be your benchmark for success. The metric that matters is the source’s lead-to-lease conversion ratio, which you can measure by comparing the audience overlap to your communities’ rent rolls.

  3. Automated lead tracking systems work best when used in conjunction with other technology to get a more accurate picture of your overall marketing ROI. They integrate with property management systems to auto-populate the referring source of leads based on tracking phone numbers and email addresses. More sophisticated systems can also help you set up a contact cadence to improve your onsite lead management processes. But while third-party lead tracking systems can be useful, it’s best not to rely on them as your only source of information.

    One challenge with these systems is that many don’t allow you to override the data in the lead source field, which means the source will be permanently tied to the contact. For example, a prospect may contact you through one source but then decides not to move. Years later, that same prospect may contact you through another source.

    Regardless of any marketing changes you may have made in the interim or what source influenced the prospect’s most recent inquiry, the lead will remain attributed to the initial source. This weakness makes it critical for you to have other lead attribution methods in place for balance.

Conclusion

Just as prospects use multiple sources to find a new apartment, so should you use a multi-touch approach to lead source attribution. It can be tempting to settle on one option to handle this process, but by doing so you’ll miss critical information. It’s far more desirable to use a combination of approaches, including call recording, website tagging and automated systems, to produce accurate results.

Don’t forget to check out part one and part two of this series. In part one, we took an in-depth look at the digital channels that prospects typically use in their apartment search. In part two, we looked at the flaws in current lead attribution models.

Download our free multifamily marketing e-book for more information on lead source attribution.

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