Multi-touch Attribution: The Key to Proving Your Worth to the C-Suite

Multi-touch Attribution

Marketing is a cost center. At least that’s how the finance teams often view the department.

But you do so much more than make things look and sound pretty. Even without a marketing automation system with measurable revenue, your efforts play a big role in every lease that’s signed.

Generating revenue without a messaging platform, strategic marketing plan and compelling website copy would be much more difficult, if not impossible. Yet, many multifamily marketing teams continue to be undervalued — seen only as overhead.

So why is there a problem with the way marketing is perceived? The answer is simple: you lack measurable results. Even if you’ve developed a sophisticated system to quantify impressions, click-throughs, open rates or any other metric, the c-suite might be skeptical.

The process of leasing an apartment is extremely complicated. It’s hard to say that a resident chose to lease because they clicked on a link in an email.

On average, renters use more than three different sources when searching for an apartment home. They search internet listings, read ratings and reviews, visit community websites, tour the communities in person, interact with email marketing, or ask their friends before they ever decide to sign a lease.

While the path to finding their new home is complex, it is also your opportunity to prove your marketing ROI. Rather than giving the credit for a lease to the first or last source the new resident visited, you should implement a multi-touch attribution model.

The multi-touch attribution model is critical for a number of reasons:

  • Multi-touch attribution accounts for the complexity of the process. Attributing any lease to any one source (including a leasing agent on site) negates the influence of all other sources used in the renter search experience. Multi-touch attribution completes the picture.
  • Multi-touch attribution teaches executives something they didn’t already know. It’s no secret that time is an extremely limited resource for executives. Telling them something they already know is a waste of that valuable resource. Executives know that consumers visit multiple sites to make a decision. What they don’t know is how often they visit each site, what the quality of each of those sites are and how that plays into the marketing mix in a quantifiable manner. When you share specific data on the process through multi-touch attribution, executives will obtain invaluable information about the business, not just marketing.
  • Multi-touch attribution quantifies the impact of every customer touch point. The key is quantification – and what the source is worth to the company. Executives want to optimize their revenue by spending less on the sources that aren’t as impactful in the process and more on the sources that are more impactful. Bringing this information to the boardroom not only makes you invaluable to them, but also quantifies the value of your marketing sources.

Without multi-touch attribution, the only data you have to prove your ROI is empty, unquantifiable numbers that don’t hold weight with the c-suite. Stop being a cost center and start being a revenue generator. Make multi-touch attribution a priority today.