Like selecting a brand-new Lexus over a banged-up 1979 Datsun, opting for multi-touch attribution is obvious.
Traditional lead-tracking methods such as first- and last-touch attribution, like the raggedy Datsun, leave much to be desired. Sure, it’s much easier to track a prospect’s first or last touchpoint before signing a lease. But that type of data doesn’t tell the entire story.
Multi-touch attribution, the process of weighting all sources used during a search, can be much more difficult. It can be a pain to track every step in the process. But the end result provides apartment operators a more accurate picture of where they should focus their efforts.
Here’s a look at a few of the challenges of multi-touch attribution and what you can do to overcome them.
Traditional marketing hasn’t been data-centric so finding people who can do the necessary statistical analysis might prove difficult. When you’re ready to fill your marketing analytics roles, look for candidates with a background in analytics that you can train in marketing-specific competencies.
Multi-touch attribution is not something that can be done by hand or by estimation. It requires specific software with the capability to manage all of your data, bidding and more. According to AdRoll, only 54 percent of marketers have an attribution system in place. Look for technology that will examine your ad views and clicks, track your community website activity and analyze your ILS efficiency.
- Online vs. Offline Conversions.
While the beginning of the renter’s search journey takes place online, most lead conversions happen in-person. Since there is no automated model that can quantify an offline conversion, it is difficult to weight the effectiveness of every step in the process. The solution is simple: train your leasing associates to enter the conversion data into the multi-touch model. Make sure your marketing and leasing teams are in alignment.
- Organizational hesitation.
If you’re meeting your company revenue goals, it can be a struggle to convince senior leadership to invest in a more advanced system. If it’s not broken, don’t fix it, right? Wrong. Marketing is changing. You’ll have to adapt at some point, why not be ahead of the curve? If your leadership teams are concerned about the added expense or technical implementation struggles, it’s your job to properly communicate the benefits. At the end of the day, multi-touch attribution allows you to prove your ROI and accurately assess the effectiveness of your marketing strategy. Meaning bigger wins for them in the future.
Multi-touch attribution isn’t perfect, nor is it easy. But it is the most accurate model available and is quickly becoming the standard for measuring your marketing success.