Tracking your spending is easy. Even if you temporarily lose track, there’s always a paper trail – or, in some cases, a digital trail – you can reference. Tracking your performance is an entirely different concept.
That’s because it’s difficult to determine which channels produce the highest ROI in marketing, especially with the number of channels available today.
But there are a few things you can do to help track your performance:
- Accept that one particular channel doesn’t produce results in a vacuum: Your community website alone isn’t going to get you all the leads you need. Prospective renters might visit the site and even submit their lead through it, but this won’t be the only source they use. In fact, it won’t even be the first. The typical renter journey starts with an online search that leads them to ILSs, social media sites, review sites and much more. Once they’ve reviewed enough sources, then they’ll submit a lead. It’s impossible to attribute even one particular lease to a single source, let alone all of your leads to one source.
- Leverage multi-touch attribution technology: multi-touch attribution technology helps you more accurately attribute credit to all the sources that influence a renter’s decision to lease. Based on the data, you’ll identify which ones drive the greatest impact on acquisition and conversion. Consider implementing this type of technology as soon as possible so you can gather data leading up to peak leasing season.
- Implement tracking numbers and URLs: If you don’t have unique call tracking numbers for every advertising source, you’re way behind the curve. This is vital to ensuring you know exactly which source was the last they used before making a phone call or sending an email. It’s also important to have tracking URLs to help you determine what sources are sending leads to your website.
- Analyze the results. Often: You have the tools to measure the performance of your marketing spend on a real-time basis. While you shouldn’t look at it every second of every day, analyzing it on a monthly basis will help you identify trends and help you refine your marketing strategy. You’ll be surprised at what you learn.
- Use the Internet as your main advertising medium: It seems so remedial, yet there are still some believers in traditional channels like TV and radio. Some are even still using print. Unfortunately, the traditional channels are expensive and just don’t have the audience reach that you need for a solid ROI. Therefore, it’s key to make sure the vast majority, if not all, of your marketing is channeled through the Internet.
If you don’t adequately track your marketing performance, you won’t know where your success is rooted. You won’t know where you need to improve, either, meaning any strategy adjustments are a guessing game. By utilizing the tips above, you’ll have a much clearer picture of how your marketing efforts are performing.