5 property marketing analytics to track with Marketing IQ
Nov 9, 2022
Most property management companies know that marketing is critical to promote awareness, drive traffic to the website and maximize conversions. But what they may not fully realize is how many components go into a successful marketing strategy.
One of the best ways to measure the success of your property marketing strategy is to go straight to the data, in this case referred to as marketing analytics or marketing metrics.
It can be difficult to compile marketing data from a variety of sources. But analytics tools like Marketing IQ do it for you, saving you time and increasing transparency.
By tracking key performance indicators (KPIs), you can prove that marketing is a profit generator. They can also help you pinpoint how best to allocate your resources.
When you really dig into metrics like return on ad spend (ROAS) and website engagement, you can understand that marketing doesn’t exist to serve itself. It impacts management and leasing strategies in a major way!
Make it easy with Marketing IQ
Using a marketing platform that integrates with your leasing software allows you to stay on top of your marketing analytics. This helps you make data-driven decisions based on a combination of marketing source data and property occupancy status and history.
For example, Marketing IQ makes tracking easy for properties using RentCafe. This tool gives you an actionable dashboard that lets you see which properties need your attention, which sources give the best ROAS and how prospects convert through your website.
Catriona Orosco, director of REACH and search marketing expert, emphasizes that “once you have the data, you’re able to make informed decisions about how to use your marketing budget, in addition to determining if updates are needed on your websites. The data can help you uncover both opportunities and issues.”
Your time is in high demand, so REACH has identified the top five metrics that make the biggest impact on your marketing strategy. These five data points should be reviewed on a regular basis.
1. Track availability & exposure
What’s the endgame of your marketing strategy? You want to attract as much traffic as possible to your website and maximize conversions!
To make this possible, you need to start by identifying the properties that need immediate attention. Tackling the low hanging fruit first will immediately bolster all your numbers.
Use Marketing IQ to track your properties’ availability and exposure by looking for high availability, low traffic and low conversion rates.
Try sorting your properties by availability, conversion rate or prospects. This will help you identify properties that may have strong traffic but low conversions.
Do you have properties with little availability and high spend? That would be a waste of precious marketing dollars. Use Marketing IQ to find out if there are opportunities to tweak your PPC campaigns and your spending, or perhaps key you into areas for management improvement.
Don’t forget! As you track availability and exposure, make sure to filter out lease-ups so the data won’t be skewed by properties that have a temporarily high availability.
2. Follow 12-month trends
Year-long trends can give you insights into how availability, prospects, tours, leases and conversion rates fluctuate over time.
This important metric allows you to adjust your marketing strategy to capitalize on opportunities or trim areas that aren’t pulling their weight.
In order to track this, navigate to the “12-month history” tab from the dashboard.
3. Stay on top of marketing expenses & ROI
All the steps you’re taking to market your property are only worth it if you’re getting a return on your investments. Luckily, there are criteria you can look at to tell you if your marketing strategy is excelling.
When asked about whether marketing data can impact things like expenses and ROI, Orosco responds, “Absolutely! When you understand the return you’re getting from ad spend across each source, you can make adjustments to your strategy to increase your ROI.”
It also helps you pinpoint sources that cost a lot but aren’t bringing you traffic or results.
Using Marketing IQ, track spend, leads, leases and ROAS to see what’s working well and what can be improved upon.
4. Review your website touchpoints
Understand how your website touchpoints are performing so you know how to create the best user experience possible.
Per Orosco, “Touchpoint KPIs provide valuable feedback about how well your websites are converting prospects.”
With Marketing IQ, you can see where people are converting and how they’re responding to calls to action. Are they scheduling virtual tours? Responding to nudges or closing them? Which pages are they spending the most time on?
Website engagement is a critical element of your marketing strategy, so make sure to stay on top of it and use data to know what adjustments you should make.
5. Leasing performance
The end goal of all your marketing efforts is to convert leads to leases, so it’s important to review leasing performance.
Are your leads converting into leases? Are there staff members who may need additional coaching opportunities? Leasing performance analytics will let you know.
In Marketing IQ, you can do this by checking out the leasing performance report, reviewing agent activity from the dashboard and reading over leasing trends reports.
It’s important to remember that marketing doesn’t exist in a vacuum. It’s there to support and improve your everyday management practices. Make sure to maximize your strategy by paying attention to these five critical property marketing analytics in order to convert the most leads possible. For a quick recap, check out this infographic.
Looking for more marketing data insights? Check out 5 questions for better marketing returns.
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