DETERMINE ROI IN REAL ESTATE MARKETING
As a broker-owner, you’ve put the time, money, and effort into a marketing strategy for your real estate business. But how do you find out if your hard work is paying off? This is a conundrum for all marketers, not just those in the real estate industry.
It’s difficult to find out where your customers heard about your brand, especially when you are using marketing techniques to raise overall awareness.
Luckily, marketing return on investment is easier to track than ever before. While you may not get all the answers you desire, the data that’s available will allow you to see what’s working from a numbers standpoint.
You can start by setting some specific, trackable goals for your marketing efforts.
Website Traffic. Use analytics. This is as easy as examining the number of visitors to your site via your Google Analytics account or other web analytics software. The next step is to determine how those visitors are arriving to your site to see which of your efforts are working. Your analytics tool will also show you which sites are referring traffic to you.
Social Media Engagement. In the past, many marketers measured social media success by the number of followers or “likes” on a page. This is no longer an accurate or valuable measurement in and of itself. What you really want to look at is how many engagements you are getting with your posts. Most major social media platforms have easily accessible analytics for page administrators, so you can see exactly how your posts are performing. You will want to look at metrics like comments, likes, retweets, and shares (depending on the platform) to assess ROI.
E-Newsletter Open and Click Rates. The average email open rate for the real estate industry hovers at around 20 percent, according to an email marketing platform. No matter which program you are using, it will show you email open and click rates. Setting a goal that is a bit above average for your industry might be a good place to start.
These are just a few of the ways you can start to measure the effectiveness of your marketing efforts. The bottom line is that there are many tools available to start attaching value and ROI to your marketing investments but you must set goals, tracking data and analytics with the various platforms you are using.
About the writer: Shaura Cuyan writes about all the hottest Real Estate trends and predictions for Summit VA Solutions! She has previously written for a number of freelancing gigs and writes her own blog on lifestyle and current issues. She is a Graduate of Bachelor of Arts in Communication, taking up her Masters in Development Communication.