Property management marketing: How to track and measure your results
Property management marketing can take many forms. You might host an open event to meet property investors in person, or use search engine optimization (SEO) to attract more people to your services. You might even have an entire wing of your marketing department dedicated to advertising your current portfolio of available properties.
Unfortunately, many property management marketers end up neglecting this all-too-important step.
Why tracking is so important
So why is tracking so important for the health of your marketing campaign?
Only through measurement and analysis will you be able to calculate your return on investment (ROI). This is a relative measure of the results you’re getting against the money you’re investing.
For example, let’s say you’re spending $3,000 a month on marketing services with an outside firm, and you’re getting $2,500 in new clients each month. If you’re tracking this information precisely, you’ll quickly discover you’re losing money and be able to switch tactics. If not, you might see the new clients and mistakenly believe your efforts are working.
Digging into your marketing metrics can also help you find flaws in your work. For example, you might notice that one of your email blasts had a zero-percent open rate; clearly something went wrong here, and catching the problem gives you the opportunity to investigate and correct it.
If you measure your results carefully, you might also be able to use your metrics to brainstorm new opportunities for development. For example, you might find that one of your on-site blog posts is dramatically outperforming your other titles. You can use this information to come up with similar topics to explore, so you can reap the benefits again with a new piece.
The best tracking tools for property management marketing
You could try to measure everything manually, but it’s neither efficient nor accurate. Instead, consider relying on at least some of these excellent property management marketing tools:
Google Analytics is one of the top names in the realm of marketing analytics for a reason: It’s simple to use, it offers a wide range of metrics to track, and it’s completely free. Once you integrate Google Analytics into your site, you’ll get a read on all your inbound traffic, including where it comes from, how it changes over time, and what it does once it gets to your site.
If you use Facebook for marketing or advertising, make sure to make use of their analytics platform. It will show you exactly how your campaigns are performing, and should give you enough insight to make adjustments as necessary.
Cyfe markets itself as an all-in-one business dashboard, which helps you monitor your web traffic, social media accounts, marketing, and sales results all in one place. If you’re looking for a solution that has everything built in, with wiggle room for customization, this is one of your best bets.
Many platforms can tell you who’s coming to your property management site, but Kissmetrics will tell you more about what they’re doing when they get there — and why they’re doing it. It’s a behavioral analytics platform that’s ideal if you’re struggling to understand your target demographic’s behavior.
GoDaddy Email Marketing
GoDaddy offers a wide range of marketing services with built-in dashboards that allow you to monitor your results. Its email marketing platform is a perfect example of this. You can customize and automate your emails, then measure their impact all in one platform.
There’s no shortage of marketing analytics platforms, and each one comes with a unique set of features, as well as advantages and disadvantages. Do your research, and try out each platform before you make a final decision.
Before you start a new system to measure and analyze your property management marketing campaign, there are some important tips you should keep in mind.
You can’t measure your marketing results only some of the time and expect to have a clear picture of what’s going on. Being consistent is going to help you in two ways. First, you’ll get a pulse on your campaign; you’ll naturally see lows and highs, but measuring results regularly will give you a high-level perspective on whether or not you’re actually improving. Second, you’ll be able to compare apples to apples; you can compare like metrics against each other for a clear picture of what’s changing.
Audit yourself regularly
Don’t stop at just measuring what’s happening; ask yourself why this is happening the way it is. Assume that there’s at least one thing you’re doing wrong, and try to ferret it out.
Check your biases
Most people aren’t very good at thinking purely rationally without being affected by cognitive biases. While evaluating your property management marketing campaign, make sure you keep your cognitive biases in mind. You don’t want to disproportionately favor or dismiss evidence that could be used to help your campaign improve.
Isolate your variables
The “whys” are just as important as the “whats.” Take the time to isolate your variables, and get an understanding for which factors are influencing the most important metrics in your campaign.
Form actionable takeaways
You might walk away with a decent understanding of your ROI, or how your campaign has performed to date, but unless you form actionable takeaways, you’ll be limiting your full potential. Try to translate your findings into action items you can use to improve further.
Don’t keep doing the same thing over and over. Analytics are way more interesting — and more valuable — if you take the time to run A/B tests and other experiments to see what works and what doesn’t.
With a better tracking and analytics system in place, you’ll be able to multiply your property management marketing results many times over — and prove definitively whether your strategies are working. You may suffer some growing pains as you adopt and learn to use these new platforms, but the insights you’ll gain into your ongoing efforts will be worth it.
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