KPIs to Track for Improved Real Estate Marketing
Building your real estate client base and raising awareness are the two primary goals of real estate marketing. But you can’t be sure that your marketing campaign is successful unless you track relevant KPIs. In this article, we will show you which KPIs are the most important to track for having an excellent real estate marketing campaign.
Lead generation is one of the most important KPIs in real estate marketing. Getting contact information from your audience is crucial since then you can send relevant information to them. Also, that is how they are going to remember you. Through tools such as Google Analytics, you can set conversion goals and make better marketing decisions on overall lead conversions. Another way to lead conversions is by individual traffic sources.
Cost per lead
Generating a massive amount of leads per month is not worth it if your budget gets destroyed in the process. Therefore, you have to calculate the cost of an average lead. By breaking the calculation down, you will have a better understanding of the overall results and you can analyze the return on your investments. In other words, you need to know how much you are spending on each marketing task, and also, how many leads each task generates. In the end, you will know precisely how positive (or negative) the results of your digital marketing campaign are.
Cost per qualified lead
Not all leads are the same. There is quite a difference between useful and non-useful leads. A lead is valuable when their budget and requirement fit the available inventory. Therefore, you have to know the number of leads that have a genuine ambition to buy. This KPI is super important for the overall effectiveness of the marketing campaign. IT will give you the cost per relevant inquiry and also, it will help you filter out non-useful leads.
Web visits don’t necessarily mean much. If a massive number of your audience only visits your site and do nothing else, then you won’t grow your business. However, web visits still represent a useful KPI. It is the first indicator of the potential success of your business. To get real-time data on your web visits, you should consider developing a digital marketing dashboard. You will get all the reports and data in one place. Tracking your web visits is crucial for improving your real estate marketing tactics.
Cost per site visit
In the buying cycle of the real estate business, the site visit is a crucial step. It often leads to negotiations, and further to the final purchase or booking of the property. An excellent marketing campaign that leads to a big number of visits can be a good example for all other campaigns. As a marketer, you can focus only on the most effective campaign or optimize other campaigns.
Measure your SEO efforts
Search engine optimization is an essential part of every digital marketing strategy. In the real estate business, your goal is to make your website and listings visible to homebuyers and sellers. Measuring your search traffic is necessary to determine the success of your SEO campaing. If your results are not as good as you wish, you should find better keywords and improve your optimization. And finally, you can track which specific keywords have the highest impact and lead to conversions.
Client lifetime value
Client lifetime value (CLV) is an interesting KPI that tells you how much revenue you can expect from an average client for the whole duration of your relationship. It is not always easy to calculate this KPI but its potential is enormously valuable. First of all, it will help you to estimate marketing costs and track your acquisition strategy. Second, customer lifetime value provides you with a better understanding of your return of investment (ROI) and how well your business retains customers. And finally, having an overall picture of your business success is vital, and this KPI is necessary to create such a picture.
Even though there are more relevant KPIs to track, those that we mentioned in this article are certainly the most important. Therefore, set out on your campaign and track each of these KPIs in order to improve your marketing efforts over and over.