Which KPIs Are Driving Your Leads?
You just got a lead from Google or Facebook. They want to work with you. Great, but why did that happen?
There’s a thousand other agents available. What did they see in you and what got them to call to you? If you take a deep dive into your key performance indicators, you’ll learn a lot about what makes you successful. How about the value of doubling your commissions and as well, avoiding the wrong kinds of leads and clients?
What if you built your marketing analytics system to optimize each of the channels used in your real estate marketing package? It might be said that the lack of high insight analytics solutions for Realtors is the reason why many agents flounder. Forget about sales genius, you just need to know specifically what creates a client.
“Real estate sales is a numbers game. Simply build volume of connections, reach, and you’ll get some leads “– real estate agent. Certainly having big volume is great, but what if your conversion rate is near zero? Knowing what drives successful leads for you is the difference between big success and continual mediocrity.
More Sophisticated Tools
Your basic website analytics and social analytics tools will tell you a little about whether your marketing and advertising are working. Often, they’ll tell you there was a click on a page and they landed on your page on a certain date and you received an email from them. If it cost you $300 to get that one click, it doesn’t really tell you enough.
By building your KPIs however, you can build more sophisticated ways to track sales generating behaviors for higher sales commissions. KPIs are all about finding critically important themes in your lead generation process. And they’ll help you improve it so you capture more, high quality leads that convert to real sales.
And don’t worry about not being an expert about this. It won’t be long before you are an expert.
The business of KPI business and marketing intelligence is a big deal in 2021. There are plenty of startup solutions helping real estate marketers understand their data to get clarity on the KPIs that drive better marketing performance.
A Dashboard Doesn’t Mean it’s Effective
It’s the why that’s important. Real estate analytics dashboards can tell you about the sales numbers, but most can’t tell you why they happened. Did you get the lead because of a timely piece of content you published? Was it your brand image? Was it because you had a listing that was just what they were looking for? Was it your lawn sign? Were you the first Realtor they saw?
Before you spend a boatload on marketing and advertising campaigns, you must know you can set up an analytics solution that gives you this kind of insight. Some website hosting/CRM solutions won’t allow you to have this deep of insight.
You’ll be generating leads through content marketing, ppc ads, SEO, social media posting, sponsorships, and other real estate marketing channels. It’s a challenge to assess what’s working in your marketing service package and which channels are driving long term value, but this one project is essential.
Salesforce says “The most successful real estate agents are approximately two-times as likely to adopt CRM and lead management solutions when compared to their less successful peers.” Those agents who optimize their KPI analytics might then be 4 times more successful.
Are You Tracking the Right Metrics?
Before you really ramp up your online advertising or local advertising, you’ll want to have your lead funnel path plotted on a chart. There is software available that will actually create that chart and map all your marketing content to it. Some of them go further to use AI to identify successful touchpoints and help you serve them better when they return to your website (real time delivery, predictive analytics). It’s expensive as you can imagine, but it is available.
Typical lead analytics tools provided in real estate CRM don’t have the depth you need. That’s what’s driving the growth of these new specialized apps. They’re competing to give you that extra insight.
The Basic Indicators
You can determine how the components of your marketing package are performing by measuring your basic marketing data:
- phone calls
- contacts created
- web traffic
- advertising cpc rate and clickthrough rate
- reach via different media channels
- volume of visits
- direct visits to your website
- Google keyword rankings (e.g., homes for sale + city name, your name)
- referrals from Zillow, Realtor.com and your brokers website
- social media reach (key pageviews
- web page time on page and engagement levels
- pages per visit
- mls homes for sale page views
- high engagement page dwell time for specific listings
- hits to contact page or about us page
- exit page where they lost interest and left
- mentions on social media
- mentions on blogs
- return visitors
- stories/quotes for media news stories
- video views
- blog headlines
- calls to action
- content topical themes
There’s a lot of psychology in property sales. Acquiring leads is one thing, but knowing exactly why this person became your client and how you can get more like them isn’t so simple. Sometimes it’s just about digging in and persisting until you’ve built the best system.
Part of your activities is about collecting insight into prospect’s personalities, goals, reasons for buying selling, circumstances, background, finances, geolocation, ethnicity, and more. Each attribute is tagged. If your system doesn’t collect these insights, then your KPIs might not be too meaningful. They might even be misleading. Often you need to do client surveys on the phone or online to get key info from them.
You want to know precisely what worked and why it worked. Statistics for the sake of pretty reports are not often worthwhile. And an even more important point is, if something’s not working, how do we fix it?
You fix it via really good analytics solutions.
Marketing Performance KPIs for Real Estate
- lead scoring number
- leads generated
- seller leads
- client online activity frequency
- cost per lead per channel
- sales revenue per lead
- leads per channel
- sales revenue per channel
- key touch points in your online content that led to a sale
- sales commissions, total revenues
- contacts from qualified buyers
To the Heart of the Matter
With respect to marketing performance, we need KPIs that get to heart of the matter:
Whether you choose to use high end lead scoring and funnel analytics tools or not, the point is to become more aware of what is actually driving your sales results. Focusing on your KPIs can help you identify what’s missing or not working too, thus saving you from years of failure.
Selling properties is hard work. Make it better by using a high quality marketing package that includes KPI analytics.