7 KPIs For Successful Real Estate MarketersDecember-24-2018
As a successful real estate marketer, you execute multiple campaigns simultaneously and look for data points to analyze the campaigns in detail. Every marketer wants complete transparency on all campaigns in order to understand the precise return on their marketing spends in terms of engagement, sales performance, and actual revenue.
With new-age integrated sales and marketing platforms like Sell.Do, marketers can track each and every campaign comprehensively. These platforms provide real-time KPIs that help in measuring the performance of campaigns at each stage of the sales cycle and the degree of sales engagement.
Following is a list of KPIs that modern real estate marketers should be tracking to get a complete understanding of campaign performance:
1. Cost per lead
It is one of the essential metrics that gives you the understanding of whether the campaign is generating interest and you are receiving enough inquiries through it at an optimum cost.
You can drill down the cost per lead in terms of the campaign source and medium. Through Sell.Do, marketers can get detailed insights into the cost of every lead generated from any online or offline campaign.
2. Cost per qualified lead
A lead is only useful when his/her requirement and budget fit the inventory that is available. So it’s necessary to know the number of leads who have an actual intent to buy.
Sell.Do provides marketing intelligence by giving a clear view of the cost of qualified leads which is a key aspect in determining the level of effectiveness of the campaign. Cost per qualified leads gives you the cost per relevant inquiry and will help in filtering out the non-relevant or false leads.
3. Call reports
Tracking your team’s calling performance gives you an idea of whether there is a gap in the campaign or the sales performance.
Sell.Do empowers every real estate business with in-depth insights on calling performance. Managers can analyse the calls by getting real-time reports on the number of calls made, average call duration, and the overall call volume for each campaign.
Higher call volumes mean there has been a good number of interested enquiries from that particular campaign. Higher average call durations means that the conversations have been engaging enough.
4. Cost per site visit
For any real estate business, the site visit is an essential step in the buying cycle. It leads to negotiations and eventually leads to the final booking of the property. More than 7% of property site visits convert into sales.(Click here to read on How you can drive more property site visits.)
A marketing campaign (including social media) that leads to the maximum number of site visits sets a benchmark for other campaigns. Marketers can optimise other campaigns or focus only on the most effective one.
5. Real-time sales forecasting
Sales forecasting allows marketers to make real-time decisions based on the number of deals in the pipeline. For every campaign, you have a set target that you need to achieve in terms of revenue. With the help of real-time sales forecasting, you can know whether you will be able to achieve the set target for an ongoing campaign.
A platform like Sell.Do generates forecasted sales based on the real-time sales pipeline for all the leads received from the campaign.
6. Cost per booking
This is the final stage of the buyer journey for any real estate company. This metric allows marketers to measure each campaign by being aware of the exact number of bookings.
Cost of booking defines the overall revenue generated, therefore this metric plays the most important role in understanding the actual return from the overall marketing spends. It also lets you define what percentage of your revenue is the marketing budget.
7. Real-time sales velocity
This metric tracks the lead right from its incoming stage, i.e. when it comes in contact with your brand to the acquisition stage. It allows the user to track the lead across the various stages of the sales cycle.
A comprehensive view of your sales velocity helps in tracking the rate at which your leads move across different stages of your sales cycle and if there is an opportunity to improve this metric by optimising the sales cycle. A slow sales cycle means the management will have to investigate the reasons for any kind of gaps. This will help in clearing the bottlenecks and making the overall process efficient
We must understand that there is no single metric that defines the effectiveness of any marketing campaign. The key performance indicators collectively make a difference in measuring the impact of a campaign on the business. Sell.Do gives a clear understanding of the lead quality, cost per lead and the ROI at every stage of the sales and marketing cycle. It empowers marketers to have clear visibility on lead engagement from each marketing campaign.
Read more on how you can improve Marketing ROI for a Real Estate Business