They say you can’t manage what you don’t measure, and it’s true. The last thing you want to be doing as a Realtor® is throwing your hard-earned money after marketing that simply isn’t working. Everyone has big promises, but every market is different. How can you know if your marketing efforts are really making a difference?
Determine Your Response Rate
Rather than simply throwing advertising out to your market and hoping for the best, create trackable marketing campaigns. Your postcards can ask recipients to go to your website and enter a specific code to get a free download. Your online marketing can use trackable links. You can even use QR Codes to track responses to specific mailings.
The point is, you want to know where someone saw your information when they chose to respond. Rather than relying on them to tell you, and then tracking the results manually, do it automatically. That way, faulty memories – yours or your client’s – won’t derail your system.
Once you know what’s causing people to respond, tracking your response rate is easy. How many people used the QR code, compared to how many postcards you mailed? How many people clicked that particular link, compared to how much you spent or how many views you got?
Compare your response rate among your marketing strategies. Does one stand above the rest? Then compare your response rates to the general or industry averages for that strategy. That way, you can see what’s working well in your market specifically.
Determine Your Conversion Rate
Once you’ve determined what strategies get you the best responses, it’s time to see which group of repliers does best on converting.
Do you find that folks who use the QR code seem less interested in an appointment than someone who uses a link? How many people who download a free resource from your site turn into an appointment within a few months of nurturing?
And, once you have an appointment, what’s your conversion rate into listings or buyer’s agreements? If you’re getting a good rate of appointments but aren’t getting many listings or buyer’s agreements, there’s something about your presentation you can work on.
Knowing your conversion rates will tell you two important things: 1) How high quality your leads are and 2) where your sales efforts need work (ie, getting appointments or getting transactions).
Track Response and Conversion Rates to Determine Success
A strategy that has a great response rate but a terrible conversion rate needs tweaking. So does one that has a terrible response rate but a great conversion rate for those that do respond. They key is to get your marketing to have the best response and conversion rates possible.
Test changes carefully, by changing one thing at a time. This way, you’ll know exactly why results are different.
The only way to do that is to track relentlessly. I know it’s a lot of work, but this is your hard-earned money we’re talking about! You deserve to be spending it only in ways that benefit your business the most.
Don’t get caught tracking only sales, revenue, and your number of listings. Take control of your marketing by evaluating each marketing strategy to see what truly works for you. If you haven’t set up your marketing to be trackable, 2017 is the perfect opportunity. Start tracking right away!
Are you ready to create your marketing postcards for 2017? We have dozens of templates to choose from, and you can create response codes or QR codes for easy tracking. Let us help you succeed in 2017!