Regardless of what industry you work in, a good marketing strategy includes a method of generating higher volumes of leads, at the least cost. An essential part of this is being able to measure and track your approach to be able to then improve it. The term ‘What gets measures, gets improved’ was coined in the 20th century by Peter Drucker, a great visionary and business thinker of his time. So for a long time now, people have been analysing and applying the benefits of tracking performance rather than guesswork.
When it comes to property marketing, tracking your lead generation and making improvements will enable you to make more money with less and less marketing spend. Here are 8 steps that you should follow:
Step 1 – Define a lead
This step involves having a concrete definition of what a lead is. What exactly are you going to define as a lead? – Someone who has contacted you and shown an interest in what you offer? Or will you count a lead as scraping details from Gumtree and sending someone a message? You need to have a clear definition to enable you to compare your success on a like-for-like basis.
Step 2 – Track the lead source
When you have a few different campaigns going, you might lose track of where each lead came from. However, it is really important to record where leads have been sourced from to see which channels are working and which are not.
Step 3 – Track the campaign
Tracking the campaign that generates the lead is the next vital step. So whether it is a direct mail campaign that went to 500 addresses or attending 10 networking events in a two month period, always track the campaign type to see how well the different types work.
Step 4 – Track the lifecycle of the lead
You need to follow the lead all the way through its lifecycle and record what revenue and profit it resulted in. This will give you the information you require around return on investment to make decisions on which campaigns will generate more profit for you.
You could get 10 leads from a direct mail campaign and think that is a great result but you need to know what income it generated. Say you invested £500 to generate those 10 leads and you convert 2 of them, making £6000 in fees. Your ROI is 1100%. However, you might have another campaign that generated 20 leads but you didn’t close any, so you get no ROI. If you haven’t tracked this carefully, you could have mistakenly been thinking the second campaign was more successful as you got more leads.
Step 5 – Systemise the data collection
Setting up a system for your data collection is the next important step. You are developing your own culture of tracking and ensuring that you capture all of the crucial data. So every time you get a lead, you should be asking how they heard about you, to get that all-important information.
Step 6 – One sheet to track everything
Having post-it notes and scraps of paper with notes on will lead to you losing information, so it is better to transfer data into a campaign tracking sheet as soon as you can.
Step 7 – Use a CRM
Take your tracking to the next level by using a Customer Relationship Management system. There are plenty out there that offer all kinds of great features to help make your campaigns even more effective.
Step 8 – Accurate reporting
Finally, you need to create accurate reporting to measure your ROI and plan your future marketing budget. If you have all of this data and use it properly, you will be able to generate more property sourcing leads and the same time spending a lot less money.
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