As the broker-in-charge of your real estate company, you are likely responsible for managing a marketing staff and ensuring a marketing budget is spent in a way that generates leads and transactions. In order to carry out these responsibilities, you need reports on marketing metrics. But which marketing metrics should you ask your marketing staff to report? Conversion rates from different stages of the sales process are very important. Here are five important metrics you should monitor, including 4 conversion rates, plus tips on how to track them manually or using marketing software.
Sources of Website Traffic
This may be something you are already monitoring. If so, your marketing staff probably uses Google Analytics to track your website traffic and identify where it’s coming from. The best way to see a quick snapshot of your website traffic sources is to use the “Channels” feature in Google Analytics account. To reach this section, click “All Traffic” under “Acquisition.” Then click “Channels.” You’ll see a display like the one below. This will give you a picture of your traffic sources over the last month. You can change the time frame by adjusting the date in the top right corner of the screen. You can also compare two different time frames. This allows you to compare your current performance with the same time last year to determine if you are improving year-over-year. This will also help you identify any seasonal trends that might affect your website traffic throughout the year. If you need help setting up a Google Analytics account for your company’s website, click here for instructions.
Use this information to determine where you currently get most of your traffic, and from which sources you would like to increase traffic.
Website Visits to Website Leads
Once you have an idea of where your traffic is currently coming from, you’ll want to determine which sources are resulting in the most new web leads. A new web lead would be anyone who filled out a form on your website and became a new contact.
For example, if you received 3,000 website visitors in January and you received 100 web leads, then your visits-to-leads ratio would be 3%. Keep track of this ratio each month and see if you notice an increase month after month as well as year-over-year.
Website Leads to Clients
Now that you know your rate of converting visitors into leads, it’s time to find out how well you are converting leads into clients. Each month, compare the number of website leads you have received to the number of website leads that have become clients during that month. A client would be a buyer who hired one of your agents, or a seller who listed a home with one of your agents.
Website Leads to Transactions
Since a new client doesn’t always result in the purchase or sale of a home, you’ll also want to compare the number of website leads that result in a real estate transaction. This is one of the best indicators of your return on marketing investment. If you know how much revenue was generated from website leads, and you know how much money you invested in web marketing to generate those leads, you’ll be able to assign a solid number to your return on marketing investment.
Determining this conversion rate is a little trickier to do since transactions don’t often occur in the same month a buyer or seller becomes a website lead. Because of this, you may prefer to identify your conversion rate for website leads to real estate transactions on a yearly basis.
Which Traffic Sources Resulted in the Most Clients and Transactions?
This is where things come full circle. If you can identify which of the website traffic sources resulted in the most clients and transactions, you can determine the best way to allocate your marketing budget. For example, if you are getting steady traffic from organic search but not as much traffic as you’d like from social media, you might want to shift more of your budget from SEO to social media for quarter.
How Can You Measure These Things Easily?
Keeping track of these conversion rates is time-consuming for your marketing staff. It can be done manually with calculators and Excel spreadsheets, but there’s a better way that will allow your marketing staff more time to market and analyze and less time to calculate. What’s the secret? HubSpot marketing software. This software allows you to quickly see a 24/7 snapshot of all of these conversion rates. Check out the reporting capabilities in the screenshot below.
Paveya uses HubSpot software to implement marketing and lead generation strategies for our real estate clients. Reporting features are just one of the many valuable functions of this software. If you’re interested in learning how a marketing strategy utilizing HubSpot marketing software can benefit your company, feel free to contact us at 855-372-8392.
There you have it: five metrics all brokers-in-charge should ask their marketing staff to report. Put a plan in place to track these metrics now so that you can get an accurate picture of your marketing ROI throughout the year!