Let’s take a moment and think about how you currently use analytics, how frequently you receive the reports, are they filled with insights or simply pages filled with data screenshots. Finally, think about what your business needs from analytics in order to be valuable to your organization. If you can’t answer questions like, which campaign drove the most qualified leads, or is your digital marketing spend integrated with your offline strategy, or even do you have the right percent allocation of budget assigned to the strongest performing acquisition channels? You need to re-examine your approach to analytics.
It’s simple. Understanding your analytics will help you succeed, receive the biggest bang for your spend and ultimately, attain your business goals for leads, tours, sales or whatever you have defined as a benchmark. Depending on your business goals/strategy for the year and who you are targeting, the insights you extract from your data through analytics, will enable you to continuously optimize and develop a more refined and targeted communication plan for brokers, real estate agents, members, prospects – your next customer and employees. At the same time, you will create and grow your current databases into highly-qualified and engaged audiences.
Reason #1: Make Smart Marketing Investments Supported With Insightful Data
Let’s begin by ensuring you are making smart marketing investments supported with insightful data. Are your offline and online strategies working in tangent or in a silo? Do you have a solid spend allocation against earned, paid and owned media? Are you targeting a qualified audience and in the right markets? Have there been any industry trends, digital trends and even competitive activities that may impact your business? Through analytics/digital reporting, you will be on top of real-time marketing optimization efforts.
Our digital agency saved clients marketing dollars simply by introducing A/B testing to a smaller pre-defined audience for various variables before rolling out to the entire potential audience. Ditch what is not working. Analytics reported a winner in the test, which then was rolled out to the remaining targets.
Reason #2: Expedite Delivery of All Business Goals by Targeting a Higher Qualified Lead
If you were to provide an update for your annual goals on a monthly basis, do you know if you are on target? Monthly reporting can help set better expectations for the next month’s performance against all goals plus provide you with insights to optimize or tweak the current leads communication plan for every targeted audience.
You may ask yourself, how do we at Maximum attain a higher qualified lead? Without disclosing our “secret sauce” which has been refined over our 20 years in real estate marketing, Maximum Design overlays this “leads-to-sales” formula against your current marketing plan and via analytics identifies areas for optimization. The results from a recent case study where our “leads-to-sales” formula was applied:
- 28% increase YoY sales
- 49% increase YoY consumer traffic to builders
- 26% Increase YoY realtor traffic to builders
You can improve the conversion rate for leads, tours, and sales by first truly understanding who your potential customer(s) are demographically, where they live, what their lifestyle or interests are, what’s their marital status, are they empty nesters? What is their behavior online and offline, where are they in their journey to purchase a home? Secondly, with the help of analytics, implement ongoing optimizations derived from report insights of website traffic and campaign performances comparing to conversion goals.
Reason #3: Shorten the Lead Time to Conversions Moving Insights To Actions
If someone asked you which marketing tactic delivered the highest qualified leads, could you answer this question? Through analytics and tracking URLs and pixels, you would be able to make conclusions and assumptions. By understanding channel performance, for example, organic, paid search, display, email, acquisition emails, referrals, direct, etc. you would know. In addition, you can then optimize each tactic accordingly and shorten the lead time to conversion. This can be accomplished by moving data insights from your monthly analytics reports to actionable marketing tactics in the upcoming month’s scheduled activities.
Another tactic that we recommend is remarketing to past site visitors; a more qualified lead than a new visitor to the site. The visitors that return to your website through remarketing strategies are more likely to convert and at a higher rate. Through analytics, you will be able to understand this target and refine your remarketing strategy with correct messages and tactics on a monthly basis.
Reason #4: Generate More Interest and Sales By Modeling Your Leads, Customers and Website Visitors
Generate more interest and sales by modeling your highly qualified leads and website visitor through the implementation of various tracking strategies. With the help of analytics and monthly reporting, we take the results from the various reports that we export, consolidate, merge, purge and dedupe in an effort to develop lookalike models of your potential customer.
These look-a-like models are tested on various platforms. The analytics help to define successful “target audiences” that we’ve built out. The winning groups are added across all marketing strategies in upcoming months. From here, the cycle continues quarterly.
Reason #5: Gain a Competitive Advantage
It’s amazing what a Competitive Landscape report, Digital Audit, or a simple Discovery Report can provide. By understanding your digital footprint and those of your key competitors, you can learn so much about the state of your current strategy and how to ensure your community is a viable option in a potential customer’s journey to purchase their home.
From your monthly analytics, you can understand your best performing and trending keywords, keyword phrases which you can inject into your website pages and all communication efforts. Therefore, by focusing on search engine optimization (SEO) strategies and pay-per-click (PPC) strategies derived from insightful reporting, your community/brand has an excellent chance to gain page one visibility on search engines for primary, niche and long-tail keywords/keyword phrases. Making your brand easy to find.
In conclusion, we know you are spending your money wisely based on the resources you have in place. Maximum Design & Advertising, Inc., a real estate marketing professional agency, with 20 years of experience, can help with you achieve more insightful analytics. With more resources and in-depth marketing experience, we can make it easier for you.
We believe that spending more money isn’t always the best solution; sometimes, you can earn better results by optimizing the money you already have earmarked for marketing.