An effective marketing strategy is key to the success of any commercial real estate (CRE) marketing campaign. Real estate marketing can boost your business, get new clients, and increase brand awareness. However, to know what works and what doesn’t, it’s important to know how to measure your real estate marketing efforts.
Too many real estate investors think that buying ad space on Google or Facebook or sending out a ton of emails is enough to market their services. However, without specific goals and analysis, it is very difficult to know if your marketing budget has been well spent.
In this guide, I’m going to show you how to create a CRE marketing campaign that can help bring your business more success.
1. Define your key goals
The foundation of any CRE marketing campaign is to have clearly defined goals. These key objectives will help focus your efforts and help to measure success. Usually, for CRE managers, the main goal is to generate more leads. So, these leads could be new clients who request a showing, downloading a memorandum in exchange for an email address, or responding to an offer.
Once you have defined what exactly you want to achieve with your marketing campaign, it’s important to use metrics to analyze results. For example, Google Analytics can help to see visits to your website and if the user responded to an ad. You can also monitor which pages are the most popular and how users interact with your site.
If you use social media like Facebook or Instagram for CRE marketing, you can also use their data analytic services to measure your efforts in real estate marketing.
Using analytics to monitor CRE marketing campaigns can also help to focus on areas that are performing well and tweak ads that are not as effective.
3. Know the value of each lead
To help measure if your marketing budget is being used effectively, you need to put a value on each lead.
It’s important to remember that a marketing budget is only money well spent if you see a good return on investment (ROI). The easiest way to do this is to calculate how much you spent on advertising and divide that by the number of leads generated. This can help to see if your ROI is good or if you have to refocus your marketing efforts to generate more revenue.
4. How to measure CRE marketing success
Once you have a complete picture of your marketing campaign, you are in a better position to measure your marketing efforts. You should be able to fairly accurately measure the following:
- Which marketing channels are generating the most leads
- How much each lead is worth
- How many visits you need to generate one lead
- Compare website visits and conversion rates with similar periods in the past.