New on #AptChat: What Metrics Matter Most for Apartment Marketing?
Once again, we tune you into the latest Twitter-based conversation between property management professionals at Apartment Chat to bring you ideas that will help you manage more effectively. In a recent discussion, participants talked about which metrics are the most important to consider in order to improve apartment marketing efforts, and how to make the most of the data.
The Q&A went as follows:
What are the most important metrics you tend to focus on to determine how your apartment marketing is performing?
Though the moderator was hoping for a “greatest hits” list here, answers were all over the board. It seems every manager has their own favorite marker for how their marketing is doing. Answers included leads, leases, cost per lead/lease, referrals, emails & phone calls, and foot traffic. Social media and website engagement were mentioned as well. But one participant said that regardless of the metrics you prefer, even with good online tools that present them in a clear fashion the stats don’t help much if nobody has the training or time to analyze them.
The discussion then drifted to website performance, and a product called HotJar that features website visitor analytics was mentioned in particular. Managers discussed time spent on the site, bounce rate and what parts of the site attract the most interest – though one said that if the visits are converting to leases at a high rate, analysis of such subtleties as time spent on the site become less important to her.
When one manager brought up the accelerating move to mobile devices, others agreed that not everyone was making the adjustments necessary to ensure mobile visitors the optimal website experience. For example, said one participant, mobile visitors are more inclined to want to “get in and get out,” yet some property sites are still design and information-heavy and don’t quickly lead the mobile user to the information they’re seeking.
What do you want your site teams to be able to measure/analyze? What are the basics you want them to understand and act on?
Two participants jumped in quickly here to suggest that staying on top of the flow of leads, both qualified and unqualified, is the major expectation for their site teams – and that the promptness and quality of the response helps separate good leads from weak ones right up front.
Discussion continued on the theme of lead flow, and making judgments as to whether this flow is adequate to satisfy sales goals. The classic question in this regard came up: is it that you need more leads, or to better work those you’re already getting? One manager said simply that if you know your closing ratio, you know exactly how many leads you need to hit your numbers. But another answered that of course, closing more of the leads you’re already getting means less need for advertising expenditures.
Two managers agreed that single-source attribution of leads – knowing exactly where they’ve come from – has become more rare. This and other complications led another to say there’s a real need for people who are experts at analyzing data.
Then the conversation turned to the value and use of social media. The managers primarily pinpoint their target audiences and run ads on platforms such as Facebook and Instagram. Engagement, in the form of actual interaction with fans or followers, wasn’t emphasized as much.
The chat session dredged up related areas of interest, and the moderator announced plans to tackle these and other issues in future chats:
How do property managers decide which ILSs to use?
What value do apartment marketers place on Google ads?
We’ll keep you up with the latest discussions on #AptChat in future segments on this blog. Stay tuned to what industry leaders are doing in apartment marketing!