How do I identify my property marketing cost per sale?
George. Property marketing cost per sale? Really important if you want to understand the value of the dollar you’re spending. Where should people start?
Yeah, cool! I think, as a kind of baseline in a starting point, thinking about last click attribution and thinking about capturing your source when the actual inquiry comes through. So obviously at Social Garden, a lot of what we do is digital, the great thing about digital and last click attribution is you’re able to kind of capture the source through the link.
Which means basically when someone clicks on an ad, whether that’s in social media whether that’s on realestate.com whether it’s on domain, whether it’s on google search, you’re able to actually pass the source through the url into the form.
Which means you can capture the source from where the leads come from within your CRM or your excel spreadsheet or wherever you keep your leads. You can kind of attribute that lead to a source which means you can kind of reach respectively, you can look back and see how effective where your source is at generating sales.
And for the non-techie of folks out there, you mentioned last click attribution, can you break that done in layman’s terms a little bit?
As I’ve said last click attribution is basically the last place that someone, that place where someone actually submitted the leads. So, we know on average this little 6-8 touch points prior to someone actually converting on a property sale, sorry, on the property inquiry.
So last click doesn’t taken into account those 6-8 touch points prior to that lead converting. So it’s not bulletproof, but it’s really a good place to start in terms in kinda capturing what was the source that actually kinda prompted them to convert.
So based on all of that what do you think are the 3 key things property developers should take out of the cost per sale piece?
So I think, number 1, at a base level make sure you’re capturing your source at every place. If it’s online, we can capture that through an invisible form field and you can look that up and it’ll be easy to find instructions on how to do that. Offline, look, you’ve got to get your salespeople to capture that information whether it’s at the display or on the phone call.
If you’ve got listings on REA or domain and those enquiries are going into an email, you can just make sure when you are extracting that information and putting it into your CRM or your excel spreadsheet that you’re listing the source there. So that’s kind of number 1, list the source.
Number 2, look at getting marketing automation technology because it will really help you with tracking how effective your sources are.
And that probably third and finally, is just when you’re analysing the data it’s really important that you really understand that there are outside contributing factors to someone converting so that last touch piece isn’t bulletproof but it does really help you to get a baseline understanding of how channels are performing against each other.
Awesome! Thank you so much, that’s really interesting, George. Really appreciate your time.