As we noted in the first part of this series, an impression is simply a view. And instead of putting emphasis on increasing the number of impressions a commercial real estate listing makes, it’s more valuable to focus on what actions move prospects down your funnel and turn into closed deals.
In the end, the best way to measure success is to determine your cost per lead (if you’re interested, we wrote an eBook on this subject that dives into more detail. You can download it here).
The first step to measuring your cost per lead is to look at each individual component. For example: for email marketing, look at the total cost per month – both time and actual money spent – and divide that number by the total number of leads you got that month from email. So if your marketing director makes $50 an hour, spends 10 hours per month creating and managing email campaigns, and then has a $50 per month software subscription to manage it all, your total cost for email marketing is $550 per month. If you got two leads, the cost-per-lead is $275.
Break that down for every channel you use to generate leads:
• Social Media
• Traditional Advertising
• Online Advertising
• Online Listings
• Cold Calling
• Et Cetera
When you focus on the cost-per-lead rather than the total number of impressions, you quickly discover that impressions can easily vary per channel relative to spend. The amount of leads generated, however, can fluctuate and isn’t directly tied to the number of impressions.
Managing Your Investments
Next, once you’ve quantified your cost-per-lead per vertical, the focus should be on reducing the cost per lead. What can you do to reduce the amount of time your team spends on updating online commercial real estate listings? Is there software that is cheaper that allows a more efficient use of their time? Should you try sending out fewer emails or to adjust your ad budget?
Simultaneously, it’s worthwhile to compare and contrast the different efforts you are making and spend your resources where they will be most effective.
Constantly look at the data and let that inform your next move. And, take time to understand what’s most valuable to you.
If you want to expand your promotional efforts and generate more leads, take a look at our online marketplace with over 5 billion square feet of listings here.