MHN Executive Council: Marketing Data Points That Matter
Top KPIs for ROI.
Clicks? Likes? Shares? When it comes to marketing data points, what really matters for multifamily? This month the MHN Executive Council shares their KPIs.
Looking for Converts
My top go-to data point is conversion. I want to see is the post or campaign is driving the action we wanted. Conversion is not always about submitting an application. Your marketing goal can vary. For instance, when building SEO we may want to drive traffic to your website or generate feedback on a new amenity that you are considering. The purpose of marketing is to drive the specific results we planned. When it doesn’t we may need to make modifications.
A data point that I like to look at for videos and websites is number of views and more importantly, how long did they watch the video or stay on the website. Great indicator for the relevance and effectiveness of content.
Of course you must include Return On Investment (ROI). —Maria Pietroforte, President, Maria Pietroforte Consulting
Casting a Wide Net
We tap into data that covers several different areas of marketing. Web traffic, communications and social media metrics inform whether or not our content is relevant and accessible. Open rates, click throughs and time spent on pages, as well as likes and shares quantitatively measure levels of interest and engagement.
Our R.O.E.® (Return on Environment) approach measures net results from completed designs that includes speed to lease or sell, occupancy rates and renewals. In addition to our successful designs, we know that when the job is done efficiently and cost-effectively we’re most likely to earn both repeat business and referrals for new business. We rely on our EOS—Entrepreneurial Operating System—for valuable data on internal processes that play a key role in measuring productivity and profitability. We also track other external influences for new business that include media visibility, awards received and in-person connections at industry events to name a few. —Mary Cook, President, Mary Cook Associates
Growth Opportunity
Focusing on key marketing data points is crucial for optimizing strategies and driving growth. The first critical metric, website traffic growth by channel, measured by the percentage growth compared to the prior period, provides insights into which channels—organic, direct, or referral—are most effective in attracting potential clients. By analyzing this data, we can allocate resources more efficiently, bolster successful channels and address underperforming ones.
The second important metric, marketing qualified leads (MQLs) per month, measured by the number versus the prior period, allows us to gauge the effectiveness of our campaigns in generating interest among potential buyers. A steady increase in MQLs indicates that our marketing efforts are resonating with the target audience.
Lastly, the cost per lead, evaluated by comparing actual costs to those of the prior period, offers a clear picture of our budget efficiency. Lowering the cost per lead while maintaining or increasing lead quality ensures that our marketing expenditures are generating maximum ROI. Together, these metrics provide a comprehensive view of our marketing performance, enabling data-driven decisions that fuel business growth. —Stephanie Anderson, Senior Director, Grace Hill
Back to Basics
In my experience, the top three marketing data points, or KPIs, haven’t changed much: overall prospect traffic/interest among all conduits (websites, videos, website, ILS, social media, etc.), conversion ratios (including those self-guided tours) and closing ratios. —K David Meit, Principal, Oculus Realty
Interested in joining the MHN Executive Council and sharing your insights? Email Jessica Fiur.
