As an estate agent, you might have invested in digital marketing, which includes email campaigns, social media marketing, websites, and more. But how do you know which metrics you will need to track to determine what is really working and understand whether or not your efforts are paying off?
We recommend focussing on the below-mentioned metrics to determine whether you are driving success to your real estate business with your digital marketing campaigns.
Does our website get a good number of visits? Website traffic or the number of visits to your website, is one of the top-of-the-funnel metrics you must track and also the first indicator of the success of your digital marketing strategy. Website traffic is an important number estate agents have to measure as more visits will result in more potential leads, which in turn, will result in more potential sales. As estate agents, it is crucial to analyse the number of visits by marketing channel or traffic source, i.e., social media, Google search, direct traffic, etc.
The number of leads you earn matters a lot and lead generation is one of the most important and integral parts of digital marketing. As an estate agent, by getting your website visitors’ contact information, you will be able to send them regular updates. Doing so will help you stay on top of their minds, as your leads are more likely to become potential customers. Send them timely responses whenever there is an inquiry and ensure that your leads do not disappear.
It definitely is worth measuring conversion rates as it is one of the most critical metrics for estate agents. By tracking conversion rates, you can track which webpage is generating more leads. Once you have the number of visits and leads, you can measure conversion rates, as it will help you get a clear picture of what percentage of your visitors converted to leads.
You can calculate your lead conversion rate using this simple formula.
Leads / Visitors = Lead conversion rate
By tracking your conversion rate, you will be able to understand how well your digital marketing efforts are paying off. You can also break down conversion rates by marketing channel to know which channel needs improvement.
Cost Per Lead
If you have been investing in advertising, you can get an idea of how much you will have to spend to acquire a lead by calculating your cost per lead (CPL). Here’s the formula to know what your CPL is for a certain time period.
Marketing Costs / Total leads = CPL
This will help determine whether the investment you made is worth the return. We recommend keeping track of your CPL to make sure you are not overspending on leads and identify which effort is yielding the best return on your marketing spend.
It is equally important to analyse the exit pages, the pages your website visitors viewed before they left your site. This metric reveals a lot about user experience and tells you where your visitors lost interest in your business after spending time on your website. When you figure out what went wrong, you can take the required steps to ensure your website visitors do not lose interest in your business. If you notice that certain pages have unbelievably high exit rates, you must understand that something is not with those pages. In such cases, you must try to optimise the pages to improve them.
The Final Word
It is mandatory to track the right metrics to measure your digital marketing success. While there are many more metrics you can track to measure your digital marketing success, the metrics mentioned above are the key metrics that will help you build a successful digital marketing strategy that is cost efficient and effective as well. The metrics listed here will give you a clear overview of the overall health of your digital marketing efforts and the impact your efforts have on your real estate business.