Have you heard the multifamily housing industry buzzing about multi-touch lead attribution lately? Here’s a quick rundown on what it is, how it works and why you should care.
What is multi-touch lead attribution?
Multi-touch lead attribution tracks multiple touchpoints along the modern buyer’s journey to give marketers a clearer picture of the different sources that contributed to a closed sale. In the rental housing industry, this means measuring every interaction that resulted in a closed lease – from first becoming aware of a property online to ultimately converting via an action on your website, an ILS or elsewhere.
Why does it matter?
If you’re not accurately tracking your lead journey, you’re wrongly attributing conversions, putting you at risk for overvaluing some marketing sources and undervaluing others.
In the words of Holli Beckman, Vice President of Marketing and Leasing Operations at WC Smith: “We know that 50 percent of renters visit five or more websites before they even set foot inside your leasing office. But we only give one source credit for the lease? If 100 percent of attribution is going to the first touch, then you are indicating that none of the other sources have any value.”
What are the benefits?
Multi-touch lead attribution shows you which marketing sources are really delivering the most leads, helping you fine-tune your marketing budget allocation to get the best return on investment. It can also help you improve the customer journey for quicker conversions.
How do you get the data?
Tracking lead sources accurately is difficult without the right tools. Software like RENTCafé CRM will automate lead tracking for you, so you can focus on the results instead of the process.
Download “Multi-Touch Lead Attribution for Property Managers & Marketers” to learn more about the five lead attribution models you should be using.