7 marketing metrics that matter most (and how to measure them)

Data and analytics are essential in real estate because they help you target the right people and measure how well your marketing works. With an ever-evolving real estate market, it’s vital to stay ahead of trends to maximize ROI.

By leveraging data and analytics, real estate professionals can gain valuable insights into customer behavior that will help them make more informed decisions about where to invest their resources. The goal is to create effective strategies that will drive results.

Real estate agents and brokers should track metrics, like website visitors, social media followers, email response rates, cost-per-click (CPC) rates, real estate leads generated and closed deals. They can also learn about how customers act and which marketing strategies work. 

Targeting the right audience is a critical factor in real estate marketing success. Using data, real estate agents can identify their target audience based on various factors, such as location, demographics and property preferences. This information can be used to create targeted marketing campaigns that reach the right people at the right time.

By using data to understand the behavior and preferences of potential customers, real estate agents can tailor their marketing efforts to be more relevant and effective.

Data to gather

At a minimum, agents and brokers who are actively marketing their listings or their brand should be collecting the following data:

1. Website visitors: Use real-time analytics to monitor how many people visit a website and where they’re coming from.
2. Social media: Keep an eye on the number of followers across social media channels, such as Instagram or TikTok, to measure the success of marketing across various platforms. 
3. Email responses: Check email open and click-through rates regularly to assess whether customers engage with emails.
4. Cost-per-click (CPC) rates: CPC is a crucial metric for gauging the effectiveness of campaigns and ads.
5. Lead generation: Track each campaign’s leads to determine which promotions generate more interest from potential buyers or renters.
6. Closed deals: It’s essential to keep an eye on how many deals close successfully at any given time; this data will help inform future decisions about investment strategies and target markets for the better.
7. Cost of customer acquisition (COCA): COCA is a metric that measures the total cost of marketing and sales activities divided by the number of customers acquired, providing real estate agents and brokers with an effective way to gauge return on investment (ROI) from marketing campaigns. 

Let me repeat it: Data insights and business intelligence are essential tools for real estate professionals to gain a competitive edge in the market.

Real estate professionals can make more informed decisions on optimizing their strategies, marketing campaigns, and overall operations by gaining real-time insights into customer behavior, with access to detailed data analytics and tracking key performance indicators.

Analytics tools to consider

There are a lot of tools in the real estate industry for tracking data and analytics that can give real-time insights, increase ROI and help people make intelligent decisions. Although Google Analytics is one of the most popular tools real estate agents use, others are more important for tracking data and leveraging insights.

Here are some I recommend you look into:

1. Customer relationship management (CRM) software: Examples include, Hubspot CRM, Zoho CRM, Brivity, Follow Up Boss
2. Marketing automation tools: Examples include, BombBomb, MailChimp, Jotform, Spacio, Agent Legend, Autopilot
3. Transaction management systems: Examples include, DocuSign, dotloop
4. Real estate-specific analytics and reporting tools: Examples include, RPR, Realtrends, Toucan 
5. Lead generation: Examples include, Zurple, Propertybase Go, Market Leader

Ultimately, real estate agents and brokers who use data and analytics to target the right audience and measure the success of their marketing efforts will have a better chance of success. Leveraging data and analytics can reduce costs, improve ROI and gain an edge in the real estate market. With real-time data and insights, real estate agents can make better decisions that will enhance their chances of being successful.

Those who dare to use data and real-time analytics can increase customer satisfaction and make more money.

Takeaways:

• Data and analytics are essential for real estate professionals to stay competitive
• Real-time insights into customer behavior can help real estate agents optimize their strategies, campaigns and operations
• Popular tools used by real estate agents include Google Analytics, CRM software, marketing automation tools, transaction management systems, real estate analytics reporting tools, and lead generation platforms
• Using data and analytics to target the right audience will result in more successful real estate marketing efforts with an improved ROI.