Resolving the Data Controversies - 3 Presentations
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Resolving the Data Controversies Since marketers started counting page views and clicks, owners, ILS sites, lead trackers, call centers and others have disagreed about where traffic comes from, what gets counted and what the implications are. We’re going to ask an owners who care about precision to address: persistent attribution errors, shifting definitions of metrics, and the structural problems inherent in using data from different sources to draw conclusions. Our hope is to end some of the whispering campaigns and get some clarity on at least some basic measures of advertising effectiveness and where the data should come from, and how analyzed. - Darcey Forbes, Director of Marketing, Essex Property Trust - David Seiler, Executive Vice President, Trinity Property Consultants - Matthew Kilmurry, Director of Interactive Marketing, The Bozzuto Group
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Resolving the Data Controversies - 3 Presentations
- 1. Resolving the Data Controversies Moderator: Jim Kjolhede, Satteron Enterprises Panelists: David Seiler, Trinity Consultants Darcey Forbes, Essex Property Trust Matthew Kilmurry, The Bozzuto Group
- 3. Resolving the Data Controversies(Lead Attribution) Presented by David Seiler Executive Vice President Trinity Property Consultants
- 6. Reports, Assumptions, and Analytics
- 8. Gathering Marketing DataNow – The Pop Card Traffic Source is Hard Coded
- 10. System Generated Tracking up to 4 points of contact from different sources
- 12. Mostly only 1 source is identified and tracked
- 14. Call Tracking Provider Call recording and e-mail follow up are captured on each Pop Card providing data validation and training opportunities
- 16. Prospect Reports
- 22. Performance
- 28. Trend Reports
- 31. Leads By Hr (Bus Hrs)
- 35. Performance
- 37. Campaign Reports
- 42. Leads Per Hr (After Hrs) Performance Appointments Tours Rentals Rental Lead Attribution Call Analysis Call Logs Minutes Of Use Call Duration Busy/RNA Per Hr (Bus Hrs) Busy/RNA Per Hr (After Hrs) Forwarded Call Summary
- 43. Report and AnalyzeTrinity Property Consultants Q1 2011 Community Website Numbers are based on 55 communities across 10 states. Not every community utilizes every source.
- 44. Report and AnalyzeTrinity Property Consultants Q1 2011 Community Website Lease are attributed to 1st contact. Not every community utilizes every source.
- 45. Variables to AssumptionsThe 80/20 Effect Active ads must have an active tracking phone number and/or e-mail Non-contactors must be sourced correctly All ads display accurate rental rates, specials, photos and amenities Staff is properly trained in sales techniques and Pop Card management.
- 46. New Dynamics Multiple Sources Tracking Vendor can now attribute up to 4 sources to one prospect Lost In The Web How do prospects find our community websites? Where does internet traffic originate from?
- 47. Google Analytics Installing Google Analytics allows us to have greater visibility into traffic behaviors on our Community Websites, Mobile Websites and Community Blogs.
- 48. Google Analytics With data from GA we are able to make smarter choices about website design, optimization, and functionality.
- 49. Google Analytics Together with Tracking Vendor we have great insight into where traffic is generated.
- 50. Summary Lead tracking and lease attribution is not an exact science. Outside forces and changes in the market, pricing, advertisement presentation, consumer trends and advertising partners all force us to look at and overlay assumptions with alternative data. New tracking tools are constantly being developed. As long as the economic efficiencies that the data produces exceeds the cost to produce the data, we will continue to invest in the search.
- 52. THANK YOU!!
- 53. Resolving the Data Controversies Part II(Lead Attribution) Presented by Darcey Forbes Director of Marketing Essex Property Trust
- 54. Surf’s Up : Finding the Right Wave of Success Reviewing Lead Performance: If you’re going to do it, do it right.
- 55. How To Make The Right Marketing Decisions Learning the hard way, some things to avoid How Essex makes marketing decisions today Moving forward with confidence
- 56. Learning The Hard Way – Some Things To Avoid
- 57. The Magic Eight Ball Approach
- 58. #FAIL
- 60. Learning The Hard Way, Some Things To Avoid Don’t rest on faulty data pulled from the wrong places Don’t assume your G.L. accounts hold your marketing expenses Don’t set it and forget it… measure, measure and measure again Don’t jump the gun, leads take time to turn to leases
- 61. How Did We Feel About Our Data Woes? Essex Offices 2009
- 63. A centralized management structure and dedicated marketing team
- 64. Call Center handling all phone calls and emails
- 65. Automatic data insertion into PMS
- 66. Intense on-going training at the site level
- 68. Services that are harder to use cost more as they waste valuable time, they cost you time and therefore money
- 72. How Essex Makes Marketing Decisions Today
- 73. How Essex Makes Marketing Decisions Today Make sure the data is accurate, complete and consistently measured Focus on a few consistent metrics across all ad sources for a fair analysis Trust the data
- 75. Focus on a few consistent metrics acrossall ad sources
- 76. Trust the data2.9% 1.7% From matching process 69 Total Leases: 73 From matching process Total Matched Leases: 142 Total Cost: $105,563 Total Cost per Matched Lease: $743
- 77. A brief history of tracking
- 78. Moving Forward With Confidence
- 79. Get Accurate Data And Really Use It Make sure the data is accurate, complete and consistently measured by avoiding data pitfalls Focus on a few consistent metrics across all ad sources for a fair analysis Trust the data
- 80. How to resolve conflicting data and make decisions Summarize the data Communicate the findings to all stakeholders Implement changes to marketing spends based on the data
- 82. THANK YOU!!
- 83. Resolving Data Controversies Part III Matthew Kilmurry Director of Interactive Marketing The Bozzuto Group
- 85. Property Management Systems Rent Rolls and Pricing
- 86. Customer Relationship Management (CRM) Prospect Tracking and Data Extension
- 87. Content Management Systems Corporate and Property Websites
- 89. Logo Overload
- 90. Customer relationship management (CRM) is a strategy for managing a company’s interactions with customers, clients and sales prospects. It involves using technology to organize, automate, and synchronize business processes — principally sales activities.
- 91. Insight Into Bozzuto Lead Generation
- 92. Percentage of Lead Type Lead2Lease Portfolio Bozzuto Portfolio
- 93. Conversion Rates by Contact Type * Data from 192,535 inquiries through Lead2Lease during the 3rd quarter 2010
- 94. Matthew Kilmurry
- 95. Matthew Kilmurry
- 96. Matthew Kilmurry
- 98. A CRM System is NOT an Ad Tracking System
- 100. Typical Behavior During Research Searching Social Media Internet Listing Services Property Website Bozzuto.com
- 101. Sourcing Online Leads Phone Call Contact Form Reservation (VaultWare)
- 102. Inbound Calls Create New Guestcards Matthew Kilmurry
- 104. Reducing General Website Category Apartment Ratings (11.1.10-4.29.11) Phone Leads: 491 Walk In: 15 Email: 1 Leases: 7 Conversion Ratio: 1.38%
- 105. Tracking Contact Form Submissions Reservation Contact Us Form (Bozzuto.com and Property Website) Ad Tracking Solutions
- 106. Click Thru Versus View Thru Impressions: 1,021,385 Clicks: 2,894 Click Thru Leads: 145 Conversion Rate: 5% View Thru Leads: 474 Percent View Thru: 75% Total Leads: 619 Conversion Rate: 21%
- 107. Click Thru Versus View Thru Impressions: 2,162,284 Clicks: 4,097 Click Thru Leads: 146 Conversion Rate: 3.5% View Thru Leads: 621 Percent View Thru: 80% Total Leads: 767 Conversion Rate: 19%
- 108. Installing Tracking Pixels on Listing Pages
- 109. Multi-Touch Attribution Conversion Tracking
- 111. Privacy Fears
- 114. How To Track Walk-Ins? RFID Chips Are The Future Minimally Invasive Scars Mostly Heal
- 115. Matthew Kilmurry.net @MKilmurry LinkedIn.com/In/MKilmurry
- 116. THANK YOU!!
- 117. Moderator Questions to the Panelists
- 118. Audience Questions to the Panelists
Notas do Editor
- Catching the wave of effective lead performance and not wasting valuable dollars for your communities. We have so much information at our fingertips it can make it difficult for anyone to determine what is the best information and what is your top performing advertisers. (TRANSITION)
- Today we are better equipped and more well informed with the data we have in hand. But the complexities of this data, the amount of information we collect can be confusing and daunting for anyone to digest. We need to find a better way of analyzing and funneling the data to our advantage. And there are valuable resources out there to assist in our needs. At Essex we review the data we have with our call center and MTS (Define) Today I am going to briefly share with you some of these ideas.
- Before we can tell you how we make decisions today we need to reflect on how we made decisions in the past. Let’s take a look. Multiple studies have shown that answering these questions by extracting data from propertymanagement systems can provide misleading, inaccurate data, which can damage the efficiency of amarketing campaign. Several independent studies have shown that data concerning advertising sources held withinproperty management systems can be wildly inaccurate. A study by LevelOne suggested that even companies using acall center, with dedicated tracking numbers and email addresses, will only accurately record the advertising source ofthe lease in 30% of cases.
- Or the old stand by…tell us how you heard about us. Which has been proven to a #FailMultiple studies have shown that answering these questions by extracting data from propertymanagement systems can provide misleading, inaccurate data, which can damage the efficiency of amarketing campaign. Several independent studies have shown that data concerning advertising sources held withinproperty management systems can be wildly inaccurate. A study by LevelOne suggested that even companies using acall center, with dedicated tracking numbers and email addresses, will only accurately record the advertising source ofthe lease in 30% of cases. Even in our recent review cost per lead and lease analysis we found that we were slightly better with a 76% matching rate. Which has improved over the years with the assistance of a call center.
- So which is the right path? Well, that will be up to you but today I can speak of the path we have chosen.
- It’s all about finding the right focus for you and your company and coming u wotha strategy of analysis that you can focus on reliable data, and streamline all of the information and reporting that you have at your fingertips.
- Prospects will typically find your site through multiple sources prior to contact.