Impressions—the number of times your ad was seen by a searcher on a search engine.
Conversion Rate—the number of actual renters out of all your inquiries. You want this number to be high as well.
CPA—Cost per acquisition. This is how much it costs you to acquire a new customer.
ROI—return on investment. The ratio of money gained or lost on an investment. In terms of marketing it is how much profit you’re making for each marketing dollar you spend.
Your goal for Internet marketing should involve capturing as many tenants as possible through the Internet at the lowest possible cost (the CPA). Because the Internet allows you to display so much information to potential renters, oftentimes these potential renters come to you already knowing where you’re located, your office hours, unit sizes and specials, and therefore, are ready to rent a unit.
People using the Internet will contact you in one of four ways:
- Call. Many people use the Internet as a research tool and then proceed to pick up the phone to call.
- Walk in. Also, many people, after researching you on the Internet, will choose to visit your facility.
- E-mail. Many types of Internet marketing allow customers to contact you via e-mail, either through a form or standard e-mail.
- Rent online. If you give them this option through your website, many customers will take advantage of it.
Many owner/operators still think the Internet is a mysterious monster that will not be effective in local markets. In fact the Internet is a very effective advertising medium that will generate a nice flow of new tenants if you use it correctly. In a recent study, the Kelsey Group found that more than 43 percent of consumers search the Internet to find a local product or service.
Grabbing Web Hits
Let’s talk about your website. Many of you probably already have one. That is typically the first step most owners take when starting to advertise online. One of the most important things to remember about your website is that you must attract people to it in order to gain monetary value.