Best of all, the reporting is real time, error-free information that you can rely on to make smart decisions. This technology is inexpensive and enables you to put a unique tracking number on every form of marketing you’re using. These numbers are crucial for Yellow Pages ads, your website, fliers, direct mail pieces or other types of marketing.
With technology like this you can begin to get a handle on key success factors for all marketing campaigns: how many calls they’re bringing you; what each one of those calls is costing; how many callers are turning into rentals; and, most important, how much each rental costs.
By evaluating your marketing this way you’ll find that some are bringing you calls and rentals at a high cost, while others are at a much lower cost. You can then begin to cut marketing avenues that are too costly and really trim, refine and maximize your limited marketing budget.
The second key success factor in maximizing your marketing dollars is using proven conversion techniques. By conversion I mean turning prospective customer calls, walk-ins and e-mails into tenants. The goal is to bring these prospective customers to you; however, that’s only half of the equation. You must be able to convert these prospects into paying tenants.
By focusing on increasing your conversion rates for calls, walk-ins and e-mails you will be able to get more tenants for the marketing dollars you are already spending. Increasing conversion rates is essentially the only way to get more tenants without spending more money.
Think of it this way: If you are spending $3,000 per month on marketing that generates 100 prospective customers, you are essentially spending $30 for each prospect. Suppose you are able to convert 50 percent into tenants. Then you are essentially paying $3,000 to get 50 tenants, or $60 per tenant.
Now, if you are able to increase your conversion rate by just 10 percent to a 60 percent conversion rate, you would get 60 tenants for that same $3,000 and only pay $50 per tenant.
Higher conversion rates = more tenants at a lower cost per rental.
So how do you implement these conversion techniques? Here are a few quick steps:
Know your current conversion rate. Use tracking technologies such as the unique call-tracking numbers mentioned above to determine your current conversion rate on calls from all marketing sources. Train and re-train your managers to accurately account for each person that walks into your facility and keep track of those that convert into tenants. Track these elements on a monthly basis.