Depending on the size and target audience of a community, marketing budgets can range anywhere from the $10K’s to the multi-millions. While digital campaigns likely take up the majority of the budget, builders and developers still rely on a solid mix of print, outdoor, direct mail and non-traditional channels like mall kiosks or events to attract buyers.
How do you keep track of which media sources are working? Do you know how much you’re spending per lead? Per purchaser? This information is crucial to fine-tuning your marketing approach and concentrating your dollars in places that work. Custom-built Excel workbooks could do the job, but they’re tedious and a hassle to update, especially when your sales team is already entering Traffic Source data into your CRM system (at least they should be!). Instead of doing double data duty, integrate your marketing campaign with your prospect database.
Using Lasso’s Media Spend feature, you simply attach a dollar amount to each traffic source for a specific duration of time. As your sales team enters prospects and selects how they heard about your community, a dollar amount will be assigned to each registrant.
For example, if you spend $1,000/month on Google AdWords, enter that dollar amount into your Media Spend for the “How Did You Hear About Us” answer of “Google Search.” Whenever that answer is selected for a registrant, the system will divide the total amount ($1,000) by the number of registrants with that answer. Hopefully (and probably), you have more than one lead for the month who found you via the Internet, but if not, you’d know immediately that $1,000 per online lead isn’t the best use of marketing funds.
CRM is meant to make the sale and marketing of new homes easier and more effective by organizing information and reducing the number of time-consuming tasks. If there’s a task that’s taking up more time than you think necessary, we may be able to help. Contact us and let us know!