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Allocating marketing spend in a market like this one can be tricky, and the conversations I’m having with sales agents and developers are focused around two key metrics: cost per sale and cost per lead.
In my experience, cost per sale is tough to predict; it’s a metric that is calculated retrospectively with the view to use as a guide on the next similar project. It’s a key metric in measuring success but tricky to calculate at the very start of the process.
Cost per lead is another variable but something much more straightforward to forecast. As you progress through the process of allocating marketing spend and begin to calculate and optimise conversions and inquiries, a cost per lead will emerge.
There’s no denying that marketing spends are receiving more attention than they used to. In a market that has become a little tighter and more competitive, agents and developers need to be stricter with their outgoings as it becomes more expensive to get the attention of buyers.
Conversations I’m having relate mostly to the difficulty of navigating forecasts, spending the money and hoping the content works. There’s a battle to calculate the ROI, there’s a lack of results in older tried and tested methods but hesitancy to invest in new ones.
Managing a marketing budget is becoming more critical as the market tightens. Platforms like Facebook that can forecast reach, impressions and clicks provide transparency of results that can dramatically impact the decision-making process.
This forecasting calculation is something marketers are finding more and more attractive, and other businesses are catching on. When groups choose urban.com.au, they can see the demographics of buyers searching in the relevant area, from buyer type to budget. There is transparency over the process of retargeting and re-engaging those potential buyers that fit the project’s buyer profile and an estimate of monthly inquiries based on this data analysis.
The pay and pray mentality that has been the norm on other listing platforms is something quickly becoming obsolete. As platforms like urban.com.au master the strategic composition of content, timing and engagement, a transparent and low-risk opportunity to generate highly qualified inquiries becomes the choice for savvy marketers.
As marketing platforms enable more customised user experiences, dynamic web pages and changing algorithms, it soon becomes a battle to identify which is over and underpriced. When data is leveraged to forecast results before the money is spent, the risk of spending with no results is mitigated.
By Zak Wilford from urban.com.au
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