Monitor your marketing dollars

Would you go on a trip without a map or a GPS? If you're not monitoring where your marketing dollars are going, it's the equivalent of knowing where you want to go but not having a map of how to get there.

Every year Realtors spend millions of dollars on Web sites, search-engine optimization, print advertising, billboards and a host of other marketing services. When the industry had to rely almost exclusively on traditional advertising strategies, it was difficult to measure a specific ad's effectiveness.

This issue was especially challenging for agents. The ad for your listing might run in the Sunday paper, but how could you tell how many people called on the property? In most offices, the "floor duty" agent took the incoming ad calls. Anyone who has experienced this system knows how frustrating it is to hear a call come in on one of your listings and then hear the floor-duty agent fail to get the caller's phone number.

Even today, thousands of agents are still investing in mailers with no means of tracking their effectiveness. A few savvy agents use coupon codes on their mailers or a tear-off portion that can be sent back to the agent. The challenge is that most people throw these away.

Many agents market their listings using "Just Listed" and "Just Sold" cards. Typically, these cards lack a call to action that would motivate the recipient to contact the agent. As a result, there is no tracking mechanism that allows you to determine what works.

One marketing company created the strategy of sending out postcards with just a URL where people could view additional information on the agents' listings. That system worked well since this company's Web sites tracked unique Web visitors. What happened, however, was that when agents put their pictures on the marketing pieces, the response plunged to virtually zero.

If you're ready to stop wasting money and to begin tracking your marketing efforts, follow these suggestions.

1. Monitor your Web site statistics
Many major Web site providers already provide this function. If your Web site does not allow you to track how many unique visitors you receive each month, where they originate, and the landing pages that motivate your Web visitors to leave valid contact information, you can remedy this problem by using tools such as Google Analytics or Statcounter.com. This information is meaningless, however, if you are not carefully identifying your marketing pieces and paying attention to where leads originate.

2. Track your sign and print advertising calls
Toll-free call capture or interactive voice response (IVR) technology has been around for about 15 years. This technology is still a great choice for tracking because signs continue to be a primary way that buyers find property. ...CONTINUED

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