Paid media and big data go hand-in-hand. When you are trying to optimize your paid media and develop an effective property management marketing plan, having an understanding of where the dollars are going and the return on investment you're receiving is a must.
Your paid media strategies should start with your end goals in mind. Your end goal is reaching new property owners and landlord clients, and the steps you'll take to get there are all about finding your audience and connecting with them. Big data can help you to do just that. It is all about planning out the strategy, checking on it, and then reacting to those results incrementally to improve on time.
Understand the Key Performance Indicators
The first piece of any paid media strategy is to understand the key performance indicators. If it is property management leads you are looking for, that may be a measure you can look back on. At the end of the day, you need to come up with a metric or series of metrics you will be able to measure against, relative to how your paid media strategy is performing.
When your paid media strategy is in place, key performance indicators are a driving force behind measuring its success. The goal of the strategy should help you achieve the performance numbers you're seeking. If it is not leading to those gains, it is time to act or react with changes.
Giving It Time
One thing we see so often with paid media campaigns and property management leads is companies not allowing enough time for results to occur. It can be very easy to, one week into a new campaign, claim that it is not working and try to scrap the entire thing. This is the worst thing that you can do. Instead, you need to let it mature and allow it to sink in with the customer base you are after.
You should have a timeframe in mind for when you expect to see returns on your property management marketing strategies. But that timeframe needs to be long enough to allow the strategy to simmer, cook for a bit, and have a chance to succeed.
Think About the Audience
Think through your audience first. When you are competing for eyeballs on the internet with a paid media strategy, you have a lot of opposition. It could be that your keywords or content are too general. Rather than trying to compete for a national audience, work to try and localize your content so that you can get in front of your core or target customer base you are after. It could also be that you are trying to tap into an audience that is already burnt out. You may need to think about trying to go after a new audience to attract new folks to your business.
Optimize Incrementally Over Time
The best thing you can do with paid media strategies is to try and improve them incrementally over time. You want to rely on data to see what is working and what is not working with your customer base. There could be a variety of things you can improve when it comes to your paid media strategies. These could be things around your level of competition, the audience you are after, the creativity of the campaign, and more.
There are so many variables that can have an impact on your property management marketing plan over time. New competitors may enter the market, or your audience and their interests may change. Allow your data analytics to drive what you do, and allow you to make changes one item at a time.
Using Data to Your Advantage
When it comes to property management marketing and paid media strategies, you need to rely on data in everything you do. This is why you want to change one thing at a time, rather than multiple. Get your strategy out there and use data to see how it performs. If you see opportunities to alter things, alter one thing at a time and watch the data to see how that one change had an impact on the success or failure. This lets you isolate that variable through data before you move forward and make the next change. This is what it is all about when it comes to using data to drive forward analytics and paid media strategies to help in the property investor space.
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