Today's multifamily CRM and lead tracking platforms credit advertising sources via first contact attribution. Prospects can view a single property's ILS listings, social media pages, click your Google Ad, and the come back to the property website at which point they finally call the property. Despite this prospect's multiple interactions with a property online via numerous channels, first contact attribution unintentionally misleads multifamily marketers into thinking the property website is the sole reason for that lead. This why multichannel attribution is so important in evaluating your multifamily digital marketing strategies.
In reviewing the performance for the lease up communities Street Digital Media advertised for in the month of July, our PPC strategy was responsible for 98.25% of property website leads. Of those leads, 60.7% were directly attributed to our Google Ads strategy- prospects clicked on our ads, were directed to the property website, and immediately contacted the property. What multifamily marketers don't see in their lead tracking software, but do see in our reporting, is the other 39.3% of the leads that our SEM strategy played a part in through assisted conversions. Assisted conversions are the leads in which a channel appeared on the prospect's path leading up to them contacting the community, but that channel was not the final source used to contact. In some situations, we saw prospects' paths go from our Paid Search > Organic Search > Direct > Paid Search > Organic before finally contacting the property for leasing information. Without multichannel attribution, marketers would never know the value of their PPC strategy.
The importance of evaluating your marketing channels and having full insight into your prospects' conversion path cannot be underestimated in today's digital landscape. Multifamily marketing strategies are all-encompassing and require a strong online presence to inform prospects of what your communities offer and what it's like to live there- a strong SEM strategy, organic presence, verified local listings, good reputation management, social media, and more. All of these channels are seen as touch points leading up to the property website conversions we tracked last month. Not only is it important to have a presence on these channels, but it's crucial when evaluating your digital marketing strategy to consider the direct and assisted impact they have in leading to prospect inquiries.