June 12, 2018
There are better ways to measure your commercial real estate listing’s traffic.
An impression is simply a view. It denotes nothing of the quality of the view, nor how interested the viewer is in the property they are looking at. Yet we all still measure the success of a commercial real estate listing based on the number of impressions it generates.
This isn’t to say that impressions are a bad thing: the more, the merrier. But it is important to note that impressions are a relatively arbitrary number that can be manipulated.
All too often, seeing the number of impressions generated on a listing platform is little more than vanity metrics. So, how can you really tell if your listing is reaching the right people and stirring up leads?
In short, we need to stop looking only at the raw number of impressions and start looking at the bigger picture.
Looking at Your Funnel
At the bottom of your funnel you get the sale. And, at the end of the day, relationships are what wins business – which means that the number of relationships made is a more important metric to measure than simply the number of views.
And the best way to start to measure the number of relationships made (or strengthened) is by measuring engagement rather than impressions. How many people clicked on a commercial real estate listing, or called because of it, rather than the number of views? How many clicks did an email get, rather than the number of opens? How many likes and comments were received on social media rather than the raw number of impressions?
But while those numbers better quantify the value of an impression, it still doesn’t answer the most important question: how does effort higher up the funnel equate to that end result? Where do those relationships start?
Often, that relationship starts with putting up a sign, attending an event, or posting the listing online. The trick to making success replicable is to measure which efforts are moving leads down your funnel. Casting a wide net is good place to start, but the most success comes from quality rather than quantity.
We’ll be going into further depth on this in the coming weeks, so stay tuned. To find out more about how to improve your level of engagement on our commercial real estate platform, visit realmassive.com