As a part of our outreach to the real estate advertisers & digital marketers in this domain, we are publishing some observations and will be discussing some major concerns. Some of these are a reflection of the real estate players’ marketing processes, most observations are based on actual campaigns.
Lead generation from digital marketing has it’s cost, it is tedious in nature. We asked a few advertisers and agencies about their lead generation activities and here’s what they had to say:
Many advertisers focus on CPL (Cost per Lead), but do they really?
Yes, most of the advertisers do measure the quantum of leads that they receive from a campaign. So it is not screw-the-money-blatantly.
Do they measure qualified CPL?
Clients or agencies can mutually agree on what makes a qualified lead. But the challenge is that many advertisers do not effectively implement the mechanism for correct representation of lead qualification. For digital marketers, it is a pain in the arse. For sales teams, it is an added burden to maintain/record lead qualification status in horribly functioning CRMs. Eventually shifting more focus on the CRMs later.
It’d be naive to say that advertisers are not careful or that they don’t want to track the qualification of leads, but for all the money that they ‘udao’ (spend), they could do better.
Most of the agencies that we contacted reported a change in the approach of clients towards lead generation campaigns.
Advertisers have started to realize that the usual approach of number of leads or cost per leads has its limitations. If you get a CPL of INR 500, with a qualification rate of 40%, then for a quantum of 100 leads your qualified CPL becomes INR 1250 and not INR 500. Similarly, for a qualification percentage of 65%, the qualified CPL is INR 770.
So, advertisers are now being more careful and have started demanding that agencies deliver better leads that ALSO result in either site visits or in sales, with the number of site visits or sales being tied up to agency fees.
Agencies be like…
What are Two Most Popular Ways in Which Your Lead Gen Campaign Gets Screwed?
Well, there are more than two ways in which your campaigns can fail big time, I am listing down the most common mistakes that marketers generally make.
F**k the campaign settings
While starting a new campaign, select ‘search network with display select’ and keep broad match, don’t add strong negatives and keep low-intent or irrelevant keywords – simplest way to ruin your campaign.
Design a sucky landing page
A cluttered LP, with multiple calls to action competing each other, non-mobile friendly design and no conversion or tracking code will ensure that your landing page sucks.
Why is Qualified CPL an Important Metric?
No truth is as brutal about the campaign targeting as the qualified CPL. If more people who contacted you from your lead gen campaigns are qualified, that means the targeting was done really good. It speaks volume about the talent who is handling your campaigns.
Don’t Miss – How to Improve Your Digital Media Spends?
More and more clients are now demanding better and qualified leads than before. Some agencies still ‘chipkao’ (propose) CTRs and number of clicks as metrics of success. Can’t help but pity them. These days, advertisers are better read and well informed.
The overall trend seems to be leading to -“Less Clicks but More Conversion” approach
What is a Good ‘Lead to Site Visit’ Conversion Rate?
Ideally, one might target a 10% rate. Of 100 total leads, 10 leads should convert to site visits. That could be a long term target, to start with 2 to 3 % might be what you should get. Again, this will vary as per the ticket size and market factors like competition, season, demand and product quality.
What About the Age Old Marketing vs Sales Thing?
Many advertisers share a common concern – poor sales processes. Often, account managers don’t get feedback of the leads they generate. This is not to say that sales guys don’t follow up. It is more of a reflection on effective use of CRMs.
There of course are instances when advertisers didn’t get enough support from sales teams. E.g. if a person enquired on Sunday (or a non-working day) then the first point of contact should happen on the exact day and not on Monday or on a subsequent working day. If that doesn’t happen then the potential results from the campaign won’t be realized.
Campaign success depends on so many factors, for example ticket size of an apartment will affect the choice of a platform – Facebook might not give results for properties with higher ticket size i.e. high value properties.
We will be bringing such issues to light at the Paid Campaign Weekender on 24th October in Pune.
For details, please visit PuneDigitalMarketers.com
See you there!