If you’re in the business of selling houses, you’ve probably seen some frenetic activity during the Stamp Duty holiday period. If your focus is lettings, things may have been a bit slower. Whatever your specialism, it’s likely you’re starting to think long-term about how you shape your agency post-lockdown. And the key to this lies in data – the valuable information about your customers and how they interact with you, which is already at your disposal.
With so much information out there, and much of it free, trawling for the useful and relevant among the meaningless can feel overwhelming. So, to keep things simple, there are four main data sources, which will help you understand your customers, generate leads and make conversion happen…
1 Understanding sales trends
Keep ahead of the game by understanding the properties which are selling and being let now. Look at your own sales and rental data, but also the bigger picture – know what the stats from Rightmove and other portals say about your patch, and nationally. Throughout 2020, peoples’ needs and wants shifted as lockdown and working from home pushed buyers and tenants towards properties with office space and gardens. By understanding the data, you can predict trends like this as they apply to your area. Then target the vendors and landlords who can deliver you the right properties to market.
2 Looking to your loyal customers
Whatever sector you’re operating in, you’ll find that consumers are, in general, happiest in their comfort zone; going back to the businesses they know and trust. In most industries repeat sales reports give marketing teams the knowledge they need to offer a personalised service to loyal customers – something which surveys show a good two thirds of us prefer.
The valuable information about your customers and how they interact with you, is already at your disposal.
Learning from your repeat customers isn’t so easy when you’re selling houses – a purchase most of us don’t make that often. But there are still things you can do to find out what makes happy customers tick, by building surveys and feedback mechanisms into your customer journey, for example.
Where landlords are concerned, understanding their motivation will help you work with them to increase their portfolios, and benefit from the enhanced services you wish to up-sell.
3 Interrogate your social conversion rates
An active and engaging social media presence is an essential part of estate agent marketing these days. So, it’s handy that social is eminently trackable in terms of data. You need to analyse your posts to see what’s working and consider changing your strategy if it’s not; ask if you’re on the right platforms for your audience and if your posts resonating with them.
Beware, though, of vanity metrics. Everyone likes to be liked, but the richest data is in the people clicking through to view your properties, read your blog and join your mailing, or even better, book a valuation.
Really interrogate these stats to avoid wasting time, resources and money on a platform that’s not converting for you. Equally, use the data to understand where a little extra push – better photos, a more engaging post and some additional spend on boosting – could bring great results.
4 Don’t ignore content metrics
Content marketing – the blogs, videos and other rich content you’re using to build brand recognition and nurture relationships with your target customers – is a crucial part of your strategy. Tracking it is a little more nebulous than black and white sales metrics, but still very possible. The key things you’re looking for are consumption, sharing, lead generation, and sales.
Use Google Analytics to find out which posts are grabbing people’s attention and if your SEO strategy is working. And look at shares and comments to see if your content is resonating with people.
It’s always an idea to include lead magnets with your content. These are the messages or pop-ups, which draw people to join your mailing list in return for something valuable; an e-book or place on a webinar, for example. Tracking lead magnets is another important way to measure the success of your content but ultimately, you need to look at sales too. The people who’ve signed up as a vendor or landlord after finding your content are definitely worthy of some careful analysis.
It’s easy to find yourself working so hard on the here and now that you forget to analyse the conversations and sales you’ve made. Don’t make this mistake; from who’s reading your blog to why that vendor asked for a valuation ten years on, there’s always something new to learn from your data, so use it.