![\"Sarah](\"https:\/\/www.yardi.com\/blog\/wp-content\/uploads\/sites\/15\/2022\/04\/16431-blog-thumb-960x540-1.jpg\")
<\/figure><\/div>\n\n\nSarah Wieman, senior manager of branding and marketing at PRG Real Estate<\/a>, is no stranger to this concept. Taking advantage of the increasing accessibility to marketing data, she compiled her own case study to see which strategies and sources bring in the most renters. What she found has had a significant impact on PRG\u2019s marketing mix \u2014 and will continue to do so as new data becomes available.<\/p>\n\n\n\n Here, Sarah shares her discoveries in her own words.<\/p>\n\n\n\n Why is marketing data so important to you?<\/strong><\/p>\n\n\n\n Sarah:<\/strong> I was told in grad school that the hardest thing about being a marketer is proving your worth. People like to joke that marketing just asks for and spends budget, but it\u2019s important to me to show that my team\u2019s strategies are working. That we\u2019re actually bringing money in.<\/p>\n\n\n\n Can you share an example of a time you used data to prove results?<\/strong><\/p>\n\n\n\n Sarah:<\/strong> In response to the pandemic, PRG Real Estate took the initiative to reevaluate how we market our properties and where we spend our ad dollars. We branded our properties and refocused our budget.<\/p>\n\n\n\n After we did that, I decided to do a case study for our executives and also for our regional directors and managers to prove that the adaptations to our strategy are working and paying off in terms of ROI. It was an exercise to secure their trust.<\/p>\n\n\n\n What did the case study find?<\/strong><\/p>\n\n\n\n Sarah:<\/strong> I looked at applications-by-source and cost-per-lease for five of our top sources: Google Ads, website SEO and three different ILSs.<\/p>\n\n\n\n Looking at applications-by-source in 2020, we received the most from Google Ads. A total of 2,080 applications in fact. And we also onboarded with our new SEO provider which happens to be REACH by RentCafe<\/a>. Our sites began to pick up more traffic as we optimized them more effectively, and they became our second top source, bringing in a total of 1,952 applications last year.<\/p>\n\n\n\n With the ILSs, there was one that stood out with a higher number, 677 applications, but they represented the smaller chunk overall.<\/p>\n\n\n\n The, when I reviewed the data for the first half of 2021, I found that model was still holding true.<\/p>\n\n\n\n PRG Real Estate applications-by-source in 2020<\/em><\/p>\n\n\n\n Google Ads: 2,080 What did your cost-per-lease data reveal?<\/strong><\/p>\n\n\n\n Sarah: <\/strong>I made the decision to look at leases instead of leads because that\u2019s where the actual money comes in. In 2020, average cost-per-lease across our portfolio was $265.91. Again, looking at our top five sources, we found that Google Ads had the lowest cost-per-lease, followed by website SEO and then the ILSs.<\/p>\n\n\n\n We realize that the PPC rates we\u2019ve experienced are amazing. I\u2019m happy to report that our 2021 data showed much the same thing. Google Ads cost-per-lease has gone up slightly and SEO cost-per-lease has decreased as site optimization continues to improve our reach, but PPC is still our top source for leads that convert.<\/p>\n\n\n\n PRG Real Estate cost-per-lease by source in 2020<\/em><\/p>\n\n\n\n Google Ads: $32.77 What was the big takeaway for you?<\/strong><\/p>\n\n\n\n Sarah:<\/strong> When I started this case study \u2014 and I\u2019m going to continue to do them \u2014 I wanted to create a holistic view that unites all my vendor and partner data.<\/p>\n\n\n\n For us, the biggest takeaway was that, at our portfolio, PPC yields the most approved applications, and it has the lowest price tag. One of my properties has a $15 PPC cost-per-lease.<\/p>\n\n\n\n SEO is a long-term health care provider for our portfolio. We partnered with REACH because we build our websites through RentCafe, and they know all the ins and outs. Our website leads and leases continue to grow, making it one of our most cost-effective strategies.<\/p>\n\n\n\n We learned that not every property needs to be on every ILS out there, so we\u2019ve shifted our strategy accordingly. It\u2019s a synergy and a balance. One property might do really well on the big ILS. Maybe with a smaller property, you can get away with just PPC. For the most part, every PRG property is now using Google Ads and many are on just one ILS.<\/p>\n\n\n\n Is ILS marketing still important for your communities?<\/strong><\/p>\n\n\n\n Sarah:<\/strong> Even though we focus more and PPC and SEO now, ILS marketing is still part of our mix. The ILS value goes way beyond just giving me leases. One thing I value is how much research and development they put into their websites. Being listed on the ILSs gets you attention. You\u2019re much more likely to gain awareness and be found by renters who are beginning their search. But you don\u2019t always have to be part of that top tier of sponsored listings.<\/p>\n\n\n\n What\u2019s next for you in terms of data?<\/strong><\/p>\n\n\n\n Sarah:<\/strong> My next step is to do a cost-savings projection. To see how much money we\u2019re saving and what we can do with it, whether it\u2019s reinvesting it into other marketing opportunities or hosting some really cool company events.<\/p>\n\n\n\n I\u2019m excited to look at how we can continue to save and prove our worth as a department. Being agile and able reinvent yourself allows you to be successful in any situation.<\/p>\n\n\n\n Sarah Wieman\u2019s lessons learned<\/strong><\/p>\n\n\n\n We thank Sarah for taking the time to share her strategies with us. <\/em>Connect with her on LinkedIn<\/em><\/a> and don\u2019t miss her session at <\/em>AIM 2022<\/em><\/a>, \u201cLeft Brain & Right Brain: A Beautiful Marketing Mind.\u201d<\/em><\/p>\n\n\n\n Related content: <\/strong>Marketing Analytics: Create, Monitor, Adjust<\/a> | 5 Marketing Metrics to Track<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Property marketing has always been an art, but these days, there\u2019s more science involved than ever before. Sure, you need art to tell the story of your community and inspire prospective renters to take the next step. But you need science to prove that your campaigns are working or, if they\u2019re not working, help redirect […]<\/p>\n","protected":false},"author":644,"featured_media":31768,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_s2mail":"yes","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1440,5,3354],"tags":[62,29,328,2998,116],"class_list":["post-31767","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-marketing","category-people","category-team-yardi","tag-marketing","tag-multifamily","tag-property-management-software","tag-reach-by-rentcafe","tag-yardi-client-profile"],"acf":[],"yoast_head":"\n
SEO: 1,952
ILS 1: 677
ILS 2: 511
ILS 3: 286<\/p>\n\n\n\n
SEO: $65.96
ILS 1: $524.29
ILS 2: $1,362.37
ILS 3: $349<\/p>\n\n\n\n