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There’s no doubt that email marketing is still one of the most effective tools for estate agents who want to reach their objectives. Whether that’s gaining new instructions, promoting an open day for a specific property, or simply raising brand awareness – the beauty of email marketing is that it provides you with the opportunity to put your message straight into your prospective customers inbox.
To really track the effectiveness of your marketing campaigns, it is important to then measure the return on investment (ROI) of each email sent.
Put very simply, return on investment is measured by dividing the amount earned on your campaign by the cost of your campaign.
We’ve taken a look at the best ways for estate agents to measure the ROI of their email campaigns…
Consider your goals
Not all email campaigns will have the same objectives. Therefore, when putting together your email marketing strategy, it’s important to consider what you want to achieve with each campaign.
Let’s look at some of the most likely goals you may have as an estate agency:
· Brand awareness
Familiarising your audience with your brand sits at the top of what is known as the sales funnel. This is where you can talk more about your agency and what makes it unique. You would generally measure the number of opens of your email, the numbers reached and the click through rates.
· New valuations
Often you will be interested in gaining new instructions through your email marketing. This can be relatively simple to measure. You just need to link your campaigns to your website to track who fills in a valuation form and ideally to your CRM to follow the contact through the process.
Here’s a great example of what measuring your campaign ROI allows you to see; from a single email campaign, Ben Charles booked 7 market appraisals and converted 2 of them into instructions.
· Lead nurturing
Email marketing also provides you the opportunity to nurture your leads. From providing your landlords with market updates to following up market appraisals, sending targeted nurture emails helps to get customers over the line. It also keeps you at the fore front of their mind when they may think about selling in the future.
Typical email marketing measurements
This is the number of people who opened your email. While the number of opens will vary, according to benchmarks, the industry average for real estate emails is 19%.
Click through rate (CTR)
This is the number of people who clicked on a link once they had opened your email. The average click through rate according to the same benchmark is 1.77%.
It is also important to measure how many people unsubscribe from your email campaigns. This helps you to understand what content may not be as relevant to your audience. On average, estate agency unsubscribes per campaign sit at 0.27%.
To track conversions, you must first agree on what a conversion is based on your goals. For example, if you are running a campaign to get more valuations – a conversion might be a new valuation request, or you might say it doesn’t count until that request has been booked or taken place.
How BriefYourMarket can help make the most of your email campaigns
As experts in email marketing for estate agents, BriefYourMarket has a world of data at its fingertips. We know what works well, how to drive conversions and the types of campaign that are likely to be the most successful.
By integrating with your existing CRM, not only are you able to campaign to your archive database but you can track success from email sent to instruction signed.
We take all guesswork out of measuring ROI and put you in control.
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