managing and rationalizing your organization’s marketing spend - peg hallberg
Post on 01-Jul-2015
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Managing and Rationalizing Your Organization’s Marketing Spend
Topics1. How to Manage and Track Marketing
Spend
2. Data Collection and Rationalization
3. Marketing Plan Example
Manage Marketing Spend
Can you track your organization’s marketing spend easily?•By Vendor, by package•By type of Advertising (print, web,
broadcast) •By GL account•Spend by Quarter, by year•Contract terms
Is it accurate?
Process to gather the Marketing Spend data:
Manage Marketing Spend, con’t
• National Vendors Billing Reports• Local Marketing Initiatives - GL accounts
• Assign each vendors/ad sources to specific GL accounts
• Property Management Operating System
• Future - Secure or Build central database where all media purchases are recorded
Example of Database Elements
Data Fields:• Property Name
• Vendor Name, type of advertising (national, local, web, print)
• Package Details
• Insert Date
• Contract End Date
• Cost Per Month
• GL Code (where cost are coded)• Phone Number on Ad• Where Phone number is routed to• Who ordered/approved advertising• # of leads generated (vendor uploaded or manually entered)
• Cost Per Lead
Example of Database Elements, con’tData Fields, con’t:
Marketing Performance Metrics
Once you have the marketing spend organized, how do you rationalize and apply performance metrics?
It Depends…….How do you define customer driven actions?
What customer actions can you track?
High Level Customer Acquisition LifeCycle
Where to get data
• Vendor• PMC Internal Tracking Process
• Vendor Reports
• PMC Operating System
• Vendor Reports• 800# tracking
• Vendor• PMC Operating
System
• PMC Operating System
Metrics
• Phone lead• E-mail Lead• Walk In Lead
•Eyeballs•Ad View•Ad Impression•CTR•Site Navigation
• Lease
• Visit• Credit Decline /Accepts by Vendor
Customer Views Property Ad
Customer Contacts Property
Customer Visits Property
Customer Decision
Property Ad Lead Visit Decision
Customer Lifecycle
So What?
90-120 day vendor performance data
+
next 90-120 day new lease goals
=
Future forecast of leads and cost per lead!
Inquiry/lead forecast is the leading indicator of future revenue and occupancy!
Are there enough leads?
Sample Marketing Plan Template
More Realistic Marketing Plan Template
Wrap – Up
Ensure that your organization is tracking, coding and organizing advertising expenses consistently:
• Expense by vendor, by package• Expense by type• Expense by time period
Determine what metrics to be measured - bottom’s up perspective
• Cost Per Action• Cost Per Lead• Cost Per Lease
Once you have your expenses organized, then you can measure customer acquisition metrics and build
property specific marketing plans!
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