A common challenge in the multifamily industry is recognizing the ROI that a social media strategy creates. In order to recognize a return on investment, there are four essential factors that need to be considered.
Having a social strategy will dictate the effectiveness of your campaign. How exactly do you measure the success of the campaign? By looking at the stats! First and foremost, your social media presence will build brand awareness. You can take this a step further by branding your content with a logo or hashtag. By building awareness, you will naturally get more traffic. More traffic means more eyes are on your property which can translate to leads. The goal here is to get customers to call!
In order for a campaign to be measurable, goals need to be clear. To do this, consider what you want to achieve. Do you want more page likes, calls or website clicks? If so, you need to breakdown each of the goals further by reach, impressions and engagement. Understanding your KPI’s is the key to understanding the ROI of your social efforts.
Now that people are talking about your brand, it’s up to you to drive the conversation. This can be done by engaging with the audience by posting content that is relevant to them and adjusting your content strategy accordingly. By constantly engaging, your followers are more likely to follow through with highly desired actions, such as a website click, filling out a lead form or calling directly to schedule a tour.
Being timely with inquiries matters. When a resident or prospect reaches out to your various social pages, it is essential to respond promptly as being asked a question can result in losing a current/potential renter or gaining one. If you have a competitor that struggles with responses, these are the chances to shine and take advantage of an opportunity!
By considering the factors mentioned, defining the ROI of your social media efforts should be a lot clearer. By understanding your goals, you can place a value on what page likes vs website clicks means to you. However, ApartmentSEO® realizes that time is money and developing an effective social media strategy can be difficult. Let us strategize a social plan on your behalf so that we can reel-in prospects so you can turn that page like into a signed lease!