Setting Benchmarks

Is there an #ROI in social media? Is there an ROI in content creation?

I get asked questions like this often enough, and they are fair questions. What I like to know in return, is "What is the ROI of your current #activities?"

Most #real estate agents, brokerages are not going to be able to answer that question.

So before you ask me the ROI of inbound #marketing, ask yourself if you are getting the return on the effort and investment you are making in other areas of your business.

While you think about that, let me share with you how I'm working with a client to make sure we know if there is ROI or not in what she is doing with her time and money.

Identify Activities

I've discovered that most real #estate agents, brokerages and small business don't know the ROI on activities, marketing campaigns and advertising because they really don't know how to track and #measure ROI.

Let me share with you what I'm working on with a real estate coaching client right now and maybe you can look to implement this into your own business.

1. Activity

We have a created a website on wordpress for her real estate business.

Reason

We are trying to get found online using inbound marketing. We know buyers are searching online, so we want to get found online.

2. Activity

#Identify the geolocations that she wants to work in and do research to make sure they have high enough turnover to make it worth the effort and expense.

Reason

It doesn't make sense to go after a Metro Level in your online marketing. I talk about Macro, Metro and Micro markets in this Productivity Nugget: Real Estate Niche Marketing Brings Better Results.

Also need to make sure people actually sell their homes and move. Some neighborhoods and communities just don't have people #moving in and out of. People live there for the long haul. Don't spend time, energy and money on neighborhoods and areas like this if you want a good ROI.

3. Activity

We went to the google keyword external tool to research keywords

Reason

Instead of guessing what people are searching for, we wanted to know exactly what type of content creation, keyword and SEO strategy we should be using. After a couple hours of research we came up with a top 5 keyword list.

4. Activity

#Setting the #benchmarks. I then went and looked at some benchmarks that would allow us to measure success.The benchmarks that I've identified that we are going to measure against are such things as

• Inbound Links
• Traffic
• Page Rank
• ....And of course
• Appointments
• Closings

Reason

How will we know if we are moving the needle or not?

Sure we could just set some goals, but with out knowing where we are now, we won't know how far we've come.

Without benchmarks you really don't have ROI. Without benchmarks you only have - Making more money or not.

Why you need benchmarks

Benchmarks identify starting points and how far you moved the needle. You can also identify WHAT ACTIVITIES moved the needle.

We have a number of different activities we are going to do this from:

• SEO
• Social Media
• Blog Guest Posting
• Direct Mail
• Door Knocking
• Content Creation
• etc.....

BUT....

We are doing these one at a time.

Why?

I need to know what activity did what. Its easy to confuse causation with correlation, and really that topic deserves a few blog posts and video to itself, but as a business owner you can't confuse the two.

You need to slow down and be patient with your implementation so you can identify what activity moved the needle and how far. Don't confuse my saying be patient with waiting. Implement now. But prioritize what you are going to implement, then implement in stages.