Managing and Rationalizing Your Organization’s Marketing Spend - Peg Hallberg

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!