Carrie is the CEO of Carrie Bobb & Co, CEO of hellojenny, co-founder of The Carrie Bobb Foundation, a wife and mother of three and a doodle.
For anyone who struggles with measuring success or the success of people in your business on social media, it is possible to have clear, achievable goals in commercial real estate. We just have to give people a target to hit. We start by establishing and tracking key performance indicators (KPIs). These translate directly into new leads and ultimately deals.
There are two different types of KPIs when it comes to commercial real estate: non-income-generating and income-generating. It is difficult to achieve revenue-generating KPIs without getting the non-revenue KPIs right.
Below are examples of both non-income and income-generating KPIs to track month after month to measure success.
KPIs that don’t generate revenue
More important than following follower count, we should track engagement and reach. These numbers are good for real people who actually engage with or see the content.
• Engagement Rate: This is generally the number of likes, comments, saves, and shares on an account or post. The standard formula for calculating the engagement rate is to add up the number of likes, comments, shares and saves and then divide by the total number of followers. The average individual engagement on Instagram is 4.7% in one calculation. The engagement rate also depends on the number of followers. As a rule of thumb, the greater the number of followers, the lower the engagement. The most important thing is to track the engagement rate from month to month, to see how the audience is reacting to content.
• Reach: This is simply the number of people who have seen the content of an account. Tracking the reach of your account helps you track the growth and exposure of your account. This is an especially important metric for tracking whether the goal is to raise awareness of a personal brand or company.
• Clicks: This is when a visitor clicks the link in bio. If someone is willing to click on the website or learn more about the account, they are more likely to become a customer.
• Shared: When your audience shares a post, it’s an indication that the content being created is valuable and that people are willing to recommend your personal brand or company.
• Meaningful connections: Following the connections you make through social media is one of the top reasons to be on social media. The whole point is to connect with people. These translate into relationships and into transactions. But it must be meaningful and important.
Here we can measure whether our digital sales funnel of engagement, exposure and connections really works.
• Leads: When managing our pipeline and tracking our various transactions, we need to consider leads coming in through social media. Often they are not 100% social, but the prominence of knowing the personal brand and account may be the reason it goes over the edge. We’ve addressed pitches and clients are already familiar with our work because they follow us on social. Just following that social was a factor can be helpful.
• Transactions: How many transactions have been made because of an introduction or connection made via social?
• Occupancy: When a direct message to a brand about pop-up shops or short-term rental opportunities turns into short-term rental, it’s worth something because it maintains occupancy. These can also translate into longer-term deals.
• Tenant retention: due to the pandemic, landlords are relying more on digital space. Some create content for their tenants and it has been part of what keeps a tenant with a property. Maybe not the whole reason, but part of it. Being aware and tracking is important as it helps shape the social media strategy for an asset.
By paying attention to the data about how your audience is responding to your content, you can make clear, informed decisions and shape your content strategy. It can be a fluid process that changes with the wants and needs of your audience, but it means listening to customers and delivering more of what they want. And if you do it right, you’ll keep improving month after month and see more and more coming from your social media investment.
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