The best way to maximize your ROI is to know where customers are coming from. Here’s how you can find out.
Do you know where your business is coming from? If you figure out your sources of business, you can adjust your advertising spending to maximize return on investment. Today, I’ll be showing you a simple way to track these sources.
When we first have contact with a customer, we use a buyer or seller info sheet that helps turn them into a client. We ask them how they found out about us and try to pinpoint the exact source, whether it’s from a referral, one of our signs, or the internet.
As your business grows, you’ll see you have different sources you put money into so people can find you. We have a coding system we call our “Lead Sources Reference Sheet,” which assigns numerical values to each source we have. We record these codes on our info sheets.
“If you figure out your sources of business, you can adjust your advertising spending to maximize your return on investments.”
Next, when one of our agents schedules an appointment, we code the appointment with its lead source on a shared calendar. Now, every time we meet with a prospective client, we can see a code that tells us where the prospect came from.
When we have settlements, we put all of our codes into a spreadsheet where we assign a monetary spending amount on advertising for each code. If we have 12 sources of business in a quarter, we’ll see 12 codes in the spreadsheet along with each one’s number of settlements and prospects, as well as the monetary spend per code.
At this point, the spreadsheet does the math for us and shows us our return on investment. This number tells us how well we’re spending our money on different sources. From here we can adjust how much we put into our different forms of advertisement.
If you have any questions about tracking sources or need more information, feel free to contact us. We also have a business-building workshop each month that we’d love to tell you all about. We look forward to hearing from you soon.