Any digital marketing campaign which is set up to promote your new home building company needs to be measured in several ways to establish its viability and your return on investment. Many business owners believe that all they have to do to assess their marketing is check how much revenue is being created but the digital marketing experts will tell you that does not paint the full picture with regards to a campaign’s success.
There are multiple metrics and measures which can give you an indication of how much your digital marketing efforts are succeeding and building a complete picture from each of these metrics, is how you will be can arrive at a definitive answer. Here, we are going to cover 5 of these metrics, and they are the ones which every business owner, including those who own new home building companies should regard as the most indicative of their digital marketing’s performance.
Metric #1: Cost Per Prospect/Lead
Cost per prospect or cost per lead is how to calculate the cost of bringing each individual into your sales funnel. Each business may have a different definition of what they would classify as a lead, but for most, it will be someone who has effectively raised their hand and asked for more information about a product or service. Take the total marketing spend and divide by the number of individual prospects. $5,000 spent to acquire 200 prospects is a cost per lead of $25.