Renters use on average three or more sources for information during their search. While most multifamily marketers are aware of this, they continue to use a simplistic lead attribution model that assumes renters are making decisions based on a single source of information.

Marketers may be using this model because it’s easy or because they believe that in the end it doesn’t appear to matter if you assign a lead to the first source or the last source—the results are the same. The problem isn’t necessarily that single source attribution is inaccurate, it’s that this model is incomplete.

Making decisions based on incomplete information can result in poor investment choices or missed revenue opportunities. That’s why many industries outside of multifamily have implemented multi-touch attribution models. According to the AdRoll Performance Marketing Report, “75 percent of marketers find attribution critical or very important to marketing success and nearly 60 percent reported that they plan to take the definitive step of changing their attribution model in 2017.”

The move to multi-touch attribution has empowered marketers to show, in quantifiable and indisputable terms, their impact on revenue. This has flipped the marketing paradigm. In tech-savvy companies, marketing is now viewed as a revenue producer rather than a cost center.

Not only can this kind of closed-loop revenue reporting give marketing leaders a seat at the executive table, it also offers increased visibility into what influences pipeline and revenue creation.

• Optimized marketing spend. Multi-touch attribution delivers transparency into which channels and programs are most effective at driving new leads and which are effective at helping to convert them quickly to paying residents. It also provides insight into lead velocity so you can benchmark your existing leasing process and work to drive incremental improvements in revenue acceleration.

• Sales and marketing alignment. Alignment is built through integrated processes, technology and KPIs. Both teams should work together to create a seamless renter experience across digital platforms and human engagements. A multi-touch attribution tool is an important component to building this cohesiveness between marketing and leasing. When you’re both looking at the same data and the same process with the shared goals and complementary KPIs, it’s very easy to get on the same page to drive revenue growth.

• More leases with less work. In a results-oriented business, where marketing and leasing are aligned, you can truly begin to accelerate revenue with multi-touch attribution. This kind of closed-loop reporting offers you the ability to get very granular in your understanding of what drives costs higher, what impacts conversions and how to improve the lead-to-lease process. At the end of the day, your goal is to create a repeatable, predictable and scalable revenue impact leveraging automation and technology.   

• Happier prospects = happier future residents. When you understand what influences revenue, you can optimize it. Obviously, that’s good for the owner/operator, but it’s also good for your renters. Knowing what influences their decisions and then investing in ways to make that process more efficient will help you more closely align with renter expectations. That also means you will be able to deliver a better renter experience, which can add value to your relationships up front, setting the stage for stronger customer lifetime value.

The key benefit of multi-touch attribution is that it leverages the strengths that both sales and marketing bring to the table. With both teams working in alignment, the company as a whole will see a powerful impact on revenue.