Case Study: Cutting Property Management Lead Costs by 90% in 10 Minutes
When Abby Miller came to us, she was paying more than $500 per lead online. We were able to cut her lead costs to about 1/10th of that in just one phone call. Here’s how.
Abby Miller is an active property manager in Cedar Rapids, Iowa. When Abby started using online marketing to drive traffic to her site at EffortlessProperties.com, she immediately ran into trouble.
Because her market is crowded and she faces stiff competition from other property managers and agents, Abby’s costs per lead were extremely high. She was averaging over $500 per lead for most of the year before we started working together.
After discussing her options and some potential tweaks, we were able to cut Abby’s cost per lead down to just $50 – slightly less than the cost of buying leads from services like ManageMyProperty.com – and to significantly raise her lead quality in the process.
How’d we do it? By understanding the phase that Abby’s online marketing was truly in.
“We were paying nearly $500 per lead online for years…but after executing on just one of the strategies Tarek showed me (that only took 20 minutes of my time), we just got our first lead for $50 bucks…that’s 1/10th of the cost…and they didn’t hold anything back or dangle any carrots – just results.”
– Abby Miller
Our proprietary Marketing System prioritizes strategies and testing depending on where the account is on our 80/20 Timeline – is the goal testing the waters of a new market? Is it to discover potentially valuable services or keywords? Is it to optimize every cent of spend in a mature environment?
We immediately understood that, despite how long Abby had been running her campaign, she was actually still in Phase 1. That meant that her spend strategy – which was considered “best practice” by almost all marketing managers – was a bad fit. She was offering to pay way too high, causing her costs per lead to skyrocket and preventing her from reaching the necessary volumes of traffic to appropriately test her marketing materials.
The end result? Leads that cost about $50 for the first time in over a year, which will likely decrease over time, and a much more affordable way for Abby to generate motivated property management owner leads.