REW CRM: Your Ultimate Guide to Budget Attribution
Budget Attribution by Source
Have you heard the exciting news? We're in the process of merging the new REW CRM "Sources" with the new REW Deals. This will allow us to report accurately on end-to-end marketing right down to the ROI level. The ability to accurately track and attribute marketing spend to specific sources is becoming increasingly crucial in marketing strategies. This article will guide you through the process of logging marketing expenses against sources, ensuring your leads are correctly tagged with their appropriate cost per lead and spend.
Understand Your Marketing Spend
The first step in this process is to understand your marketing spend. It's recommended to do this monthly, preferably on the first day of the month. For instance, if you manage your own Google Ads account, your overview screen might display your total spend for the last 30 days.
Setting up lead sources on REW's CRM.
Creating a Source
The next step is to log your spending and time range in the new Source report. If you haven't created the source yet, navigate to My Setup > Lead Sources. Once there, click the blue plus button at the top right of the screen. You'll be prompted to give your source a name, a description, and a color. If your source is a "dynamic" referrer (something that can be detected automatically in the CRM like Google Organic, Google PPC, or Facebook, etc.), ensure you include that information.
- Pro-tip: Leads can be tagged to a source both automatically and manually.
Lead Sources - Add New Source on REW's CRM.
Adding Leads Retroactively to a Lead Source
After creating your source, all new leads will be added to that source automatically if they're dynamic. However, you'll need to go back and add any past leads that belong to that source. To do this, use the search function to input the date range and the referrer. Once you have your list, select all leads and attribute them to the source.
The Importance of Proper Attribution in Marketing
Why should you invest time in this process?
Because once you close a deal from one of these leads at any point in the future, the system will automatically credit this lead source. It'll then update your source report and provide you with the ROI for leads in the time period or historical ROI overall - which is remarkably valuable information.
This process provides invaluable insights into your marketing efforts and helps optimize your future strategies.
Filtering leads with a new source on REW's CRM.
In Conclusion
The advent of this advanced marketing attribution feature marks a significant milestone - particularly for real estate professionals. By accurately attributing CRM leads and clients to their respective sources, it provides a clear and comprehensive understanding of marketing spend - allowing professionals to optimize their marketing budgets effectively and efficiently. By providing real-time and historical ROI data, it empowers professionals to make informed decisions that directly impact their bottom line. As we move forward, this tool will undoubtedly become an indispensable asset.
The future of marketing attribution is here, and it's time to start logging those budgets.
Budget Attribution FAQ
What is the purpose of the marketing attribution feature in digital marketing?
The marketing attribution feature allows you to accurately track and attribute your marketing spend to specific sources. This helps in understanding the cost per lead and overall spending on different marketing channels.
How can I create a source for tracking my marketing spending?
To create a source, navigate to My Setup > Lead Sources in your CRM, and provide a name, description, and color for the source. If it's a dynamic referrer like Google PPC or Facebook, ensure to include that information.
Can I add past leads to newly created sources?
Yes, after creating a source, you can add past leads to it. Use the search function to input the date range and referrer, select all leads from the list, and attribute them to the source.
How does the marketing attribution feature impact future deals?
Once a deal is closed from a lead, the system automatically credits the lead source and updates your source report. This provides you with the ROI for leads in the time period or historical ROI overall.
How does the marketing attribution feature enhance profitability in real estate?
The feature provides real-time and historical ROI data, enabling real estate professionals to make informed decisions about their marketing spend. This leads to optimized budget allocation and improved profitability.