Knock's Ad Spend report is a great way to better understand the true value of the lead sources for your properties. It includes details around the costs associated with sources and the cost per conversion event which can help your marketing team optimize your marketing spend. Here is a glossary for all the data points in the report. We'll also outline below what all the filters and options will do to the report to make sure everything is crystal clear!
Source: This is the marketing source that is tied to the traffic in question. One important thing to note here is that if you're using a network like RentPath and track their lead sources (Rent.com, ApartmentGuide.com, etc.) separately, you'll need to ask your Customer Success Manager to set a parent lead source. In this case, RentPath. This will roll all the leads from the child sources into the parent as you won't be able to separate spend at any lower level than that. This will make the lead source appear slightly different from other reports.
Type: This is the fee type for the source. This will show whether the source is "Free", "$XXX per lease", "$XXX per month", or "$XXX per lead". This is set up in the Admin portion of Knock. Be sure to ask your Customer Success Manager for assistance if needed here!
Leads: This is the number of leads for date range for the source noted.
Prospects: This is the number of prospects for the date range for the source noted. If a lead is marked a "Not a Prospect" they will not be shown here.
Visits: This is the number of people that visited in the date range for the source noted. This includes both walk-ins and appointments. Note that this is impacted by the "Event" and "Created" tabs at the top. More on that below.
Leases: This is the number of people that leased in the date range for the source noted. This does not include renewals. Note that this is impacted by the "Event" and "Created" tabs at the top. More on that below.
Total cost: This is the total cost for the lead source over the date range. Note that we do prorate the cost for you here. For example, if your monthly cost for an ad source is $500 and you've selected the first fifteen days of a thirty day month, we will display a cost of $250. This helps get a more precise cost for all your metrics.
Cost / Prospect: This is the total cost divided by the number of prospects.
Cost / Visit: This is the total cost divided by the number of visits.
Cost / Lease: This is the total cost divided by the number of leases.
Filters and Options
Date range: This is the date range that your report will reflect. This impacts the cost as well via proration, outlined above.
Properties: This is a multi-select for what properties you'd like data for. You can also quickly select all properties by clicking the "Select all" link above the box.
Group by: You can opt to group by type of media - Paid and Free or you can Combine them into one report. This easily helps you understand the value of your paid media against other paid media or if you'd like to view it all in one list you can do that as well.
By attributes: If you select all properties you'll see a link that says "By attributes". Clicking that will change the dropdown to reflect any custom attributes you've assigned to your properties. This could be attributes like Regional Manager or State. If you would like to set these up but don't have them already be sure to reach out to your Customer Success Manager.
Event: This is a tab of the report. This view shows all the events that happened in the time range regardless of when the prospect was created. For example, if you have your date range set to the month of August and a lease or visit was generated in that time range by a prospect who submitted their information to you in July, that will be reflected in this view. This is the way to see all the activity - or events - at your property. This is a good default view.
Created: This is a tab of the report. This view shows only shows the events that happened for prospects that were created in the date range. For example, if you have your date range set to the month of August and a lease or visit was generated in that time range by a prospect who submitted their information to you in July, that will not be reflected in this view. This is a good way to understand the outcomes of leads generated in a certain time and more useful for deep dives into your data than a default view.
Show applications: Defaults to off. When turned on, it will show prospects with application submitted actions within the PMS (available for Yardi integrations only)