Conversions Report Guide

For a walkthrough of the Conversions Report watch this Video Overview.

For in-depth metric definitions go here.

Overview

Knock's Conversions report is a great way to better understand the conversion outcomes of the lead sources for your properties. It includes details around conversion rates associated with sources and the cost per conversion event which can help your marketing team better understand the conversion points in your funnel.
 
Here is a question you can answer using this report: 
 
(1) For leads created in the month of May, what percentage of those ended up with visits and leases?
 
With this question, we are trying to assess the effectiveness of our leasing teams in moving a prospect through the funnel. To answer this question, we will change the date range to the month of May and select the 'Created' tab of the main table. This will show you only the events tied to the leads and prospects that were created during the month of May
 
In the Conversions report, you don't have to go far to find the insight you want because Knock presents all of the Conversion metrics in a visual as seen below. 
 
 
Using the above screenshot, we can see that of the prospects created in the month of May ~24% of prospects had a visit event and 4.8% had a lease event. An additional insight is the trend over the previous period shown directly below a given metric. For visits, we see that ~24% in the month of May is approximately 10% lower than for prospects created during the month of April. For leases, we see a steeper drop off of 21%. However, this may be because the lifecycle may take longer. You can select date ranges further back to get a more accurate target for these conversion rates. 
 

Filters

conv_filt.png

Filter Description
Date Range

You may select one of the preset date ranges available (defaults to Last 7 Days) or you may enter a custom date. Once you complete the date selection the report will automatically reload.

The Last 7 Days filter includes the current day.

Properties This is a multi-select for what properties you'd like data for. User can select all properties by clicking the "All" option. After selecting the properties, you must select ‘Apply’ in order for the report to reload.

Agents

This is a multi select field that you can filter down to specific agent(s) conversion results. User may also search for agents to select.

Source

This is a multi select field that you can select sources to trim your results. For example, if you wanted to see all your properties' conversion rates for Property Website, you can select property website in this field to get that view.

Group By

You may change the way the data is aggregated with this filter. The current options include: Agent, Contact, Property, Source, and Custom Attributes (if available).

Custom Attributes are defined by the customer in the Admin → Attributes page. This will not show if not appropriately set up on this page.

Contacts

This will filter the results based on the initial contact type. For example, you can filter down to all your call leads.

Custom Attribute (if available)

This will filter the results based on the customer-defined custom attributes created on the Attributes page in Admin.

 

The report has two tabs that change the logic for aggregating the various metrics. Each of the tabs and how it changes the metrics are defined in the table below. 

Tab Description

Event

This view shows all the events that happened in the time range regardless of when the lead/prospect was created.

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 lead/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 view shows only shows the events that happened for leads/prospects that were created in the date range.

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 lead/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.

 

Visualizations

The visualization for the report shows a variety of conversion of metrics that are also shown in the main data table. In addition to the values for the current data selection, the graph also displays the change percentage compared to the previous time period for that same metric.

For customers with Yardi, additional metrics are shown related to application conversion metrics (i.e., Prospect > App, Visit > App, App > Lease).

Tiles

conv_tiles.png

Tiles represent important high level insights that you can immediately take action with across your teams. The definitions for each of these metrics can be found in the specific data definitions pages section.

Data Definitions

Event Tab

Data Point Definition
Leads

This is the number of leads created for the report grouping selected in the selected time range.

This data includes leads marked as Not a Prospect.

Prospects

This is the number of prospects created for the report grouping selected in the selected time range.

This data does not include leads marked as Not a Prospect.

Visits

The number of visits that took place in the selected time range on this tab.

This number includes those marked as Not a Prospect.

Visits in this report captures all individual visits (i.e. a lead or prospect can visit multiple times and/or in multiple ways and each time will count as its own visit)

Leases

The number of lease events that took place in the selected time range.

This number includes those marked as Not a Prospect.

Applications

This is the number of leads with application submitted actions within the PMS.

Available only for Yardi.

Prospect > Visit

The conversion rate calculated by the visits field divided by the prospect field on this tab for the report grouping selected (the first field) in the selected time range.

Visit > Lease The conversion rate calculated by the lease field divided by the visits field on this tab for the report grouping selected in the selected time range.
Prospect > Lease The conversion rate calculated by the lease field divided by the prospects field on this tab for the report grouping selected in the date range selected.
Visit > App

The conversion rate calculated by the application field divided by the visits field on this tab for the report grouping selected in the selected time range.

Available only for Yardi.

App > Lease

The conversion rate calculated by the lease field divided by the app field on this tab for the report grouping selected in the date range selected.

Available only for Yardi.

 

Created Tab

Data Point Definition
Leads

This is the number of leads created for the report grouping selected in the selected time range.

This data includes leads marked as Not a Prospect.

Prospects

This is the number of prospects created for the report grouping selected in the selected time range.

This data does not include leads marked as Not a Prospect.

Visits

This is the number of leads created with a visit for the report grouping selected in the selected time range. This is calculated by the sum of leads with "Walk-ins" and "Appointments".

This includes those marketed as Not a Prospect.

This is not the number of visits but rather the number of leads that visited in the time frame. We also include self guided and live video tours.

Leases

The number of leases generated for leads created for the report grouping selected (the first field) in the in the selected time range.

This number includes those marked as Not a Prospect.

Applications

This is the number of application submitted actions within the PMS for the report grouping selected (the first field) in the in the selected time range.

Available only for Yardi.

Prospect > Visit

The conversion rate calculated by the visits field divided by the prospect field on this tab for the report grouping selected (the first field) in the selected time range.

Visit > Lease The conversion rate calculated by the lease field divided by the visits field on this tab for the report grouping selected in the selected time range.
Prospect > Lease The conversion rate calculated by the lease field divided by the prospects field on this tab for the report grouping selected in the date range selected.
Visit > App

The conversion rate calculated by the application field divided by the visits field on this tab for the report grouping selected in the selected time range.

Available only for Yardi.

App > Lease

The conversion rate calculated by the lease field divided by the app field on this tab for the report grouping selected in the date range selected.

Available only for Yardi.

 

 
 
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