JLL CMO Siddharth Taparia explains how his team built a system that effectively tracks the marketing impact on the company.
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00:00I started at JLL in 2021, so that was, I think, technically right in the middle of the pandemic.
00:07And, you know, the commercial real estate industry has changed so much with hybrid work,
00:12with different types of assets getting in and out of favor during that time,
00:17which is totally normal and totally cyclical in terms of how this industry has always operated.
00:22But one of the things that we have recognized from a marketing standpoint is,
00:25brand continues to be really important and it becomes even more important in a time of crisis.
00:31Whether it is a pandemic, a change in the market and the conditions of the market,
00:36clients always look for companies that have been there and that can be trusted.
00:42And so one of the things that became really important for me was
00:45continuing to put that brand emphasis and continuing to put trust in our brand
00:51and making sure that that's a key pillar because that's what our clients recognize us for.
00:55But at the same time, also introducing the company to new clients
00:58that might have never had the opportunity to work with us.
01:00And one of the things that we did was we built a system of measurement
01:05so that we could really define what the contribution of marketing was to the company's overall goals,
01:11which center around revenue and profitability.
01:13We developed 16 KPIs to track everything from our contribution to pipeline,
01:19to our contribution to ultimately the revenue, our engagement on our digital channels,
01:24the effectiveness of our campaigns, the overall effectiveness of the marketing spend
01:29and the return on investment the company was getting as a result of it.
01:32Over that period, so since 2022, our pipeline contribution for marketing is up 3x.
01:39Our revenue contribution, so that's the conversion of that pipeline, is up 4x.
01:43And we've been able to do it with 11% less resources
01:48and our effectiveness as a result of that is up by over 20%.
01:53So it's been a really good journey for us, but we have done it by creating
01:58and putting everybody's attention around core metrics that we need to drive
02:02and then making them available for everybody, for the business, for people in marketing.
02:07Everybody is tied back to the same set of KPIs.
02:10And so one of the things that we did was we did a fairly significant rebranding of the company back in 2022
02:17and we have been tracking the growth of our brand awareness with all of our audiences
02:22and that's a very straightforward way for us to say we did this rebranding,
02:26we're now getting much more focused on driving our brand awareness
02:30and every year we are able to go back and look at how much awareness do we have with our target audiences.
02:36We also have certain campaigns that we can directly attribute and say someone clicked on this,
02:43they came to us, they raised their hand, they wanted to talk to us.
02:46For example, people reach out to us and say I need to build a new office
02:51or I need help in project managing a new construction project that I'm doing.
02:55Once they come to us, we're able to track them through that life cycle, through that sales cycle
02:59and determine what the impact of marketing was in that journey.
03:03And that gives us very credible ways of being able to go back and compare what revenue we were able to get
03:09and what the contribution of marketing was in that process.