Is your real estate strategy not effective? Is it not able to generate conversions for your business?
It may be due to your conventional strategy for marketing.
Or you may have been swayed by the competitor strategy and blindly imitated it.
I might have sounded harsh here. But, this is the reality in any sector, be it real estate or retailing.
What should you do?
You may need to devise a good Digital marketing strategy for real estate to taste success in your business.
For this, you may need to carry out market research.
You can prefer online market research because offline research can burn your pockets. Moreover, it is also prone to human errors while measuring.
And one more golden advice do not ever try to measure Brand Awareness.
Trying to measure Brand Awareness could be a futile attempt as it is time-consuming and cumbersome. Moreover, brand awareness may not help you improve your sales.
It is better that you go for ways to build rapport with the prospects and your existing customers. It would help you to earn word of mouth publicity and would also help you to grow your brand.
If you are a recent starter into a real estate business, then I would suggest you go for personal branding.
Why personal branding?
Personal branding helps you and your business in the long run. Even if your business becomes obsolete in the future, you can start a new venture right from scratch without much trouble.
You have to build your personal brand. They get established through effective marketing campaigns.
Many eminent business personalities like Elon Musk, Larry Page, Mukesh Ambani have built their Personal Build over the years.
So there is a hype surrounding them if they are planning to venture into any new business.
Once you have built your personal brand, you could establish authority with ease. With the established authority comes great power.
It may take many years to build on your personal brand. But, the fruit of personal branding would bear you great returns in the future for sure.
These days, traditional marketing methods like television ads, radio, billboards, fliers would not help you in getting conversions for your business.
Why is traditional marketing failing?
Traditional marketing these days has taken a back seat as it is facing intense competition from Digital Marketing due to the latter’s cost-effectiveness and efficiency in reaching customers.
From the customer’s end, traditional marketing has failed due to :
1. Changing lifestyle
The lifestyle of people is not similar, as it was a few years ago.
The Lifestyles of people have changed due to factors like increased per capita income, workforce participation of women, rise in nuclear families, etc.
2. Penetration of Internet
Since the past few years, the penetration of the internet has grown by many folds in India due to the availability of cheap data, increased connectivity in rural areas, etc.
3. Cautious customers
Customers have become much price cautious. They expect both quality and excellent customer services from the firm.
4. Failure to strike rapport
Traditional Marketing campaigns have failed to build a rapport with potential customers due to ambiguity in segmentation, targeting, and positioning concerning the real estate segment.
Ex:- A realtor might target the wrong person, who is not interested in buying any property.
Most of the traditional campaigns rely on the push strategy, whereby the realtor tries to push his service/product to the potential customer in the form of Radio, Television, Newspaper ads, etc.
Push strategy may not be effective in this scenario because the intent of the prospect could be different.
Ex:- A Realtor who is selling villas might wrongly push his offerings to a person who is looking out for PG accommodation in a particular city.
From the marketer’s end, traditional marketing fails due to the following reasons:
Traditional marketing as a medium involves too much spending on money. It is always tough to measure Return on Investment (ROI) for a traditional marketing campaign.
2. Not Quantifiable
Performance of the traditional marketing campaign is not easily quantifiable due to a lack of availability of data.
Digital Marketing is the future
A few years ago, no one would have expected so much growth happening in the digital marketing sector.
Fast forward to the present, it is evident that digital marketing has a very high potential in the future.
Digital Marketing is not all about creating and deploying ads through social media and search providers.
It also involves understanding the intent of prospects and existing customers through solving their problems by creating content, webinars, FAQs, online surveys, communities, etc.
Running ad campaigns may not be helpful in the long run if you have failed to deliver the promises made to your customer.
If so, you are bound to face the wrath of customers as they have the potential to bring down the online reputation of your real estate business.
With the help of the internet (in the form of tracking methods, lead magnets), you can collect data about your potential customer (audience).
With this data, you can create profiles about the customers called audience profiling.
Audience profiling helps you in
- Getting excellent ROI because you know who your target audiences are
- Fighting off the competition
- Getting insights like attitude, behavior, and desires of the audiences
- Answering the queries of your audiences, thereby you can tailor the offerings to them
- Getting the attention of the audience because customers prefer more convenience while transacting
There are four different steps in audience profiling that you need to remember:-
The first step involves dividing the market based on demography, geography, behavior, and psychographic aspects of the potential customers.
Then the potential customers are grouped based on their characteristics.
The second step here involves tailoring the message according to the different audiences. The created messages can reach the audience through email campaigns, Search Engine Marketing, Videos, etc.
This stage involves figuring out the different means to engage the newly enrolled audiences. Audiences at this stage prefer channels for contact such as emails, tribes for better engagement.
This is the penultimate stage in audience profiling. In this stage, the measurement of your marketing campaigns is supposed will be done.
It decides the fate of your campaign, whether your campaign is performing or not. Based on the outcomes of the campaign, future actions will get unveiled.
Digital Marketing Strategy for Real Estate
Developing a strategy for digital marketing in real estate might be a challenging task. It takes a lot of time and resources to create an effective digital marketing strategy.
Still, the beauty of Digital Marketing campaigns is that it is quantified easily. Based on the measurements, you can figure out whether your campaign is going right or wrong.
Before we move onto the strategy of Digital Marketing for real estate, let’s have a peek at different methods of digital marketing that seem viable for the real estate segment.
1. Email Marketing
Sending SMS to a potential customer might not seem viable as you cannot provide the complete detail about your offerings.
Moreover, prospects might not be able to gauge the offerings due to a lack of information regarding the offerings. Therefore, it is better that you do not go for SMS marketing.
Instead of this, you can go for an email marketing campaign where you can build rapport with customers by sending them tailored messages with your offerings.
Before sending out emails to your prospects, you need to build an email list. Email lists are an effective way to build on to your business and personal brand!
But how to build an email list?
Email lists are created based on the response on lead magnets.
Lead magnets involve the collection of information on the prospects like name, email ID, phone number by asking them to sign up for a service, consultation, etc.
You can make the best use of lead magnet by providing freebies to the prospects are in the form of gifts, free consultation, live webinar, etc.
Once you have prepared an email list, you can begin with your email campaigns.
Generally, Email campaigns are handled with due care by the manager. Prospects might ignore you if you send them content that is irrelevant and if poorly designed.
Moreover, there is a high chance of your emails getting moved either to the spam section or promotion tabs of the recipient’s emails.
Generally, Emails move to the promotions tab due to the bulk quantity of emails sent by you.
On the other hand, emails move to the spam section due to the following reasons:-
- Failure to take permission from the recipient before sending emails to them
- Poorly designed emails
- Unavailability of unsubscribe link
- Sent through a shared IP address
- Negative engagement by prospects
Email campaigns are easy to manage because they are getting automated with supporting tools at a reasonable cost.
Email campaigns are mostly quantifiable.
Any of your email campaigns can be abandoned/ modified by you with ease if it is not performing as expected.
2. Content Marketing and copywriting
In the past few years, online content marketing is gaining traction due to increased penetration of the internet among the masses.
Good content should be relevant, solve the problems of the prospects, engage the customer, and should result in a call to action (CTA).
The created content would reach the leads through an engaging email.
Copywriting is one of the oldest and most popular ways to reach prospects. It is the digitized form of sales copy.
Writing an engaging sales copy will help you in gaining better conversions for your business.
In a real estate business, writing a sales copy would result in better performance.
Traditional marketing techniques like advertising on TVs, Radio, Banner, Fliers because they fail to convince the prospects for a call to action.
3. Social Media Marketing
Having a strong presence on social media is very necessary for you.
It is always better to have your profile on Facebook, Instagram, Twitter, and LinkedIn. It will help you in gaining credibility for your business.
But, using social media as a means to get customers might not be viable unless you go for paid promotions.
The Organic presence on Social Media has drastically reduced over the years because social media firms rely solely on the revenue generated through ads.
Moreover, most of the social media channels are getting crowded.
Therefore, I would recommend that you use social media as a means to get your prospects to be part of your email list.
It is cheaper to run an email list rather than relying on social media for conversion.
4. Organic Reach
Having a web presence on the top page of the search result would drive a lot of traffic to your website.
Each search engine has its own set of an algorithm for searching, but how it searches remains the same.
Many sources claim that Search engines like Google consider more than 200 factors to determine the ranking of a webpage.
But, that is a myth for sure (There are not much concrete evidence for which are those 200 factors).
Still, you can consider a few factors like keyword density, title, mobile-friendliness, domain authority, social media presence, guest posts for an improved result in the organic section of the search page.
In my previous post, I have explained the keywords.
I would be explaining the other factors in my upcoming posts.
5. Facebook and Google Ads
Running Facebook and Google Ads will help you in reaching the prospects. There are a few differences between Facebook and Google Ads.
Google Ads helps the new customer find you.
On the other hand, Facebook Ads help you to find new customers.
There are a few similarities between Facebook and Google Ads.
One among them is, both Facebook and Google ads focus on the quality and user experience provided by the advertiser.
This approach indirectly sheds light on the no-nonsense approach employed by Facebook and Google concerning advertisements.
The cost of these ads gets reduced if it is relevant and provides a better user experience.
With the beauty of Facebook and Google campaigns, you can advertise different kinds of ads based on your objectives.
Facebook campaigns are available for website clicks, conversion, lead generation, etc.
In a campaign, you can drive traffic or conversion to your website, messenger, apps, and WhatsApp.
Facebook provides interactive options to the advertiser in the form of carousel, video, image, and collection ads.
Through Facebook Ads, you can promote your real estate business on Instagram too.
On the other hand, Google Ads are taken into consideration to generate potential leads, make sales, etc
It promotes your real estate business not only on a search engine but also on YouTube and Google Partner websites (in the form of display ads and videos).
If you are interested in eye-catchy ads, I would recommend you to go for Smart Display Campaigns.
Smart Display Campaigns are effective in attracting prospects due to its ability to manage a different set of displays.
The Best Real Estate Marketing Strategy-Integrated Marketing Channel
What is integration?
Yes, you have guessed it right. Integration is nothing but an amalgamation of different components together to make a single entity that is beneficial for all.
We can observe that there are instances where good content fails to reach the audiences.
For content to reach your audiences, it needs to be thoroughly optimized. Doing optimization might not be sufficient for a real estate business.
You might need to run paid ads for your content or the properties that you are selling.
You should also create social media profiles and feature your content in it and maybe run ads for your property.
In your real estate business, few audiences might fail to convert. These audiences are re-targeted to boost sales. Google and Facebook Ads are the best options for re-targeting.
Therefore we can say that integrated marketing channels are a better option than relying on doing things separately.
If you wish to maintain your customer in the long run, it would be better to collect the email of your prospect by employing lead generation techniques.
Once you start getting the leads, it would be advisable to go for tribe building or sending out regular updates concerning your offerings.
In the real estate segment, one can also directly reach out to the prospect through the call to action (CTA) to seal the deal.
Running an effective real estate marketing strategy could be one heck of a task for anyone.
But running Digital marketing campaign would be cost-effective in the long run when compared to traditional marketing.
If you are more interested in brand building, I would suggest you go for storytelling. Storytelling will help your audience in recalling and recognizing your brand for a longer time.
Thank you for reading,
If you are interested in learning more about digital marketing, then visit the following links:-
Google Analytics Guide for Beginners in Depth by Pratibha
digitaldeepak.com by Deepak Kanakaraju
Digital Deepak Internship Program Honest Review by Yash Desai
Must Read Marketing Books for 2021 by Vaibhav Goyal
Secret Sauce of Marketing by Beerappa R Naik
Digital Deepak Internship Program(DDIP) – An Overview by Viraj Bisht
Best 6 Important Steps to be followed before buying a property by Keerthi Tati