How do media companies make money?
You’re 100% correct… advertising.
How do they convince advertisers to spend money on their platform? Traffic. And lots of it.
How do they convince users to visit their website? Content. Lots of content, promoted well, on as many channels as possible that point back to their website.
In real estate, we use so many digital channels to market our brands and our listings. The problem we have, however, is that we rely too heavily on those platforms to drive brand awareness and new business for us. We are feeding their business models for the opportunity to reach their audience.
It doesn’t have to be this way. Today, we can reach the same audience ourselves.
You too can be a media company.
We post to social media and let people engage with our content there. We push our listings to the major portals and let people engage with our listings there. We post our reviews to the ratings and reviews websites and let people engage with our testimonials there.
This is exactly what those platforms want you to do because if we’re all driving traffic to them, they’re able to convince advertisers (including YOU) to spend more money on their platform.
We are feeding the beast!
The reality is, given all of the channels listed above, every real estate business can be a media company today.
The challenge, however, is switching your mindset to one that puts your own website at the centre of everything you do online instead of letting people engage with your brand on everyone else’s website.
Still use all of the digital channels that are working for you. But instead of being beholden to the big media platforms, use every digital marketing platform to bring people back to the only one you own – your website. Be selfish about where consumers engage with your brand.
Facebook posts, Facebook Ads, LinkedIn posts, Instagram Ads, email campaigns, Google Ads, SMS campaigns… use them all. But send the people to your website. Not someone else’s where you’re only going to be competing against every agent in your marketplace.
Are you a real estate company? Or are you a media company that happens to sell real estate?
**Shout out to my pal Dean Yeo for a fun interview – check out his YouTube channel and subscribe for insightful weekly interviews with real estate influencers.