Marketing at a time like this is a different ballgame.
It’s not about grabbing attention. It’s about holding it. Nothing we do matters unless people actually stick around.
When it comes to digital – Facebook, LinkedIn, Instagram, Twitter, Snapchat, WeChat, TikTok, ratings and reviews websites, the real estate portals – what are the channels we should be using as real estate agents and businesses to get the best possible result at the lowest cost?
Of the people who are in the market to buy and sell right now (and they do exist), how do we get as many of these people to look at our listings, our reviews and our brand without breaking the bank?
A lot of real estate agents and agencies are struggling right now to figure this out.
The struggle is real
On one hand, we have the government regulations restricting how we can run our real estate business. On the other hand, many businesses are looking for ways to reduce their operating costs to quite simply survive.
So should you stop marketing? Of course not.
Should you be looking at different ways to generate buyer and seller leads? Absolutely.
Should you be looking at strategies for doing that at a lower cost? 100%!
But when it comes to digital marketing, how do we actually achieve this?
First, we need to understand there are two types of real estate businesses:
- Those who are in an advantage position because of how they ran their marketing before the coronavirus pandemic
- Those who are going to struggle because of how they ran their marketing before the coronavirus pandemic
Depending on how you ran your digital marketing before this pandemic and the marketing channels you put most emphasis on, it will determine how you weather the storm and how you and your balance sheet will end up when all of this is over.
Let’s first talk about the businesses in the advantage position
These businesses understand a really important point about digital marketing today; Getting attention is really important BUT holding someone’s attention is even more important.
The only three digital marketing channels that are going to help you achieve that objective to the best possible level, at the lowest cost, are:
- Your CRM
- Your email list
- Your own agency or agent website
These are the only platforms where you are not competing for attention and they’re the best place to hold someone’s attention. Not only that, it costs far less to communicate with your audience on these channels compared to any other.
If someone’s on your website or reading an email you’ve sent them, they’re not distracted by all of of the noise in their Facebook newsfeed. There are no listings belonging to other agents. There are no ads for various other services. When someone is on your website, it’s all about YOU.
Businesses who have invested in building up these platforms in past years will be less affected in these times because they can continue to communicate with their audience at a much lower cost than this next type of business…
Who’s going to struggle?
Agents and real estate businesses who have relied heavily on third-party websites and social media over the last few years to carry their brand are now faced with a daunting prospect – find ways to maintain the same level of marketing spend they had before or risk becoming part of all the noise. But faced with reduced VPA and business operating costs, this is going to very hard to overcome.
If this is you, don’t wait for better times.
Start building your email list today. Start driving as much traffic to YOUR website today – don’t rely on the big property portals to do all of the work for you. Start developing an effective CRM communication strategy today. And let’s all ride out of this thing together.