There’s a popular old saying in advertising and marketing…
This never fails to get a laugh among real estate business owners, marketing people and sales agents in our training workshops because, for many, it’s true.
What’s the big deal?
We spend a lot of dollabucks in real estate on advertising and marketing. In fact, in FY20, there was over $2bn spent on property advertising alone.
When it comes to digital marketing specifically, we have so many channels that we can use to market or advertise our brand today:
When it comes to our teams, we’re splashing the cash there as well.
We’ve got our in-house team, our offshore team, the branding guy, the SEO team, the marketing consultant – we’re spending lots of money on lots of different things that we hope are helping us win new business and earn attention.
The problem for a lot of businesses is they’re wasting money on areas that deliver little-to-no return on investment.
Why? Because they do not have a goal. They’re too busy chasing the next bright shiny thing.
When it comes to marketing and advertising there should always be a goal – something that you are ultimately shooting for.
That goal might be to increase market share. Now, that is a big idea, therefore it is a goal.
Next comes strategy.
From a digital marketing perspective, your strategy to help you boost your market share might be to double your website traffic on a month-by-month basis over the next 12 months so that you’ve got more people seeing your brand, the properties that you’re selling and the content you’re creating.
That is a strategy because it is a vehicle to help you achieve your goal – more market share.
Then we get to tactics – the things that you’re going to do to execute your strategy – e.g. more website traffic.
This could include running all of your Facebook ads with links back to your website, making sure that your emails, your email signatures, all of your campaigns that you’re running through third-party email marketing platforms are all linking back to the website instead of a third-party.
Or, instead of giving away all of the information in your email campaigns, you only give a preview to a property or a blog article in an email instead of the whole thing, so that people have a reason to click through to your website.
There are lots of tactics that you can employ to help you drive more website traffic but the thing to remember here is, you’ve got a purpose. You have a strategy. And that strategy is helping you achieve your goal.
Unfortunately, too many brands and individual agents start with tactics.
They worry about:
When it comes to marketing, they start with…
- What subject line should I put in an email?
- How many characters should be in that subject line?
- What colours or images should I use?
- How many SMS’s should we send on a weekly a basis?
- What times of day should I post on social media to get the best engagement?
- And so on…
All of these are tactics. And without a clear strategy, they will all likely fail.
Make sure you always start with a marketing or advertising goal, move onto strategy next, then onto tactics.
Not the other way around.