Real estate agencies are increasingly focused on getting the most out of their marketing budgets. Knowing precisely what works and what doesn’t is an essential part of this. But sometimes it can be difficult to assess the ROI of certain marketing tactics – namely traditional, physical marketing like signboards and newspaper ads.
Problems Measuring ROI of Physical Marketing
Marketing tactics like signboards, “just listed” letterbox drops, flyers and print advertising have played a prominent role in real estate for decades. But as more people use the internet to search for properties, these traditional tactics are falling out of favour.
This is because more agents are realising that these tactics aren’t as effective or as measurable as digital marketing. For example, did more people attend open homes as a result of this marketing? Did it help grow the business in terms of listings?
Don’t Be Apathetic About Your Marketing
Sometimes, agencies can get apathetic about their marketing efforts. They’ll shrug and think marketing ROI doesn’t matter because it’s vendor paid advertising anyway. As long as the vendor sees the ads, they’ll be happy. Other times, using these traditional tactics is about keeping up appearances and following what your competitors are doing.
Being apathetic about your marketing can impact your ability to deliver better results for your clients. It also means you miss opportunities to build your brand and get more listings. Instead, look at the evidence and develop a focused strategy. Print marketing is in sharp decline and other physical marketing tactics may not be effective and are difficult to measure.
Digital Marketing is More Effective
In comparison to physical marketing, digital marketing is much more effective. This is because online channels are where your prospects are spending their time. 50% of baby boomers, 90.5% of millennials and 77.5% of gen Xers are on social media. Facebook has 18m users in Australia while Instagram has 10m. People spend over 1-2 hours a day on Facebook on average. Meanwhile, 93% of all online searches take place on Google.
Powerful targeting capabilities allow you to locate and engage with home sellers, buyers and investors using different messaging strategically tailored to each segment. By marketing across different channels and measuring the results of different tactics, you can refine and improve your marketing strategy and improve ROI.
Digital Marketing is Measurable and Transparent
Unlike traditional marketing tactics, digital marketing is also measurable and transparent. You know exactly how many people you reached, what kind of demographic they were, how many views and clicks each ad got and what kind of actions people who saw your ad made (e.g. made an enquiry, visited your website).
Insights into how your audience interacts and engages with each ad provides feedback. This means you can test different tactics and constantly improve results and increase ROI over time by trying out different strategies on different channels. By measuring and comparing different tactics, you can find the best approach for marketing a property in different situations.
Improve Your Marketing ROI With the Team at Plezzel
The digital marketing experts at Plezzel can help you improve the ROI of your real estate marketing. Our innovative digital tools and strategic campaigns are designed to help you reach the right people. If you want to learn more, please get in touch with the Plezzel team.