Getting the most out of limited marketing budgets is essential in real estate. Understanding what works and what doesn’t is important. But to do that, you need to be able to measure and compare the results of different marketing tactics in the first place. The problem is that traditional mass media tactics like billboards and letterbox drops are difficult or near impossible to measure the ROI on.
Mass media marketing tactics like TV ads, radio spots, billboards, “just listed” letterbox drops, flyers and print advertising have played a prominent role in real estate for decades. But as the internet rapidly becomes the primary place for people to find all the products and services they need, including property, the value of these traditional marketing tactics becomes questionable.
The Shotgun Approach of Traditional Marketing
Traditional marketing tactics simply aren’t as effective or as measurable as digital marketing. You might argue that a billboard ad in the middle of an inner city Melbourne suburb gets seen by hundreds of thousands of people, but what is the measurable result of that? Did more people attend open homes as a result? For the people who saw the billboard, did they make an inquiry? Did it help grow the business in terms of listings? To what extent did it grow awareness of your real estate brand or property development project?
It’s difficult to tell. For this reason, traditional marketing is often described as a shotgun approach. You take a shot that sprays your message in the hope of hitting a few members of your target audience. Why is this a problem? Because it’s expensive. You can expect to pay up to $200,000 for an inner city billboard ad over a few months. That’s a problem when you don’t know how effective it is, if at all. That investment could go much further invested elsewhere.
The Sniper Approach of Digital Marketing
Targeted digital marketing is a sniper approach. Agents can precisely target specific people based on specific marketing goals for a set period of time based on information like:
- Where they live
- Whether they have shown an interest in buying property
- Their age, income, gender, education level, job title and more!
This approach is highly effective, 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. clicked on an ad or visited your website).
Insights into how people interact and engage with ads provide real-time feedback, allowing you to test different tactics and constantly improve results and increase ROI over time by trying different strategies on different channels. By seeing the effect of different tactics based on measurable results like clicks and views, you can find the most effective approach for marketing a property in different situations.
Improve Your Marketing ROI With the Team at Plezzel
At Plezzel, we’re digital marketing experts specialising in real estate. We can help you improve the ROI of your real estate marketing. Our team has the innovative digital tools and right strategic campaigns to help you reach the right people. If you want to learn more, please get in touch with the Plezzel team.