How and why you should invest in a 360-degree marketing strategy
You might have excellent agents, an award-winning portfolio and boastful feedback from clients; however, all of these incredible assets need a real estate marketing strategy to amplify them. We sat down with the extraordinary Penny Burke, Director at Essence Communications to discuss how and why you should implement a 360-degree marketing strategy.
Why Should I Invest in a 360-Degree Marketing Strategy?While a 360-degree marketing strategy should be implemented in any business, it is particularly vital in the real estate industry. Word of mouth is a common marketing method, so you need to make sure you are appealing to all audiences present in your demographic.
"We know that in real estate, when a customer decides to sell, they'll go and talk to three agencies before they make a decision about which one to trust with their property," says Penny Burke, Director of Essence Communications.
"The 360-degree marketing approach is about doing all you can to make sure you make it on that shopping list. If you're not, it's ten times harder to get that listing."
How Do I Implement a 360 Degree Marketing Strategy?Burke has established three golden rules for implementing a 360-degree marketing strategy.
1. Know what you're famous forMarketing yourself as a 'real estate agent' isn't quite enough. Determine a point of difference, and use it to your advantage.
"Ensure you know the difference between functional fame and emotional fame. Are you young and hungry? Are you best at sales? Or are you good at managing listings? Work out what it is that you want to be known for," says Burke.
2. Deliver your message consistentlyNow you know what message you need to evoke, the next step is to ensure that your marketing efforts are aligned across all your touch points.
"Think about the three impressions you're trying to make, and the impression you evoke to your internal and external stakeholders. It's critical that your messaging is consistent throughout, as people will not understand if you say one thing and do another," says Burke.
3. Leverage your positionThe third step is about identifying all the opportunities and touch points that make a difference to your customers.
Daniel Lee from Plum Property makes it his prerogative to market his services in a funny and engaging way. Appealing to the millennial target market, he posts video content on social media to market properties.
360-Degree Marketing ChannelsNow you have all the fundamentals for implementing a 360-degree marketing strategy for your real estate business, you might be wondering what channels you should be using to promote yourselves. Digital, print, or a combination of both?
According to Antonia Mercorella, Chief Executive Officer of the Real Estate Institute of Queensland, there is a need for both.
"With 2020 shaping up to be a very stable year for Queensland real estate (despite the challenges), what it's taught us is that it's not only important to stand out, but equally important to be seen by as many people as possible. The best marketing plans combine a mix of different media such as print and digital including social and search advertising, mixed with more traditional outlets such a letter box drops," says Antonia Mercorella.
We asked real estate professional and one of our valued members, Alicia Williams, Director of Locations Estate Agents, her input on marketing channel efficiency. She recommended a combination of in person, online and print.
"Nothing beats face to face, personalised communication... Everyone appreciates a phone call, but if needed, a back-up text or email is just as effective," says Williams.
"We have always been at the front foot with our social and digital marketing in our local market, which has positioned us as a market leader in this space... We invest heavily in ensuring we are always up to date and adapting our business to leverage change and meet our client's expectations."
"Print media is important but I believe the way in which it is used by both agency and consumer has changed. Instead of traditional print, consumers are seeking bespoke, personalised communication so publications need to be current, engaging and also offer a prompt for readers to blend their learnings into a digital space where appropriate."
Browse more Agency practice related articles here.
15 Nov 2019
3 min read
Are your property transactions safe from cybercrime?
The property market is the perfect playground for cybercriminals - large sums of money are constantly being transferred between parties with the majority of communications sent via email.
15 Nov 2019
5 min read
Be careful what you do with confidential information
The recent settlement of a claim between a real estate agency and a former employee serves as a timely reminder to real estate professionals that utilising a former employer's confidential client information can be very costly.