In this age of new media marketing, digital marketing has proved to be a game-changer. While any proponent of an effective marketing mix model would suggest a healthy mix of conventional as well as unconventional modes, digital media certainly leads by a margin when you bring the ROI perspective into play for real estate industry. The advent of digital media has paved way for a marketing approach that now wants to track penny-to-penny spend on each marketing effort and the returns derived from it.
Digital marketing is predominantly being used by every firm out there and is proving to be an extremely successful means of spreading awareness and creating a brand value. The same is true for the real estate businesses.
The biggest challenge for real estate companies is that in this highly competitive space, the brands are looking forward to boosting their digital presence and generating leads. In order to enable the real estate companies to establish a digital identity and leverage upon it, they need foolproof innovative digital marketing strategies with lead generation at the centre-stage.
There are a couple of things to be kept in mind while designing a website and implementing digital marketing strategies for real estate companies. First and foremost, it is the website that needs attention. The purpose of the website could vary from capturing leads to brand-building. A website must be user-friendly and must ensure “call-to-action”. Great content always helps in increasing visibility on the digital platform.
On social media platforms like Facebook, Twitter, Pinterest, Google Plus, what matters is how creative your contents or posts are. The frequency is not an issue as long as your posts are able to garner enough audience engagement. Real estate companies need to project their unique strengths in the most creative manner possible on the digital space. A lot of online tools and applications are available nowadays that help in automated updates on the social media sites.
Social media follows SEO (Search engine optimization). Earlier, the pre-conceived notion was that just having a website is enough. But actually just having a website takes us nowhere. Search engine optimization and search engine marketing play a key role in the integrated approach towards getting traffic on the website and generating leads. SEO results give an imperative method of ranking on the digital space and the higher the company is ranked, the better chances of gaining leads from their websites.
While SEO is usually only associated with Google search, brands should not ignore YouTube, the second largest search engine in the world. For tips on how to rank your videos, read our in-depth article: YouTube SEO Tips: The Secret Sauce to Ranking Your Videos in 2019.
Traditionally, the real estate companies invest highly in print ads, but the returns they get on their investments is comparatively lower when compared to the Google ads. Our research in the space throws up a couple of interesting facts. The research results clearly show that on investing the same amount of money in digital marketing and the print media, the real estate companies are able to realize results which are at approximately 2.5 times better. The detailed statistics are as shown below in the table:
A 1/4thpage advertisement in a newspaper costs about Rs. 7 lakhs, which is bound to target one million or more audience. However, the conversion rate is surprisingly low. One print ad worth Rs. 7 lakhs results in about 400 website visits, out of which about 130 leads are generated. In the end, the company gets only 3 to 4 buyers for the properties at an average. In comparison, Google ads, with the similar investment of Rs. 7 lakhs results in about 400 leads which convert into more than 10 buyers.
If pictures speak a thousand words, it is safe to say that videos speak a million. Videos are the new bannermen of content marketing and advertising on video platforms like YouTube can be a tipping point for your brand. You can tailor-make your video campaigns for YouTube by displaying your ad when a potential home-buyer performs a search with relevant keywords. This will help you reach out to a hand-picked audience that is genuinely interested in buying a property – a feature which is still foreign in traditional modes of advertising like television, radio and print.
According to YouTube Brandcast 2018, seven out of ten viewers watch ads on YouTube with the sound on. This only proves that apart from detailed targeting, YouTube ads offer a plethora of other benefits, pushing brands to switch to YouTube ads from traditional media. Few of the key advantages are discussed below:
You can easily link the video ads to your AdWords account and track the results of your campaign. From the number of views generated and the reach of the ad to the amount of engagement caused, you can track every level of the marketing funnel and make most of your allocated budgets.
Unlike traditional media, YouTube ads give you the power to pick your audience for higher conversion rates. You can create a customised target group based on a wide range of factors like the demographics, interests, content consumption behaviour and the keywords used to search, to name a few.
There are numerous YouTube ad formats to choose from, based on where you want your ad to be displayed, how long your ad is and the objective of your campaign. For instance, TrueView ads are the ads that play before a particular YouTube video. You can opt for skippable ads that can be up to 6 minutes in length or non-skippable ads that have a limit of 20 seconds.
The other common type of ads is the bumper ad which plays before the YouTube video but are only 6 seconds long. These ads are great to showcase the launch of a new property or an irresistible offer. Featured below is the bumper ad created for Asta Properties for the launch of their premium project – Asta AVM.
The best aspect of Youtube ads is the cost-effective approach they provide. A TV ad, during the main time slot, costs around Rs. 2000 per second, with no targeting options or tracking benefits. The same ad played in the form of a bumper ad on YouTube will cost just Rs. 1.20 for 1000 impressions. To add to that, you can also retarget the people who have viewed your ad or visited your website for a higher rate of conversion.
Advertising your property through regional content is a great way to break into the tier 2 and tier 3 cities of the nation and engage with the next billion Internet users in India. The free data plans launched by Reliance Jio and the drop in the prices of smartphones have sparked the growth of regional content in the nation. It is time real estate developers took this to their advantage and re-designed their campaigns in vernacular languages to widen their reach.
Casagrand – one of the leading real estate developers in Chennai – leveraged the reach of regional ads to showcase their new project. The ad helped in increasing brand awareness and generating high-quality leads, creating a win-win situation for the developer.
Most of the real estate companies currently, do not have a commendable social media presence but it’s never too late. There is immense potential in the digital media to leverage for the real estate companies. The efficiency & optimization control should be at the forefront of any decision by an organization. And when that decision has the potential to catapult the number of leads by 250%, then there is no reason why the real estate companies should not go digital.
If you have feedback or any comments, feel free to reply to this blog post. You can also read our complete guide for digital marketing for real estate.