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The Metrics You Should Be Measuring in Real Estate Marketing (Hint: Not Vanity Metrics)
Don’t waste your time reporting on vanity metrics, which won’t tell you whether you’ve achieved your ROI.
We all want to see the fruits of our labors. Whether renting a new property or launching a social media campaign, we look for instantaneous numbers that will affirm we made the right choices. But here’s the problem: not all metrics are created equal.
So-called vanity metrics are measurements that have no bearing on your bottom line but can give you an inflated sense of success. Generally, they are easy to calculate but are influenced by too many factors — and are too vulnerable to random external events — to be reliable.
Website visits and number of subscribers are two classic examples. A spike in homepage hits may be the result of your marketing efforts, or it may be because of ghost spam. (Or both.) Regardless, more visits do not necessarily correlate to increased revenue — just more visits. In the same vein, having 100,000 email subscribers means nothing if only 1% are opening them. You actually could be losing money in terms of resources allocated if the emails aren’t helping drive sales.
Investment vs. vanity metrics
That’s why it’s crucial to focus on return on investment instead of vanity metrics. You could waste hours reviewing a hundred different analytics that tell you nothing about how revenue was affected by a particular effort. Or, worse, you could use vanity metrics to justify decisions that don’t achieve their ROI.
As a simplified example: say you spend $1,000 on a display ad for a new apartment complex targeting established professionals on a local news website, and your analytics report that 100 people clicked through. This sounds like success! But don’t celebrate just yet. When you dig past the vanity metric, you find an extremely high bounce rate. That means most of those click-throughs left your site immediately, neither engaging with your property nor moving any closer to becoming a tenant. In fact, you find that only one click-through converts. Was it worth paying $1,000 for this one potential tenant? Probably not.
But say you ran another $1,000 display ad, one that targets a younger audience than you think your property fits. Only 20 visitors clicked through, which sounds less successful than the other ad. But when you follow those 20 click-throughs, you find that 5 ended up renting units, meaning the ad pays for itself many times over. You’ve also learned that perhaps a younger audience is more suited than you thought to your property. The ROI proves that the vanity metric was quite misleading in this case.
Metrics that help you make decisions
Lean-startup pioneer Eric Reis, who coined the term vanity metrics, said, “The only metrics that entrepreneurs should invest energy in collecting are those that help them make decisions.” In other words, measure the things that will tell you if an effort was profitable so you know where to put your time and money.
While vanity metrics tell you nothing about your bottom line, ROI can help you determine whether it was worth spending your resources in a particular way. This is extremely useful on platforms like blogs and social media, where things are constantly changing. Using ROI as a litmus test, you can keep experimenting and making sure you’re using these tools effectively. Tracking a vanity metric like number of followers, which is likely to build over time regardless, gives you no indication of which experiments were successful and which weren’t.
Your resources are limited, so it’s crucial to evaluate your efforts with meaningful numbers that illustrate their effect on your bottom line. Calculating ROI might take some time — both in the few extra minutes to do the math and the amount of time that needs to pass before all the data is available — but that number will be infinitely more valuable to you than any vanity metric on your Google Analytics report.
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- Social Media Can Be a Strategic Weapon in Real Estate Marketing
- How Pay-Per-Click Helped This Property Get 54 Leads
- Learn How Content Marketing Increased Real Estate Sales by 37% in 90 Days
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5 Effective Ways to Use Instagram for Your Luxury Real Estate Brand
With its highly visual platform and growing user base, Instagram is a natural fit for real estate marketing. Here are five ways to make Instagram work for your luxury real estate brand.
Highlights:
- Instagram posts should reflect your luxury real estate brand and maintain the overall tone you set through other marketing efforts.
- Successful brands on Instagram pay close attention to how their posts reflect their brand’s message.
- Hashtags allow your posts to be seen by users outside of your circle of followers, so using relevant, industry-specific hashtags is key in reaching new audiences.
Looking to engage with new audiences and connect with your target market? Instagram is the perfect platform for luxury real estate brands looking to expand their reach. In fact, engagement on Instagram is ten times higher than it is for Facebook, and the demographic is substantially more affluent—making it a no-brainer for luxury real estate.
But to get the most out of this highly visual platform, it’s important for real estate marketers to post the right kind of content. The content should reflect your brand and maintain the overall tone you set through other marketing efforts (i.e. your website, blog, etc.). Marketers who want to reap the benefits of marketing on Instagram need to do more than just post appealing pictures with fun filters. Here are five effective ways to make sure you’re getting the most out of your marketing efforts on Instagram.
5 effective ways to market your luxury real estate brand on Instagram
1. Focus on your target audience
Who are you trying to reach with your Instagram posts? Trying to post compelling content for an unidentified audience is like taking a shot in the dark. Knowing who your ideal buyer or tenant is allows you to create content that is informative, educational, and entertaining to that specific person.
When creating (or curating) content for Instagram, the more detailed you can be with your buyer persona(s), the more specific and effective your content can become. The personal connection is particularly crucial for real estate buyers, and understanding your target audience is key to making that connection.
2. Cultivate your brand message
For luxury real estate developers and property management companies, branding is key for target buyers (or tenants) to know about your properties and understand the lifestyle that the property offers. Creating consistent brand messaging that reflects the tone and voice of your marketing collateral helps audiences grow brand awareness.
Successful brands on Instagram pay close attention to how their posts reflect their brand’s message. Posts have an overarching theme that mirror the overall brand image. Images should do more than just promote your properties. They should add value to your luxury real estate brand’s unique story.
3. Use CTAs
Conversions, revenue, business, and profit—they all depend on the Call to Action. Don’t just post interesting content, give your followers a chance to do something with your posts. CTAs are key to the success of any online marketing initiative, including Instagram posts. Try adding CTAs to each of your posts to encourage audiences to “take an action”. Providing opportunities for followers to visit your website or download valuable resources will boost conversion rates.
4. Make the most of your hashtags
Hashtags allow your posts to be seen by users outside of your circle of followers, so using relevant, industry-specific hashtags is key in reaching new audiences. Hashtags automatically function as links, making your posts easily searchable and available to users looking for specific hashtags. For example, if a user interested in San Diego real estate clicks on #sdhomesforsale, all public posts labeled with that hashtag will show up.
As you start experimenting with adding hashtags to your social media posts, make sure to:
- Use relevant terms.
- Research trending topics as you chose your content.
- Create your own hashtags to match your luxury real estate brand.
- Make sure the audience setting on your posts is “public.”
5. Check your analytics
Many real estate businesses struggle with measuring ROI on social networks. Even for seasoned digital marketers, the collection of data is one of the most daunting tasks. But it’s important to gain insight into the who, when, and where of your Instagram traffic.
Use Instagram Insights to learn more about the people interacting with your luxury real estate brand on Instagram. You can also see which posts your audience sees and engages with the most, as well as a breakdown of demographics. Analyzing your posts will help determine what’s working for your brand and where changes need to be made.
Need help getting started with optimizing your digital marketing efforts? We’re here to help.
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- 5 Real Estate Instagram Accounts You Should be Following
- Measure Social Media Success in Terms of Potential, not Dollar Amount
- How to Measure Social Media ROI with Google Analytics for Real Estate
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Using Messaging Platforms for Real Estate to Deliver Content
The 4 biggest messaging platforms now have more users than the 4 biggest social media platforms. Here’s how marketers are leveraging messaging platforms for real estate to deliver content to target audiences.
Gone are the days when social messaging platforms were just about chatting or making plans with family and friends. You might be surprised to learn that “the combined total monthly active user count of the top 4 messaging apps has grown to 4.1 billion in 2018.”
Just to put that in perspective, that’s well over half of the world’s population and — perhaps even more strikingly — dwarfs the 2.19 billion monthly active users that Facebook reported in the first quarter of 2018.
It’s official: Social messaging platforms have surpassed “traditional” social media when it comes to active users. Not only that, marketers are taking notice, and beginning to think about how to leverage messaging platforms for real estate to deliver content to target audiences.
Popular social messaging apps include, for instance, WhatsApp, Viber, Line, Snapchat, and Facebook Messenger.
Tip: Use conversational content on messaging platforms for real estate
As you might expect, a key element in the successful use of using social messaging platforms is to tell your story conversationally. This means tailoring your content to the specific wants or needs of your target audience, creating a compelling narrative with your content, rather than an overt sales pitch.
This kind of storytelling is fundamental to content marketing.
“Messaging and chatbots represent the next logical extension of the content marketing mission,” writes Chris Frascella of the Content Marketing Institute.
According to Thomas Husson of Forbes, “Messaging apps will introduce a paradigm shift for marketers where interactive and contextual conversations will replace ad broadcasting. New conversational interfaces will drive deeper relationships between consumers and brands.”
You may be thinking that this is all well and good for marketing products, but how does it apply to real estate marketing? The truth is, if you have a content marketing strategy in place, chances are, you have a story to tell, and these are tools to help you do it.
Chatbots
Enter chatbots, the technology to turn your content into conversations. Chances are, you’ve already come face-to-screen with a chatbot and may not have even known it.
These computer programs simulate human conversation using auditory or textual methods. Basically, it’s software that communicates with your target audience inside a messaging app. Chatbots are already changing the way businesses interact with their prospects — and with each other.
If you’re thinking that you’re about to be replaced by a robot, relax. AI technology that could take the place of human interaction won’t happen anytime soon. Chatbots are a tool, and they need to be fed content and trained by human marketing professionals.
Tips for using chatbots
The first step is adapting your content for use in a chatbot conversation.
“You can’t just duplicate existing content in your conversational scripts,” says Frascella.
While the goals for your content are the same, the way it is delivered is different. That requires a shift in how it’s structured.
It’s also important to be mindful of timing. Because chatbots require users to opt into conversations, retaining permission to access your audience in this way depends largely on content and timing. This means delivering engaging, meaningful, and valuable content at regular intervals, but not intrusively.
For more ideas on creating a chatbot, check out this post.
Social messaging platforms for real estate are opening new doors for you to deliver personalized content straight to your target audience. Make the most of this opportunity!
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- 10 Social Media Statistics for Real Estate Marketers 2018
- Good Real Estate Marketing Gets Personal
- Social Media Trends for 2018 Real Estate Marketers Need to Know
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Paid Digital Advertising: A Beginner’s Guide for Real Estate Marketers
Paid digital advertising can help accelerate your content marketing efforts so that your content gets in front of prospective buyers and renters faster than would happen organically.
We are strong believers in content marketing. Build it, and they will come — or, in content-marketing speak, publish quality content, and buyers will come to you. But, content marketing takes time to bear fruit. There’s not much you can do about that.
Except paid digital advertising.
By investing in paid digital advertising, you can boost the reach of your posts, display ads, and videos. Pair quality content with a comprehensive digital advertising strategy, and you will be in a position to drive more traffic, create more brand visibility, and sell or lease more properties.
Your peers understand this. Within the first quarter of 2017, Facebook, Instagram, Twitter, LinkedIn, Snapchat, and Pinterest saw a 61.5% increase in paid media spend. And that’s only going to increase through 2018.
So where do you start? Here are three places to get started in using paid digital advertising to help market your property.
3 paid digital advertising platforms
1) Display ads
Display ads are the paid advertisements that appear in front of users on website pages in the form of graphics. Unlike text-based ads, display advertising relies on elements such as images, audio, and video to communicate an advertising message. Display ads are commonly referred to as banner ads, but they don’t always take banner form. They can come in all shapes and sizes, and can appear anywhere on a webpage.
Benefits: Because digital ads are visual, they can be customized with your logo, message, images of properties, or an offer to help increase brand awareness. You have the ability to use graphics, video, and audio to really stand out and highlight your properties. Display ads also allow users the ability to target a specific audience. You control which sites they appear on, which geographic area they appear in, and which demographic or niche market they appear to — all valuable tools for the real estate marketer.
2) Sponsored social media posts
There are sponsored posts plus other ad opportunities like Facebook like campaigns, website click ads, and lead ads.
Social media is a natural place to begin if you’re looking to get into paid digital advertising, particularly for the real estate industry. A good starting point is Facebook. The social media giant’s social ad revenue was more than $9.16 billion in Q2 2017 alone. And it doesn’t stop there. Twitter brought in $548 million in social media advertising revenue in the same period, and Snapchat is expected to reach over $895.5 million in ad revenue in 2017.
More specifically, three of the most useful types of sponsored social media posts for real estate marketing are:
- Facebook Like Campaigns: These campaigns are aimed directly at increasing the number of likes for a Facebook page, targeting people who might be interested in your brand and the posts you share on Facebook.
- Facebook Website Click Ads: These are ads that point people on Facebook to your website, or even the listings for specific properties.
- Facebook Lead Ads: These ads allow users to request information, estimates, or newsletters without leaving Facebook. Requiring fewer steps of prospective leads increases conversion rates.
Benefits: Running paid social ads allows you to reach a large audience at a low cost. You pay based on the type of ad you’re running. For example, if you’re looking to drive brand awareness, you’ll incur a CPM (Cost Per 1,000 Impressions). And not only are the ads relatively inexpensive to run, they’re not expensive to create. You get all of this plus the ability to target your specific audience, reaching people that are interested in learning about the properties you have to offer.
3) Google AdWords
Google AdWords places your website as one of the top results on a search engine results page (SERP) when a user searches for certain keywords of your choice. When a user clicks the AdWords link or calls your business using that link, you incur a charge (pay-per-click). Otherwise, impressions are free.
Google’s most recent update involves changes to the so-called “3-pack,” or the listing of three related local businesses on a search results page. Many users rely on the 3-pack to discover businesses in their area that offer the products and services they are seeking. This is particularly helpful for users searching for local real estate. And real estate copanies get the benefit of many additional leads and investors when they appear in the 3-pack.
Benefits: The biggest benefit of Google AdWords is its speed. You appear in a top spot in a user’s search results, meaning you are one of the first things a user sees when searching for a specific location or property keyword. That’s another good point: Google AdWords allows you to focus on people who are searching for what you have to offer, so you don’t pay for a bunch of wasted impressions — particularly valuable in real estate marketing, where geography is key. AdWords also gives you real-time reports to track your ad’s success. A dashboard shows information related to each campaign, such as the ads clicked, keywords entered by website visitors, cost of clicks and much more.
Related posts:
- How Pay-Per-Click Helped This Property Get 54 Leads
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Learn How Content Marketing Increased Real Estate Sales by 37% in 90 Days
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Using Content Marketing to Market and Sell Luxury Real Estate
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Must-Know Social Media Strategies for Real Estate
Social media fits real estate marketing like a glove—but only if it’s done right. These social media strategies for real estate will help you effectively tap into new sources of leads.
Real estate is a people business. That’s why you should leverage a marketing tool that is also all about people: social media.
If you have not begun developing social media strategies for your real estate business, now is the time to get started.
Consider for a minute that in 2017, 81% of Americans had at least one social media profile. And the numbers are projected to continue skyrocketing: by 2020, 200 million people just in the U.S. are estimated to be on social media.
And it’s not just your high school friends, and distant relatives who are all over Facebook—professional marketers are tapping into social media in a big way. A recent survey of marketing professionals found that 41% plan to up their social media marketing budgets “significantly” in 2018.
Social media strategies for real estate make a lot of sense. But that doesn’t mean that all social media use is good for your brand—the key is to use it the right way. As Bubba Mills, chief executive officer of Corcoran Consulting & Coaching, puts it, “Done right, social media can increase your trips to the bank. Done poorly, it can drive you to the poor house.”
These three strategies will help you ensure that social media takes your real estate business to the bank.
1. Know what’s out there
You’ll often hear people talk about “social media” like it’s a monolithic entity. In fact, every social media platform is unique, and comes with its own set of challenges and advantages. As you think about what content to post, consider what platform will best serve your own social media strategies for real estate.
Facebook and Twitter are ever-popular, and nearly any content can be tweaked to make sense on these platforms. More visual platforms, like Instagram and Pinterest, are ideal for showcasing properties or visual content like a before/after feature. To connect with target businesses or other industry professionals, LinkedIn is likely your best bet.
2. Be a resource: a key social media strategy for real estate
We hardly need to tell you social media is a nexus for the best and worst. When your prospects scroll through their newsfeeds, they wade through a tremendous amount of useless information. Your goal should be to grab their attention with a standout topic, and keep that attention and interest by providing value to your audience.
“When you write your social media posts, think of yourself as a teacher, not a salesperson,” says Mills. “Educate with solid facts and materials readers can use.” Establishing yourself as a trusted resource ensures a lasting and fruitful relationship with your audience.
3. Keep your eye on the prize
As with any marketing endeavor, a crucial first step is a strategy. Social media marketing is no different. A clear, documented social media strategy for real estate, with measurable goals and a mechanism for collecting data on its effectiveness is crucial for success. In the end, it’s all about generating leads—but it’s important not to forget all the steps on the way to this overarching goal.
Used wisely, social media can help build your brand, engage your potential buyers and renters, generate leads, and establish your reputation as a trusted resource.
Related posts:
- 10 Social Media Statistics for Real Estate Marketers 2018
- A Visual Guide to Social Media Posting Frequency for Real Estate
- Social Media Can Be a Strategic Weapon in Real Estate Marketing
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