While the world has embraced futuristic marketing in terms of the Internet of Things (IoT), Artificial Intelligence (AI), Virtual Reality (VR), Augmented Reality (AR), real estate companies are yet to fully harness the power of digital marketing. Most of the companies still rely on highly expensive & inefficient above-the-line (ATL) marketing activities by publishing ads in print media (newspapers, magazines), electronic media (TV, radio), OOH (hoardings, bus backs, lamp poles) to drive leads for their business. They believe branding is giving a bang during the time of project launch or during the time of festivity by rolling out attractive offers/ schemes so that their marketing becomes talk-of-the-town.
True, it may well become the talk-of-the-town. But, is that giving humongous sales for them?! The answer may be yes, but not always!
While larger conglomerate and big giants in real estate can absorb highly expensive & inefficient ATL marketing mediums, smaller real estate companies are biting the dust falling trap to such industry practices.
With the advent of email and SMS marketing campaigns, real estate companies leveraged these platforms to shoot promotional messages to their internal database and third-party database. While these mediums are relatively cheaper than ATL mediums, here too, they failed to engage with the target audience. When people were bombarded with promotional messages, telecom regulators and email service providers jumped-in giving the power to mark messages as spam and allowing people to take suitable action on errant.
Almost all real estate companies put their ad in realty portals, thus competing against a few thousands, if not a million. Not everyone browsing these realty portals are serious buyers. They might just be doing preliminary research. So, the quality of leads may not be that great to immediately convert them to sale.
What these real estate companies failing to do are, lead scoring and lead nurturing. They provide the same treatment to every prospect without having any mechanism to classify leads as hot, warm, cold, and dead. They fail to identify prospects who have some fear of purchasing immediately. They fail to educate such prospects about their product enabling him/her to make an informed decision. Most of the decision-makers in the Company think educating a prospect can create unnecessary trouble at a later stage. They fail to realize that by educating their prospects, they are influencing his decision-making capabilities. When you are educating a prospect, he/she will start reposing faith on you. More often than not, he/she may well turn out to be your customer.
Though many real estate companies have included digital marketing as a part of their integrated marketing strategy, these companies do not have any in-house digital marketing experts to run, review, and correct their digital marketing campaigns. They rely on the expertise and the guidance of digital marketing agencies to run their digital marketing campaigns. While most of these agencies can publish an ad campaign in Social media and Search engine, they lack the capability to analyze the success of the campaign.
Many of the decision-makers in the real estate companies are bought into thinking that posts, tweets, likes, comments, shares, mentions, reviews, reach, or making people visit one’s website will automatically translate into leads and sales. And when that is not translating to a sale, these agencies give them an impression that their target audience is not making a buying decision even after spending a decent amount.
Digital marketing is not about the number of posts, tweets, likes, comments, shares, mentions, reviews, reach, or making people visit one’s website. The core of digital marketing is showing a right product to the right audience at the right time. If you know someone who is not going to buy your product, showing an ad to him is futile. In the same vein, if you know someone who is a real prospect & who may buy your product over the time, not showing your ad is a crime.
I would even say, the core of marketing hasn’t changed with the advent of digital marketing and futuristic marketing – that is, identify your target audience, understand their need, and design your product to meet their need. In fact, this marketing concept can never undergo a change.
Despite best of marketing campaigns, if your product failed to take-off, it might be for a simple reason that you have tried selling your product to prospects rather than designing your product for the prospect.
While a decision-maker of the real estate company can say how many leads he/she can expect when he/she is putting an ad in print media/ electronic media/ OOH, it is the fear of the unknown that is making the decision-makers not to look at digital marketing seriously.
If you are a decision-maker and/or a marketer, analyze the credentials of these digital marketing agencies before engaging with a contract. The market is flooded with digital marketing agencies and consultants. Do not buy into a concept of the number of likes, comment, shares, mentions, reviews, and reach for your business at the time of signing contract. Ask digital marketing agencies if they have the capability to analyze the data and get an insight into prospect’s mindset.
If you are looking for a fully integrated end-to-end marketing agency in India, you can contact Mr. Brian Thomas at firstname.lastname@example.org. You can browse http://www.greenchillibrands.com/ for more details.