Almost every aspect of our lives now occur online--from healthcare, education, politics, shopping habits, to our family interactions and personal lives. Real estate investing is no exception, and more and more possibilities to do business online emerge daily. This means new opportunities for marketing your business in an expanding digital landscape.
Marketing is simply understanding your customers, leads and other stakeholders so you can provide the right services and goods at the right time. Digital marketing simply moves this relationship online. It provides endless opportunities to find, understand and interact with your customers: website, email, social media, and more. Here are a few key strategies to try in 2020 so you can better market to prospects and customers and ultimately grow your real estate business.
1. Know your target audience
Perhaps the most important strategy to successful digital marketing is to know your audience. Clearly define who the people are that you want to reach. Maybe you’re looking to acquire more end buyers. What’s their demographic? Perhaps you sell to a lot of first-time millennial homebuyers. More specifically, perhaps they seek single-family residential properties in up-and-coming neighborhoods. Maybe they value a street that’s “walkable,” green spaces, or proximity to public transit. Don’t know? Take a look at your current customer base -- or, better yet, interview them! As you develop your core customer persona, you can start to craft a marketing strategy that best speaks to them.
2. Nurture your network
91% of adults keep their device within arm’s reach. This means your network is available virtually 24/7 and gives you countless opportunities to nurture them. As any investor knows, you rarely close business in one shot, so following up with your prospects is essential. Digital marketing means taking multi-channel engagement online beyond in-person meetings, direct mail and phone calls. Maybe you publish weekly Facebook photos of recently acquired properties and tag your prospective buyers. Or feature client success stories so that you’re more likely to secure repeat business from them. All this is possible to do across multiple platforms, increasing your chances of closing more business.
3. Test, measure, improve
Digital marketing channels also provide built-in data: email open rates, website traffic and sources, engagement on social media, and more. Analytics help you monitor the success and ROI of your campaigns more than you could with traditional marketing like print ads or direct mail. For example, if you’re a wholesaler emailing off-market deals to potential buyers, you can test and see what kind of subject lines get your contacts to open emails and use those in the future to increase your sales cycle. Data-driven marketing means faster, smarter business decisions.
Digital marketing can change the game for your real estate business. Marketing data shows you what’s working for your customers and what isn’t, so as a real estate investor, you can continuously improve how you communicate with your audience. Ultimately, this saves time on guesswork, connects you with your audience, and means you can close more business.
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