Real Estate Marketing & Beyond
Much of the older work force continues struggling with social media marketing while the millennial generation insists businesses first build a relationship before trying to make a sale (or real estate purchase). Many that began their careers in the non-digital world thought that putting up a Facebook page was all that was needed. Then came Twitter, Instagram, YouTube, and a slew of other social media platforms. The rate of change has become mind boggling to those used to measuring change over decades but now face constant change.
Millennials grew up and came of age when the internet and cell phones have always existed. They have no idea what a rolodex is. For them, everything is either an electronic contact list or can be researched on the internet. One thing that social media has revealed is how much the opinions of others affect the decisions of friends, family, and even strangers. We've long known how powerful word-of-mouth marketing is but it has taken on a new life in the instant messaging, Facebook Likes, and all of the multiple ways people now have of quickly and constantly communicating with each other.
There are many important aspects of social marketing. Value added content is critical but effectively placing this information in front of the right eyes is just as important.
Recent statistics show that 78 percent of adults have a social media account. This is a 5 percent increase over last year and can be expected to continue increasing going forward. But a shotgun approach that targets all of these people in the same way is not the most effective. You need to break your audience into groups by how much influence each has.
82 percent of Americans say they seek out advice from family and friends when making a significant purchase or transaction. Studies show a personal recommendation is 50x more likely to trigger a purchase by others than traditional advertising.
The basic formula to social marketing has expanded to multiple platforms but the strategy remains mostly unchanged. You first want to learn which platforms are the most popular with your followers and/or potential followers. When you go with multiple social platforms, be sure your message clearly communicates the same brand message across all of them.
Your next task is connecting with your target audience. Not only do they want to hear from you but also they often want to hear from other people active in the community. You can accomplish this by encouraging comments, posting testimonials, and even asking readers to make guest posts on your outgoing message platform.
Social marketing is evolving at a very fast pace and goes much deeper than this short article. However, you won't go wrong when you begin by understanding who your influencers are and providing them with content that encourages them to share it with their community. This is just the next step in word-to-mouth marketing. More to come as digital media continues evolving...
Please comment with your social marketing insights. Also, our weekly Ask Brian column welcomes questions from readers of all experience levels with residential real estate. Please email your questions, inquiries, or article ideas to [email protected].
Author bio: Brian Kline has been investing in real estate for more than 35 years and writing about real estate investing for 12 years. He also draws upon 30 plus years of business experience including 12 years as a manager at Boeing Aircraft Company. Brian currently lives at Lake Cushman, Washington. A vacation destination, a few short miles from a national forest. With the Pacific Ocean a couple of miles in the opposite direction.
Thank you Brian for this very informative article. To be sure Millennial's are a complex group who demand a certain type of attention that many of my fellow " Baby Boomers " are unaccustomed too but are a much needed and desired group. Being technologically fluent is a must to reach them. As one of the fastest growing demographics of home-buyers, knowing what interests them, what they are keen to respond to and what makes them want to buy is a must.
Thank you again for your article.
Thanks Ralph. You comments about understanding what is important and of interest to Millennials is good advice.
Brian Kline
Millennials are quite tech savvy and it is a silly thing to try and deceive them as they research thoroughly before making even a small purchase decision and once you lose credibility then it is havoc as he/she has all your social channels available to criticize you over. Millennials is quite a different niche and I liked your point in which you said that it is now a requirement to build a relationship first before making a sale. Big brands generally do not have much time to build relationships with all the people so what they can do I personally believe that letting algorithm run and provide visitors with personalization on website through their past choices and including reviews from previous customers can be best options, what do you say Brian?
Thank you Rachel. Your comment carries an important market message about millennials.
Brian Kline