Marketing technology is advancing at lightning speed, and things aren’t slowing down. AI, automation, and machine learning are just a few of the tools supplanting antiquated marketing processes. Specifically, real estate marketers are in a constant race to keep up with shortening attention spans, digitization of the marketplace, and rising competition—all while working at breakneck speed to identify and engage their prospects. Where do they reside online? That’s easy – on social media.
Currently, 79% of the U.S. population has at least one social media profile, and globally, Facebook has 1.56 billion users logging on each day. Most brands have some sort of online presence whether it’s their company website, Yelp, or Google My Business listing, but that’s sometimes where it stops. The problem is, real estate-focused websites alone have trouble reaching and appealing to prospective residents – especially Gen Z and millennials who spend more time online than their predecessors. With this in mind, proactive companies are developing a social media presence that directly advertises and sells to relevant audiences. Strategic placement, sponsored content, and smart digital advertising can connect a company’s message with their ideal customer, helping to drive more leads. Your audience is there – are you?
To engage with your prospects on an impactful scale that’s both measurable and manageable from a budgetary perspective, social advertising is mission critical. Below are three ways real estate marketers can build a successful social strategy:
Find Your Audience
On a broad scale, it’s fair to assume that professional social networking platforms such as LinkedIn will be more effective in B2B marketing than other social media platforms, while Facebook, Twitter, and Instagram are best for engaging B2C audiences. Facebook in particular, has the broadest demand generation reach and its geographic targeting is highly effective at reaching local prospects to fill their properties. Instagram can also be useful as it is a visual medium that allows multifamily marketers the opportunity to highlight the more unique differentiators of their communities.
To eliminate wasted spend, marketers must be sure they’re pursuing platforms where their customers actually spend their time. While Facebook holds the most promise for senior living attention (65% of 50-64 year olds and 41% of those 65+ have a Facebook profile), LinkedIn is most effective for reaching real estate investors looking to build their portfolios through investment in high-performing properties. No matter the industry or product, the target audience is there – with their eyes glued to the screen – and you need to be too.
To lay the foundation, determine the following:
- Who are your target audiences?
- Where are they most active?
- What type of ads will best meet their interests and expectations?
Focus Advertising Spend
With endless amounts of information available at the click of a button, consumers only pay attention to relevant, personalized, and credible information. According to 2018 Google research, more than 60% of people expect brands to provide consumers with the information they need when they need it. This starts with ensuring your audience is always provided the most up-to-date information, a necessary step in focusing advertising efforts.
Using algorithmically formatted social media ads gives real estate professionals insight into who, what, and where their advertising should be targeted – helping eliminate wasted time and budget spent on broader, unfocused demographics. The collected data then provides insight into which advertising initiatives are generating the most interest, where they originated from, and what demographics have the highest levels of engagement. This translates into tailored, results-driven intel for future marketing campaigns and strategies as well as efficiency in advertising spend.
Consider the following:
- How can you maximize spend while optimizing efforts?
- What social media platforms will best reach your target audiences, and which are a waste of spend?
Successful advertising strategies don’t have a finish line; gaining data and analyzing reports should be a top priority in a strong social strategy. Data-driven businesses that use smart technologies such as machine learning to serve more relevant experiences to their prospects are better positioned to take share away from their competitors.
As your company engages with more audiences through social, it is important to monitor the conversations surrounding your product or brand. This allows for timely and empathetic responses to critics and positive reinforcement for brand and customer advocates.
In relation, pose the following:
- Are you effectively monitoring 360-degree conversation surrounding your brand?
- Which social platforms and ad efforts produced the most results? Which didn’t?
- How can you use this insight to improve your social strategy – both organic and paid?
Social media advertising strategies will evolve as needs, audiences, and results change. Over the past decade, social media has completely overturned traditional advertising methods. In fact, the three major social platforms (Facebook, Twitter, and LinkedIn) contribute to 90% of social traffic to B2B and B2C content and sites. Operating under that knowledge, if your company isn’t on or properly leveraging social media, business objectives will fall short and you’ll likely be overshadowed by more adept and informed competition.