I like Seth Godin
I really do. I think much of what he has written about marketing is nothing short of genius. And I think his ideas about permission based marketing are right on the on the money. But even our heroes can make mistakes, and I think Seth has made one recently.
In a recent post, Seth wrote;
Travel agents… gone.
Stock brokers… gone.
Real estate brokers… in trouble. Photographer’s agents, too.
The problem with being a helpful, efficient but largely anonymous middleman is pretty obvious. Someone can come along who is cheaper, faster and more efficient. And that someone might be the customer aided by a computer.
Not sure I agree with him here. Real Estate agents may be in trouble, but that’s more the result of the economy and the lack of credit liquidity than the function of our job. Our job is not to be “a helpful, efficient but largely anonymous middleman” but to fulfill a number of functions for the consumer, only one of which involves sifting through data on the computer.
Seth Doesn’t “Get Us”
Some house sellers hesitate to pay real estate brokers because they don’t believe the 6% payment is an opportunity, they see it as a tax.
I might agree with him here, but this is more a function of the seller’s lack of knowledge than anything else, and certainly has not changed in the last 101 years. It has always been a challenge to explain to the seller the value that is added by our services, and many agents have a tough time articulating exactly what they bring to the process as well. In fact, I believe that the main reason some agents have a tough time negotiating commission is because they don’t fully understand what they bring to the table. That’s a subject that is deep enough and complex enough for another post, so I’ll ask that you take my word for it here, and just remember that properties that are sold by agents generally sell for more money than homes that are not listed by an agent. So let’s assume that the increased sales price,reduction of risk, third party negotiating, and navigation through a complicated legal process are sufficient value for the sake of this post.
We Know Who We Are
Key point: anonymous agents are interchangeable and virtually worthless. Agents that don’t do anything but help one side find the other side in a human approximation of Google aren’t so helpful any more.
Think about how anonymous the typical real estate broker is. He will sell almost any house or represent almost any buyer. When selling a house, he has a fiduciary responsibility to represent that house to the best of his ability. Just like every other broker. The great real estate brokers do far more than this.
OK Seth, here’s is where I really get some heartburn. The fact that our skills are transportable from one buyer or seller to the next, and are not defined by the property (with the exception of specialized disciplines) does not mean we are anonymous. Nor does it mean that we do the same thing over and over again or that we are interchangeable.
We Know What We Do
We don’t represent house. We represent people. We determine their needs and then we do what needs to be done to help them meet those needs. Its not our fiduciary responsibility to represent the client, it is our professional obligation. Doing that means different things to different people. And while the line “The great real estate brokers do far more than this” sounds good, it doesn’t make any sense to me. How do you do more than the best you’re able to do? We don’t all finish the race at the same time, even if we all start together, but that’s a function of our talent, training, skills, and effort, not the market or the technology.
To thrive in a world of self-service, agents have to hyperspecialize, have to stand for something, have to have the guts to say no far more than they say yes. No, you can’t publish this book. No I won’t represent you. No, don’t take that flight. No, I won’t sell this house, it’s overpriced, list it yourself.
Again Seth, this was always the case in our business. We have been training agents for years not to take the overpriced listing, to provide the right advice when its what the client needs to hear even if its not what the client wants to hear.Again, like some many others, Seth doesn’t fully understand the job of the real estate agent, and thinks its just a matter of putting the property in the MLS and then taking a nap until the property is sold.
Finally We can Agree Again
When markets change, agents can lead the way, not follow along grudgingly.
At last we can agree. Though I don’t think our expertise is going to eliminated by technology, it is important that as agents we lead the way. That we stay educated, understand the challenges facing our consumers. Guide them through the process in the smoothest way possible. Minimize their costs, and their legal exposure, while assisting them in obtaining terms that are preferential to them. All things that are easy for the do it yourself person to achieve, even with an awesome computer and a lightning fast interface to the largest database of properties in their market.
Marketing amidst uncertainty: 3 considerations
(BUSINESS MARKETING) As the end of the COVID tunnel begins to brighten, marketing strategies may shift yet again – here are three thoughts to ponder going into the future.
The past year has been challenging for businesses, as operations of all sizes and types and around the country have had to modify their marketing practices in order to address the sales barriers created by the pandemic. That being said, things are beginning to look up again and cities are reopening to business as usual.
As a result, companies are looking ahead to Q3 with the awareness they need to pivot their marketing practices yet again. The only question is, how?
Pandemic Pivot 1.0: Q3 2020
When the pandemic disrupted global markets a year ago, companies looked for new ways to reach their clients where they were: At home, even in the case of B2B sales. This was the first major pivot, back when store shelves were empty care of panic shopping, and everyone still thought they would only be home for a few weeks.
How did this transition work? By building out more extensive websites, taking phone orders, and crafting targeted advertising, most companies actually survived the crisis. Some even came out ahead. With this second pivot, however, these companies will have to use what they knew before the pandemic, while making savvy predictions about how a year-long crisis may have changed customer behavior.
Think Brick And Mortar
As much as online businesses played a key role in the pandemic sales landscape, as the months wore on, people became increasingly loyal to local, brick and mortar businesses. As people return to their neighborhood for longer in-person adventures, brands should work on marketing strategies to further increase foot traffic. That may mean continuing to promote in-store safety measures, building a welcoming online presence, and developing community partnerships to benefit from other stores’ customer engagement efforts.
Reach Customers With PPC
Obviously brick and mortar marketing campaigns won’t go far for all-online businesses, but with people staying at home less, online shops may have a harder time driving sales. Luckily, they have other tools at their disposal. That includes PPC marketing, one of the most effective, trackable advertising strategies.
While almost every business already uses some degree of PPC marketing because of its overall value, but one reason it’s such a valuable tool for businesses trying to navigate the changing marketplace is how easy it is to modify. In fact, best practice is to adjust your PPC campaign weekly based on various indicators, which is what made it a powerful tool during the pandemic as well. Now, instead of using a COVID dashboard to track the impact of regulations on ad-driven sales, however, companies can use PPC marketing to see how their advertising efforts are holding up to customers’ rapidly changing shopping habits.
It’s All About The Platforms
When planning an ad campaign, what you say is often not as important as where you say it – a modern twist on “the medium is the message.” Right now, that means paying attention to the many newer platforms carrying innovative ad content, so experiment with placing ads on platforms like TikTok, Reddit, and NextDoor and see what happens.
One advantage of marketing via smaller platforms is that they tend to be less expensive than hubs like Facebook. That being said, they are all seeing substantial traffic, and most saw significant growth during the pandemic. If they don’t yield much in the way of results, losses will be minimal, but given the topical and local targeting various platforms allow for, above and beyond standard PPC targeting, they could be just what your brand needs as it navigates the next set of marketplace transitions.
The last year has been unpredictable for businesses, but Q3 2021 may be the most uncertain yet as everyone attempts to make sense of what normal means now. The phrase “new normal,” overused and awkward as it is, gets to the heart of it: we can pretend we’re returning to our pre-pandemic lives, but very little about the world before us is familiar, so marketing needs a “new normal,” too.
Advertising overload: Let’s break it down
(BUSINESS MARKETING) A new study finds that frequent ads are actually more detrimental to a brand’s image than that same brand advertising near offensive content.
If you haven’t noticed, ads are becoming extremely common in places that are extremely hard to ignore—your Instagram feed, for example. Advertising has certainly undergone some scrutiny for things like inappropriate placement and messaging over the years, but it turns out that sheer ad exhaustion is actually more likely to turn people off of associated brands than the aforementioned offensive content.
Marketing Dive published a report on the phenomenon last Tuesday. The report claims that, of all people surveyed, 32% of consumers said that they viewed current social media advertising to be “excessive”; only 10% said that they found advertisements to be “memorable”.
In that same group, 52% of consumers said that excessive ads were likely to affect negatively their perception of a brand, while only 32% said the same of ads appearing next to offensive or inappropriate content.
“Brand safety has become a hot item for many companies as they look to avoid associations with harmful content, but that’s not as significant a concern for consumers, who show an aversion to ad overload in larger numbers,” writes Peter Adams, author of the Marketing Dive report.
This reaction speaks to the sheer pervasiveness of ads in the current market. Certainly, many people are spending more time on their phones—specifically on social media—as a result of the pandemic. However, with 31% and 27% of surveyed people saying they found website ads either “distracting” or “intrusive”, respectively, the “why” doesn’t matter as much as the reaction itself.
It’s worth pointing out that solid ad blockers do exist for desktop website traffic, and most major browsers offer a “reader mode” feature (or add-on) that allows users to read through things like articles and the like without having to worry about dynamic ads distracting them or slowing down their page. This becomes a much more significant issue on mobile devices, especially when ads are so persistent that they impact one’s ability to read content.
Like most industries, advertisers have faced unique challenges during the pandemic. If there’s one major takeaway from the report, it’s this: Ads have to change—largely in terms of their frequency—if brands want to maintain customer retention and loyalty.
7 simple tips to boost your customer loyalty online
(BUSINESS MARKETING) Without a brick-and-mortar store, building rapport and customer loyalty can be a challenge, but you can still build customer loyalty online.
With many businesses – both big and small – operating online, there are less opportunities for building those face-to-face relationships that exist in brick and mortar stores. According to smallbizgenius, 65% of the company’s revenue comes from existing customers.
It’s important to keep in mind the different tactics at your disposal for increasing customer loyalty. Noupe recently released a list of actionable tips for increasing this loyalty. Let’s examine these ideas and expand on the best.
- Keep your promises – Stay true to what you’ve agreed to, obviously contractually, but stay true to your company values as well. Even if you feel you’ve built a good loyalty where there is room to take a step back, don’t rest on your laurels and be sure to remain consistent. If you’ve provided a good experience, keep that going. The only change that should happen is in it getting better.
- Stay in communication – In addition to the ever-so-vital social media platforms, consider creating an email newsletter to stay in touch with your customers. Finding ways to have them keep you in mind should be at the front of your mind. By reaching out and being friendly, this will help retain their business.
- Be flexible with payments – No, don’t sell yourself short, but consider installment plans for pricier items or services. This will help customers feel more at ease when their wallet’s health is at stake.
- Reward programs – Consider allowing customers to accrue loyalty points in exchange for a freebie. The old punch card method is still an incredibly popular concept, and is a great way to keep people coming back. The cost associated with giving something away for free will be minimal in comparison to loyalty you receive in order for the customer to get to that point. Make sure that what a customer is putting in is about equal to what they’re getting out of it (i.e. don’t have a customer spend $100 in order to get $1 off their next purchase). If all of this proves successful, this can eventually be expanded by creating VIP levels.
- Prioritize customer service – A first impression is everything. By prioritizing customer service, you can help shape the narrative of the customer and how they view your business. This splinters off into them giving good word of mouth recommendations to friends and family. Be sure to keep positive customer service as the forefront of your mind, as giving a bad review is just as easy – or even easier – as giving a good review.
- Value feedback – Allow customers a space to provide their feedback, either on your website or on social media. Find out what brought them to you and gage how their experience was. Be sure to thank them for their feedback and take it into consideration. Feedback – both good and bad – can be vital in helping shape a business.
- Avoid laziness – Stay sharp at all times. Don’t treat all customers as nothing but currency. Include personalized touches wherever you can. This will make all of the difference.
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