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Realtors’ guide to budget blowing, $100 at a time

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Blowing the Budget, $100 at a Time

In this market, it is crucial that we spend our money very very carefully and only use avenues that bring results! This sounds so basic, yet it’s difficult to stick to the “rules” when you’re bombarded with great new marketing ideas every day, and new advertising opportunities. Everything they say is so enticing!

It’s just a 1/2 cent per customer per day (for a $995/mo digital billboard you share with 8 other businesses, for a six month contract…. $6000 invested!)! 53,000 people will read your ad on the convention program (yeah right, do you keep those things? go back to your hotel room and read the ads?)

So many agents say “it’s just…” $100 per team sponsorship, or $200 for custom notepads, or $50 per month for the web page upgrade.

Tracking what matters

Yet do you track the only thing that matters? WHAT BRINGS BUSINESS IN THE DOOR? It’s only $100 IS $100 thrown down the drain if it doesn’t do a darn thing to make the phone ring. And the $995 ad could be a bargain if you get a listing out of it! But the point is you will never know unless you track it.

It’s not that hard! Just ask everyone who contacts you, how did you find me? Then mark it in your calendar. I track all my advertising and marketing expenses, and each lead that comes in write down where they came from.

My calendar for last month reads like this:

  • 5 inquiries from local print Real Estate Journal
  • 11 emails from Craigslist postings
  • 16 Trulia leads
  • 35 referral from friend/relative/past clientDo you see where I need to spend the most money / time / energy?

This won’t be the same for all agents. But you need to track your money and efforts and somehow come up with a way to evaluate if they are working or not. An “expensive” $300/month program isn’t that expensive if it pulls in 3 listings a month, does it? And a “cheap” $100 ad that pulls zero actually is pretty expensive, isn’t it?

Erica Ramus is the Broker/Owner of Ramus Realty Group in Pottsville, PA. She also teaches real estate licensing courses at Penn State Schuylkill and is extremely active in her community, especially the Rotary Club of Pottsville and the Schuylkill Chamber of Commerce. Her background is writing, marketing and publishing, and she is the founder of Schuylkill Living Magazine, the area's regional publication. She lives near Pottsville with her husband and two teenage sons, and an occasional exchange student passing thru who needs a place to stay.

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21 Comments

21 Comments

  1. Joe Loomer

    July 6, 2011 at 6:27 am

    Lead with revenue baby! Great post Erica! I would add that you need to know your personal hourly rate. If you're worth say $125 an hour, and you're spending two hours a day on Facebook playing Farmville or Idiotville or whatever – then you need to have a boss-to-employee talk with YOURSELF about where your money's going – especially if that time could have been spent engaging your SOI.

    Navy Chief, Navy Pride

  2. Sig

    July 6, 2011 at 7:08 am

    Nothing ever changes. When I began my career in 1972 all I ever heard from hucksters was "If you buy this….. you only have to make one sale a year to pay for it and still make a profit." It didn't take me long to figure out that the only goal these hucksters had was to take the money out of my pocket and put it in theirs by exchanging whatever snake oil product or promis they could come up with. Whatever did we do with our time before computers and social networking came along? Let's see, Oh yeah. We networked, prospected, concentrated on listing and selling. The way we do business has changed a little with electronics but the hucksters are still here and still trying to get into our pockets.

  3. David Lightburn

    July 6, 2011 at 7:10 am

    Very true…Sadly most of us don't know where the money goes. I spoke with an agent yesterday that was convinced that they are making $60,000 a year until they started to think about all those $100-like expenses that can quickly turn $60k to $30k if you don't know what's working.

  4. Ben Fisher

    July 6, 2011 at 10:07 am

    16 leads from trulia is impressive! Thanks for giving some insight as to where your leads come from.

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Business Marketing

How a Facebook boycott ended up benefitting Snapchat and Pinterest

(MARKETING) Businesses are pulling ad spends from Facebook following “Stop Hate for Profit” social media campaign, and Snapchat and Pinterest are profiting from it.

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Phone in hand open to social media, coffee held in other hand.

In June, the “Stop Hate for Profit” campaign demanded social media companies be held accountable for hate speech on their platforms and prioritize people over profit. As part of the campaign, advertisers were called to boycott Facebook in July. More than 1,000 businesses, nonprofits, and other consumers supported the movement.

But, did this movement actually do any damage to Facebook, and who, if any, benefited from their missing revenue profits?

According to The Information, “what was likely crumbs falling from the table for Facebook appears to have been a feast for its smaller rivals, Snap and Pinterest.” They reported that data from Mediaocean, an ad-tech firm, showed Snap reaped the biggest benefit of the 2 social media platforms during the ad pause. Snapchat’s app saw advertisers spending more than double from July through September compared to the same time last year. And, although not as drastic, Pinterest also saw an increase of 40% in ad sales.

As a result, Facebook said its year-over-year ad revenue growth was only up 10 percent during the first 3 weeks of July. But, the company expects its ad revenue to continue that growth rate in Q3. And, some people think that Facebook is benefitting from the boycott. Claudia Page, senior vice president, product and operations at Vivendi-owned video platform Dailymotion said, “All the boycott did was open the marketplace so SMBs could spend more heavily. It freed-up inventory.”

Even CNBC reported that Wedbush analysts said in a note that Facebook will see “minimal financial impact from the boycotts.” They said about $100 million of “near term revenue is at risk.” And for Facebook, this represents less than 1% of the growth in Q3. However, despite what analysts say, there is still a chance for both Snapchat and Pinterest to hold their ground.

Yesterday, Snap reported their surprising Q3 results. Compared to the prior year, Snap’s revenue increased to $679 million, up 52% from 2019. Its net loss decreased from $227 million to $200 million compared to last year. Daily active users increased 18% year-over-year to 249 million. Also, Snap’s stock price soared more than 22% in after-hours trading. Take that Facebook!

In a prepared statement, Chief Business Officer Jeremi Gorman said, “As brands and other organizations used this period of uncertainty as an opportunity to evaluate their advertising spend, we saw many brands look to align their marketing efforts with platforms who share their corporate values.” As in, hint, hint, Facebook’s summer boycott did positively affect their amazing Q3 results.

So, Snapchat and Pinterest have benefited from the #StopHateForProfit campaign. Snapchat’s results show promising optimism that maybe Pinterest might fare as well. But, of course, Facebook doesn’t think they will benefit much longer. Back in July, CEO Mark Zuckerberg told his employees, “[his] guess is that all these advertisers will be back on the platform soon enough.”

Facebook isn’t worried, but I guess we will see soon enough. Pinterest is set to report its Q3 results on October 28th and Facebook on the 29th.

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Business Marketing

Cooler temps mean restaurants have to get creative to survive

(BUSINESS MARKETING) In the midst of a pandemic and with winter approaching, restaurants are starting to find creative and sustainable ways to keep customers coming in… and warm.

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Outdoor eating at restaurants grows in popularity.

Over the last decade we have seen a change in the approach to clientele experiences in the restaurant business. It’s no longer just about how good your food is, although that is still key. Now you have to give your customers an experience to remember. There are now restaurants that feed you in the dark, and others who require you to check all your clothes at the door. Each of these provides an experience to remember alongside food that ranges from good to exquisite, depending on your taste.

Now, however, the global pandemic has rearranged how we think about dining. We can no longer just shove people into a building and create a delectable meal. If you’ve relied mostly on people coming into your restaurant, you may struggle to survive now.

The new rules of keeping clients safe means setting things up outside is the easiest means of keeping large numbers of them from crowding inside. Because of this, weather has become a key influence in a company’s daily income. Tents that were a gimmick before, only needed by presumptuous millennials, are now a requirement to keep afloat. People are rushing to make their yards into lawns that bring some in some fancy feeling.

The ties to the sun in some areas are so strong that cloudy days have been shown to drop attendance as much as 14% for the day. This will become the more apparent the colder it gets. For me, I always mention hibernation weight in the winter, when all I want to do is curl up and eat at home. Down here in Texas we are already finding cooler weather, drops into the 70s even in August and September. We are all assuming a cold winter ahead. So, a bit of foresight is finding a means of keeping your guests warm for the winter ahead.

San Francisco restaurants have started with heat lamps during their cooler evenings. Fiberglass igloos have also been added to outdoor seating as a means of temperature control. A few places down in the Lonestar state keep roaring fires going for their outdoor activities. While others actually keep you running in between beverages by encouraging volleyball matches. This is the new future ahead of us, and being memorable is the way to go.

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Business Marketing

Healthcare during pandemic goes virtual, looks to stay that way

(BUSINESS NEWS) Employment-based health insurance has already been through the ringer with COVID-19, but company healthcare options are adapting for long term.

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Stethoscope with laptop, showing healthcare going virtual.

Changes in employment-based health insurance may end up costing employers more, but will provide crucial benefits to workers responding to the healthcare challenges presented by the COVID-19 pandemic.

According to a recent survey by the Business Group on Health, a member-driven advocacy organization that helps large employers navigate providing health insurance to their employees, businesses will increase access to telehealth, mental health resources, and on-site clinics in the upcoming year.

Besides the obvious impacts of the coronavirus itself, the effects of the COVID-19 pandemic have also rippled out to affect other aspects of public health and how we engage with medical care. With so many people staying home to reduce their in-person contacts, there has been a significant increase in the use of telehealth services such as virtual doctor’s visits. According to the survey from Business Group on Health, whose members include 74 Fortune 100 companies, more than half of large employers will offer more options for virtual healthcare in the upcoming year than in the past.

The pandemic, resulting economic fallout, and dramatic changes to our lives have inevitably exacerbated peoples’ anxieties and feelings of hopelessness. As we move into cold weather, with no end in sight to the need to socially distance, this promises to be a particularly dreary, lonely winter. Mental health support will be more necessary than ever. In 2019, 73% of large employers provided virtual mental health services. That number will increase to 91% next year, with 45% of large employers also expanding their mental health care provider networks, making it easier for employees to find the right the therapist or other mental health service provider, and making it easier to access those services from home, virtually.

In addition, there will be a 20% increase in employers offering virtual emotional well-being services. Altogether, 9 out of 10 of the employers surveyed will provide online mental health resources, which, besides virtual appointments, could also include apps, webinars, and educational videos.

There has also been a slight increase the availability of on-site clinics that provide coronavirus testing and other basic health services. This also included an expansion of resources for prenatal care, weight management, and chronic health problems such as diabetes and cardiovascular disease.

These improvement won’t come free of charge. While deductibles will remain about the same, premiums and out-of-pocket costs will increase about 5%. In most cases, employers will handle these costs, rather than passing them on to employees.

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