In the last several years, ROI has become a buzzword in and of itself in the realm of new media, and why not? It’s important for any real estate aficionado to understand it and how to measure it. Although it is important to prove why any endeavor is worth exploring, ROI is also used to effectively evaluate areas of improvement as well as success.
ROI, the definition:
A performance measure used to evaluate the efficiency of an investment or to compare the efficiency of a number of different investments. To calculate ROI, the benefit (return) of an investment is divided by the cost of the investment; the result is expressed as a percentage or a ratio.
Let’s talk about the obvious
If you consider yourself a business, then you should have a marketing and communications strategy, and if you don’t, then get one. Also, you’ll need to evaluate what you’ll spend annually in relation to both.
Varied uses of social media
One of the problems I have with any argument around social media is how broad brushed everyone paints their questions and answers. Targeted questions to specific components get targeted answers.
A few components of social media:
- Professional networking
- Pull Marketing (the primary focus of this article)
- Customer service
Dispelling a few myths
Although the new media spaces you utilize to reach audiences are often free, social media itself is not free when you factor in the different variables that go into your online presence. A few main examples are your monthly bandwidth fees via your phone, home, and office, as well as the cost of your website initially and the costs associated with maintaining it, not to mention the electronic devices utilized to effectively use them.
Your time is also a variable and the most fluid and damning as it isn’t a controlled expense unless you manage it successfully. This is by far the biggest criticism of those within the social media space, that time seems plentiful when it is actually the highest cost associated with social media when you are a producing real estate agent already.
If you have a successful practice, spending valuable time managing your own website seems cost prohibitive as does sitting online practicing the art of engagement when time itself is a very precious commodity. Abandoning proven and successful methods makes little sense to those that have it on good authority that their market share using those methods aren’t eroding against new online techniques of lead production. If the producing agent does feel a pinch to modernize, then the most cost effective route may be to hire professionals to manage and maintain their online presence, or adding staff (or responsibilities to existing staff) to handle the new media brand relationship side of things.
The BIG misconception
The biggest misconception we’ve seen by most either within social media, or beginning in social media is the misunderstanding that a stand alone website is, in fact, a new media space. Although you would never compare your new media space in size to Facebook, LinkedIn, or Twitter, you cannot dismiss the primary value these spaces hold in relation to your own new media space, and that is consumers. Understanding the traffic value of Google, coupled with the traffic value of the big three social media spaces, it only makes sense to pull traffic to your own community known as your real estate blog, where your real estate content is the value and point of sale for your brand.
Discovering the return
Discovering your return is not black and white for any practicing real estate professional. We all have varied ideas of what needs to happen in order to make the phone ring. While some use social media solely for professional networking, that is probably one that is easiest to measure in terms of direct referrals, however, when a business and or professional is using it specifically to leverage buyers and sellers, the opportunities require a lot more fine tuning.
A few of the most obvious indirect returns are: (tangible and measurable)
- Newsletter subscriptions
- Comments to articles
- Measurable traffic from new media spaces
- How many blog articles are shared socially
Obvious direct returns: (tangible and measurable)
- Closing a transaction
- Getting direct referrals
- A phone call
- An email
- A meeting
These only make sense if the base readership within new media spaces are (controlled) actual consumers of products and not real estate professionals. Again, this is another argument by producing agents that most of what real estate professionals using social media have done are build followings of competitors rather than consumers, and we would agree. Measuring any of the above mentioned indirect returns need to be vetted properly for actual buying consumers, otherwise you’re just lying to yourself, unless again, your goal isn’t to sell real estate but something else entirely.
Using tools to measure the return
Using free tools such as Thymer to monitor your time, and Stat Counter and Google analytics to measure both normal traffic and traffic spikes for popular pages and articles, you can measure the success of headlines used to pull traffic from major social media spaces to your own as a possible return, and ultimately measure indirect (and direct) responses. Again, you must have a solidified goal in mind in which to measure your campaign, while staying aware of both good and bad side effects of your marketing tactics. For example, broadcasting a headline several times a day and tracking when the highest return is possible is crucial to understanding your audience.
Your marketing tactics should always align with a goal, otherwise you’re only blowing hot air. Tactics do not take a year to measure, unless you’re equating your new media space to an incubator. If you’re using newsletters and your blog as an incubator (or pipeline), then you should develop ways of connecting directly with these consumers within the incubator to better discover their goals. This is the power many are feeling in social media, but have yet to put their finger on, describe, or have yet discovered how to wield it- we go directly to connection via offline meet-ups.
The phase of discovery
Those that say ROI isn’t measurable aren’t really looking at what can be measured. It’s in measuring the obvious that you begin to see how to build outward through channels. Channels could either be a specific listing, or a specific category you’re building out as a niche such as ‘Foreclosure’, and another channel might be ‘Home buyer tax credit secrets’ and measuring both Google results as well as pulled traffic from new media spaces around those niched headlines, and better optimizing invitation (capture) mechanisms for those categories- the same could be applied to direct mail campaigns that lead consumers to specific landing pages that then lead outward to connecting via Twitter where headlines are used as touch mechanisms. The possibilities are endless.
What is difficult for many to swallow is the time in which it takes to initially build a following (audience) within new media spaces that actually consume and share your content or the separation of the professional networking side of social media. But one only needs to recognize that we’ve all sold real estate with our websites as the initial point of brand consumption, as well as been a Google result or received a referral from a professional network to justify the initial investment in opportunities to multiply exposure and create opportunities to do business before the website is ever even seen- this is the ultimate appeal of both, love it or hate it.
What entreprenuers can learn about branding from trendy startups
(BUSINESS MARKETING) What’s the secret of focused startup branding, and how can you apply it to large enterprises?
Think of your favorite brand. Is it the product they offer or the branding that you love? Exactly – brand ethos reigns supreme, especially with those trendy, aesthetically-pleasing startups (I never thought Glossier had good makeup, but I’d be lying if I said I didn’t visit their website once or twice a month).
So let’s break it down.
Co-founder of Red Antler – a company that assists startups in creating successful branding – Emily Heyward believes in a few branding truths.
Firstly, you have to make sure not to market your brand as a single product or experience. Doing so, she says, will pigeonhole you and thus truncate your ability to expand and offer new products and services (she gives MailChimp, known almost exclusively for email marketing, as an example).
What Heyward does say to do is instead market an idea. For example, the brand Casper (one of Antler’s clients) markets itself as a sleep company instead of a mattress company. By doing this, they kept the door open to eventually offer other products, like pillows and bedding.
Heyward states that this “power of focus” is a way to survive – with countless other startups offering the same product or service, you have to position your company as offering something beyond the product. Provide a problem your customer didn’t know they had and offer an innovative solution through your product.
Ever used Slack, the app-based messenger? There were other messengers out there, so focus of Slack’s branding is that regular messaging is boring and that their app makes it more fun. And customers eat it up.
How can this logic apply to mid-to-large enterprises? How can you focus on one specific thing?
Again, placing emphasis on brand over products is essential – what is it about what you offer that makes your customers’ lives better? It’s more cerebral than material. You’re selling a better life.
Another thing to remember is that customers are intrigued by the idea of new experiences, even if the product or service being offered is itself not new. Try not to use dated language that’s colored by a customers’ preexisting feelings. Instead, find an exciting alternative – chat solutions are desperately trying move away from the word “chat”, which can bring to mind an annoying, tedious process, even though that is in fact what they offer.
Broadening the idea of focused brand ethos to a large company can be difficult. By following these tips and tricks from startups, your company can develop a successful brand ethos that extends beyond your best product or service.
Spruce up your product images with Glorify (just in time for Black Friday!)
(BUSINESS MARKETING) Want professional, customizable product images for your company? Consider Glorify’s hot Black Friday deal.
Glorify, the app that creates high converting, customizable product images for your business, is offering a lifetime deal for $97 this Black Friday. In just a few clicks, you can transform one of Glorify’s sleek templates into personalized, professional-looking content – and now, you don’t have to pay that monthly fee.
Whether your business is in electronics, beauty, or food & drink, Glorify offers a range of looks that will instantly bring your product images to the next level. With countless font styles and the ability to alter icon styles, shadows and other elements, you can access all the perks of having your own designer without the steep price.
In 2019, Glorify was launched – the app was soon voted #2 Product of the Day and nominated for Best Design Tool by Product Hunt. Since then, they have cultivated a 20k+ user base!
Glorify 2.0, which was launched last week, upgrades the experience. The new and improved version of the app is complete overhaul of intuitive UI improvements and extra features, such as:
- background remover tool
- templates based on popular product niches and themes
- design bundles for your website/store, social media
- annotation tool
- upload your brand kits and organize your projects under different brands
- 1 click brand application
- & much more!
“But the most important aspect of Glorify 2.0, is that it comes with a UI that sets us up for future scalability for all our roadmap features”, said CEO of Glorify Omar Farook, who himself was a professional graphic designer.
Farook’s dream was to provide a low-cost design service for the smaller businesses that couldn’t otherwise afford design services. Looking through reviews of the app, it’s evident that Glorify does just that – it saves the user time and money while helping them to produce top-notch product images for their brand on their own.
Glorify is one of the many new design-based apps that make producing content a breeze for entrepreneurs, such as Canva. As someone who loves design but doesn’t have the patience for Creative Cloud, I personally love this technology. However, Glorify is unique in that it is the only product-driven design app. All you have to do is upload your photo!
This new Chipotle location will be fully digital
(BUSINESS NEWS) In the wake of the pandemic and popularity of online delivery, Chipotle is joining the jump to online-only locations, at least to test drive.
A lot of industries have switched to an online-only model in the wake of the pandemic. Most of them have made sense; between abundant delivery options and increased restrictions on workers, moving away from the traditional storefront paradigm isn’t exactly a radical choice. Chipotle making that same decision, however, is a plot twist of a different kind—yet that’s exactly what they’re doing with their first online store.
To be clear, the chain isn’t doing away with their existing locations; they’re just test-driving a “digital” location for the time being. That said, the move to an online platform raises interesting questions about the future of the restaurant industry—if not just Chipotle itself.
The move to an online platform actually makes a lot of sense for businesses like Chipotle. Since the classic Chipotle experience is much less centered on the “dining” aspect than it is on the customizability of food options, putting those same options online and giving folks some room to deliver both decreases Chipotle’s physical footprint and, ostensibly, opens up their services to more people.
It’s also a timely move given the sheer number of people who are sheltering in place. A hands-on burrito assembly line is not the optimal place to be in a pandemic, but there’s no denying the utilitarian appeal of Chipotle’s products. To that end, having another restaurant wherein you have the option to order a hearty meal with everything you like—which is also tailored to your dietary needs—is a crucial step for consumers.
Chipotle’s CTO, Curt Garner, says he is hoping this online alternative will offer a “frictionless” experience for diners.
As a part of that frictionless experience, consumers will be able to order in several different mediums. Chipotle’s website and their mobile app are the preferred choices, while services like GrubHub will also be available should you choose to order through a third-party. The idea is simple: To bring Chipotle to you with as little fuss as possible.
For now, Chipotle is committing to the single digital location to see how consumer demand pans out. Should the model prove successful, they plan to move forward with implementing additional digital locations nationwide.
Tech News2 weeks ago
Internet of Things and deep learning: How your devices are getting smarter
Opinion Editorials1 week ago
Popular opinion: Unemployment in a pandemic sucks [EDITORIAL]
Tech News1 week ago
4 ways startups prove their investment in upcoming technology trends
Business Marketing2 weeks ago
Spruce up your product images with Glorify (just in time for Black Friday!)
Business Entrepreneur2 weeks ago
If you’re an employer, don’t hire without knowing about these hidden traits
Business News2 weeks ago
There, and back again? Working remotely now, and in a post-vaccine world
Social Media2 days ago
Facebook’s latest acquisition dives into backend of social media marketing
Business News2 weeks ago
DMCA and Twitch streaming, aka a mess of copyright