Look around right now, and you’ll see people on their laptops, netbooks, eReaders, mobile phones, iPhones, etc. Consumers are searching, posting, digging, and videoing at unprecedented rates. There are an estimated 60 billion online searches made every month. Over 1.6 million blogs are posted each day. There are over 400 million active Facebook users. People communicate differently today than they did three years ago.
In today’s environment of reduced budgets and increased competition for consumer attention, you need know the new rules of reaching your target consumer. The National Association of Realtors (NAR) reports that, in 2009, approximately 94% of homebuyers searched online for their new home. If you are, in any way at all, approaching marketing the way you were a few years ago, you MUST change.
“Change” is easier said than done. You may look back at the success you experienced a few years ago and find it difficult to change gears on marketing in such uncertain times. If change was as easy, then the companies that made 1999′s Fortune 500 list would not need to say goodbye to 238 of their peers a mere 10 years later – a change of almost 50% from the 1999 Fortune 500 to the 2009 Fortune 500.
You’re not alone. Giant companies, many household names, are responding to these same facts. In March, General Motors announced they are shifting $1.5 Billion of advertising online. For perspective, this means the third-largest advertiser in the country will spend half of their $3 billion advertising budget online.
It is not enough to abandon traditional media and dive into online marketing. The key to marketing success is to use a new mix of media to have a more targeted approach than ever before. Print and other traditional media types still have some relevance. They have advantages over other marketing tools in creating product awareness, acquiring customers and building brand loyalty. But their high production costs yield a lower ROI than e-mail or search.
You don’t need more money to do it. This new approach can and should be more cost-effective than the traditional approach. The idea is not to add to your spending, but to reallocate it. A smart, blended approach should allow less spending and a higher ROI. This increased effectiveness will drive more traffic and increase your bottom line.
Tags: home building, housing market, new home marketing, new home sales
