How Digital Marketing is transforming the Realty Sector ?
Recently, the real estate market has undergone a slew of reforms such as RERA and GST among others. These reforms have been implemented by the government for bringing transparency in the realty market. This blog will not only cover the marketing opportunities offered by these reforms but also focus on how Digital Marketing is transforming the entire sector.
What makes Digital Marketing so important for the realtors?
According to research, around 92% of prospective buyers’ research online before they even decide to buy a home hence. This itself bring to the fore the importance of digital marketing for Real Estate players as the Interest stage of a buyer itself is starting from Digital channels. Here are some statistics that support the importance of digital marketing in the realty market:
Be Where Your Customers Are
One of the biggest mistake a business can do is under utilizing the channel which plays the most crucial role in Interest – Awareness and Desire phase of customer journey. Research shows that the searches made by customers are generic in nature and not brand specific. So the this is the most important phase for a real estate brand to focus on. (Status Labs, 2020.) What Real Estate companies need is to align their Marketing efforts with the Digital Marketing techniques to have their presence across various digital platforms.
5 Big reasons for Real Estate Brand to focus more on Digital Marketing
1 – Increased Brand Exposure:
There are several online channels that can be utilized to get a far more Brand exposure viz a viz traditional channels like Newspaper, Radio and Print .
2 – Better Targeting:
Digital platforms enable you to target your customers more granularly. With the targeting choices available on social channels be it demographics or advanced psychographics, real estate Brand marketers can easily use them for better targeting/micro targeting/narrow targeting for far more efficient and effective results.
3 – Improved Customer Connect and Engagement:
Digital platforms have revolutionized the way companies used to promote their products and services. Be it generic content about sector or Brand Content. It offers a real time connect and engagement with customers which seems to be lacking on traditional channels like Print, TV and Radio.
4 –Extensive Reach:
Since most of the buyers are online and spending most of their time online, online presence is the key to grab their attention and promote your products and services.
5 – Improved Cost Efficiency:
Digital channels are producing results at a very less cost compared to other sources. Therefore, promoting your brand via digital channels would be an ideal channel for generating good quality leads.
Integrated Digital Marketing Approach:
Gone are the days’ when digital ad agencies used to provide traditional digital services without any objectives. Nowadays, consulting and integrated marketing firms have taken the real estate market by storm wherein experts come with the data-driven approach for a specific Brand Objectives. It is an objective driven strategy, which is quantifiable. For example
Can you measure the source of leads through traditional marketing?
Can you track the path and source of the leads via traditional marketing?
Particularly for real estate players, lead generation has always been a pain point. But with an integrated digital marketing approach, realty markets are generating leads effectively at a very low cost compared to other sources of leads. We had worked with a host of brands and have found that Lead Generation via Integrated Digital Marketing Approach comes at a 45% cost efficiency viz a viz their traditional channels
Now Let’s look at 8 Major Digital Marketing Trends of 2021 specific to Real Estate Brand Marketers.