In case you didn’t know, we’re in tough economic times.  These economic conditions have drastically cut budgets across the nation and world, leaving meager allowances for marketing and advertising in its wake.

Nonetheless, expectations for 2010 remain optimistic.  In a new study released yesterday, StrongMail reveals nine out of ten business executives plan to maintain or increase their marketing budgets.  Execs aren’t thinking conventionally for the new decade either, instead the survey’s respondents indicated they were open to marketing strategies that utilize the Internet and maximize their dollar.  Next year, 69 and 59 percent of business executives anticipate increasing their email and social media marketing, respectively. Another 42 percent claimed they expect to spend more on search engine initiatives, such as SEO and PPC.  The survey’s results indicate a migration to internet marketing tactics, as advertising and direct mailing initiatives are expected by less than 30 percent of execs.

Furthermore, the study showed a desire among business executives to combine the tested and proven tactics of emailing potential customers with social media.  Execs did not, however, demonstrate uniform confidence about how they would go about implementing such strategies in the upcoming year.  Instead, one out of five executives claimed they had no idea where to begin.  With more businesses seeking to establish an online presence in hopes of finding cheaper alternatives to conventional advertising, it is certain that social media marketing and search engine initiatives will play integral roles in the year 2010.

Why Use Social Media?

There are a lot of self proclaimed “social media experts” out there.  I do not claim to be one of them nor do I think most people should ever claim to be an expert at anything.  The term “expert” is used far too frequently in the online marketing world and should be taken with a grain of salt.  The bottom line is that Internet marketing strategies like social media are not complicated when you understand best practices and have a detailed plan.

Social media is one of the fastest growing online marketing initiatives.  The goal of a social media campaign is to create a fusion between PR, networking, advertising, and customer interaction.  A properly managed social media effort will also substantially improve SEO and online reputation management. 

When promoting specific products and services it is important to educate the consumer and build trust.  Social media provides that opportunity to create a conversation and engage the customer in valuable knowledge transfer.  It is important to create a strategy that informs the consumer about the product and provides a plan for responding to any potential negative feedback. 

When engaging in social media you must have a plan.  To execute social media properly, you need a detailed project plan just like you would have for any major Internet marketing initiative.  The following information provides some guidelines for marketers or companies to lay the initial framework for such a plan. 

Social Media Statistics

Social Media Audience
• Today, the social media audience totals 122 million. That is 64% of the total Internet audience!
• Time spent on social networking and blogging sites is growing at over 3x overall Internet growth.

Facebook
• Average user time spent on Facebook grew 566%  (2008)
• Fastest growing social media demographic is ages 35 to 54. Rapidly growing sub groups include women over 55 and young stay at home Moms
• Over 1/3 of all content sharing on the web is done through Facebook and Twitter

 Twitter
• 62% of Twitter users are ages 25 to 54
• 90% are moderate to heavy Internet users

Blogs
• In 2009, an estimated 96.6 million users will read a blog at least once per month. 
• By 2013, that number is expected to reach 128.2 million – which accounts for 58 percent of all U.S. Internet users.

YouTube
• 89.7 unique visitors in April 2009
• 16.6 average daily visitors
• 6 billion videos viewed each month
Mobile Access to Social Media
• eMarketer projects that mobile social network users worldwide will climb from 243 million in 2009 to 803 million in 2012.

Statistics provide by Nielsen Online and eMarketer

The Objectives

The key objectives will be defined by the final strategy.  The recommendations should include components designed to meet the following objectives:
• Provide great depth and breadth of information about the brand’s products and services
• To engage advocates for the product or service who will help create a positive buzz based on verifiable information
• To generate a “conversation” with current and potential customers
• To build on the positive and have a planned response for the negative including immediate feedback and communication of a plan to answer any concerns

The Platforms

The platforms used will be different for every strategy depending on the brand and defined goals.  Some initial platforms widely used include:
• Corporate Blog -  For communicating valuable industry information, answering frequently asked questions, and providing educational content about the brand’s products and services
• Facebook -  For providing an additional platform for communicating the brand message and educating consumers
• Twitter -  For providing an additional platform for communicating the brand message and educating consumers
• YouTube Channel -  To host additional videos about the product, testimonials, and interviews with advocates
• Review & Rating Sites -  To provide a planned strategic response to negative feedback and become involved in the online conversation. 
• Company website and all offline media components -  All social media platforms should be joined together with a centric message and combined with offline media placements

Social Media Archtiecture

NOTE:  New Assets and Existing Assets include any valuable content, articles, reports, videos, or educational pieces that will add value for the consumer base. Global Marketing is representing the incorporation of all offline marketing components.

Social Media Timeline and Editorial Calendar

Social media should not be a “fly by the seat of your pants” effort.  A define plan will ensure a more organized approach.  I recommend having a 12 month plan divided by quarter.  Again, every brand will have a different strategy.  You need to assign the key players that will be involved and make sure everyone is committed to the process.  Once you start communicating with your custoimers effectively through social media, you won’t want to stop anyway!

We have said it before but its worth discussing again. Online consumer behavior has dramtically changed over the past 12 months. Advancements in technology and various economic shifts have fosted change in behavior and a shift in the demographics. From a marketing perspective, this is important to note because the old view that the Baby Boomer generation isn’t online reading blogs and involved in social media is simply not true any more.

The Baby Boomer generation is the fastest growing demographic on social networks and reading blogs. They are dramatically outpacing Generation Y’s interest in these areas. This is good news for companies seeking new Internet marketing strategies. Companies that target this demographic did not used to have as much opportunity with online marketing, but now the opportunity is there.

Below, we have included a graph from a report by Accenture that shows year over year growth comparing Generation Y and Baby Boomers. The areas include blog reading, social networks, and watching or posting videos online. This opens up a whole new option for brands to engage in social media and online marketing.

To remain competitive in today’s environment, real estate professionals and home builders must understand who their buyers are, where they are doing their research, and how to effectively communicate their brand message.   As we continue to see a dramatic shift away from traditional media, home builders and marketers are seeking advertising channels that are most cost effective, more targeted, and more measurable. 

Internet marketing is earning greater recognition as the industry becomes more educated about the valuable marriage between creativity and technology.  Social media is one of these strategies that is gaining fantastic momentum.  Social media as a marketing strategy has made so many advancements in the past 12 months that it is hard to keep track.  The online marketing space has redefined how companies brand themselves, communicate with customers, and allocate marketing dollars. 

Transparency is the only way builders can remain relevant and competitive.  The old days of companies hiding behind their “big brand” are over.  Companies that are engaging in social media are committing to real customer interaction and showing who they really are as a brand and as a team.  This article aims at providing insight into why we should care about social media, how it is redefining the way we market products and services,  and how to use it effectively to sell homes.

Why Should We Care About Social Media Marketing?

Home builders and real estate professionals need to understand that their buyers are in fact online and are using social networking sites on a regular basis:
• According to the National Association of REALTORS “Profile of Home Buyers and Sellers 2008″ 87% of home buyers use the Internet to search for a home.
• According to a 2009 Facebook statistics report, the fastest growing group on Facebook is now the 35 to 54 year old demographic growing at growing at 276.4% in the first six months of 2009.  The 55+ demo is not far behind with a 194.3% growth rate.
• According to Nielsen, unique visitors to Twitter increased 1,382 percent year-over-year, from 475,000 unique visitors in February 2008 to 7 million in February 2009, making it the fastest growing site in the Member Communities category for the month.
• YouTube is now considered the largest vertical search engines in the world with well over 70,000,000 videos (as of March 2008)

Redefining the Marketing Landscape

The hybrid approach:  Social media marketing has created a fusion between real estate marketing, advertising, and customer relations.  The most successful real estate focused social media campaigns combine all online and offline marketing efforts and truly engage the audience.  The companies that use these strategies effectively are fully committed and spend considerable time on these initiatives.  Once a campaign gains momentum, the social platforms (i.e. Facebook Fan Page, Twitter, LinkedIn, YouTube) become real communication tools.  Builders can now actively interact with potential buyers and industry professionals in a more personal manner.  Consumers want to see user-generated content and learn about your brand from people outside your organization. 

Branding:  We should be careful about how we define “branding” as it applies to marketing and advertising.  Sometimes branding can be thought of as that marketing strategy with an indefinable ROI.  Actually, it is of course much more important.  These days it doesn’t take just good advertising or PR to brand your company.  For home builders that already have a distinct brand image social media is about creating trust and transparency while still protecting the brand.  Once a real estate professional or home builder begins social media they should encourage everyone in the company to contribute.  A builder’s brand shouldn’t just be about the homes and communities.  It should be about the team of people driving the business.  If the Simon Cooper of Ritz Carlton is a regular blogger and uses Twitter, that should tell us something.

Cost Effectiveness:  Just like any other marketing strategy, Internet marketing and social media should be designed to support a builder’s sales goals.  With budgets being tighter, it is crucial to design a marketing plan that contains strategies that are measurable and can produce a desired ROI.   One of the key ways that Internet marketing and social media are more cost effective is because it is targeted.  With social media marketing, an effective campaign starts first with setting goals, doing research, and defining the audience.  There are many great social media tools available to help plan and manage campaigns.  The key element for measuring results should be in the analytics.  All social media pages should link to the company website and gradually build traffic and conversions.

10 Tips for Getting Started

1. The team:  Whether your hire a social media agency or consultant or use an in-house team, you have to be committed to investing in the process.  It’s all or nothing.  If you outsource, it is still recommended to have someone in-house directing the message and strategy.  The more your buyers and potential buyers communicate with you, the more you will have to remain involved.  If you plan to build an in-house team, enlist the help of some Internet savvy interns for some extra man power. 

2. Website:  Do not spend time and energy engaging in any online strategy until you have a website that is user-friendly and designed to foster conversions (i.e. building an email list, capturing registrations, and generating sales).  Your website will always be your most important foundation from which any online marketing strategy will be built.  Make sure to have Google analytics installed in your site so you can actively monitor traffic levels, traffic sources, bounce rates, and time on site. Be sure to have a great database management system for capturing and organizing incoming leads. 

3. Blog:  Keep in mind that social media is first about providing value to your online community and building trust.  The best place to start is with a blog.  Blogs are easy to set up and show your customers that you care about what’s going on in your industry.  Word Press blogs are a great recommendation and very “Google-friendly”.  Be sure to build your blog into your website as opposed to having it as an external site.  Write about current topics that people can relate to and never make your message self serving.  If you don’t think you have time for all this, think again.  Like physical fitness, if you care about it and are committed, you will make the time.

4. Facebook, Active Rain, Twitter, YouTube:  Set up a Fan Page on Facebook.com and profiles on Twitter and ActiveRain.com.  You will build a large network in two ways: (1) networking within the online community itself and inviting people to “join” your fan club or “follow” you on Twitter; (2) driving traffic from outside sources to your profile pages, which you can accomplish this by having links to your profile pages and encouraging people to follow or join. 

You will keep them engaged by having good content (i.e. your blog articles is a great place to start).  You can set up an RSS feed so that your blogs are automatically posted to your Twitter page and Facebook page.  Set up a YouTube channel and start adding content.  Most builders have some kind of video or TV content so start adding it to your YouTube channel and Facebook fan page.  To create new video content, purchase a simple flip camera and shoot three to five minute videos at your properties.  Interview sales representatives, property managers, and even owners. 

5. Communicate & Build a Following:  Your efforts will be fruitless unless you have a loyal following which takes some time to build.  The more effort you put into it, the better your results will be.  Ask your social media partner for effective ways to build a following on Twitter without spamming the community.  Be active on your profile pages on Facebook and ActiveRain.  The more value you have to offer the more people will talk.  Management should lead by example and get involved.  Encourage all employees and sales people to be a part of the network.  Once you have some momentum you can start incorporating your special incentives, promotions, events, grand openings, and other creative messages.  When communicating special offerings, remember to include links to landing pages that give more details and have very clear calls to action like simple registration forms. 

6. Online/Offline Integration:  Include links to all of your social media profile pages and YouTube channel on your website.  Also make reference to these sites in all other marketing and advertising efforts.  If your fully engaged in social media and offer a great resource to potential buyers, why not brag about it?

7. Track Results and Conversions:  The best way to really track results is to be sure your social media platforms are always pointing back to your website and landing pages.  From there you can use your analytics to watch how much traffic is coming from these sources and how its converting. 

8. Get your sales teams involved:  Every member of your sales team should be active in their own social media efforts and the company’s.  Just be sure that there is some level of control to the overall message being communicated through your social networks. 

9. Get your communities involved:  All of a homebuilder’s communities should have their own Facebook and Twitter accounts and be actively involved in the company’s network as well. 

10. Get Creative:  After you gain momentum, the sky is the limit.  Your social network sites then become a platform for creativity and true customer relationship management.  Develop new concepts like special promotions, events, and contests.  Make it fun for people to be inlcuded in your online community.

It is always surprising to see major brands and companies that have been around for decades that still have website built in the 90’s.  It is fairly common and many times this is simply not a priority especially if the company “doesn’t gain new business prospects via the web”.  The response to this kind of comment of course is “Of course you don’t if your website is old and invisible to Google”.

More large companies (across all industries) are starting to realize the importance of improving their online marketing capabilities.  For most, it is a matter of simply focusing on it, making the commitment, and having an internal team to head up the effort.  Even if the Internet marketing and website development initiatives are going to be outsourced, mostly companies will still need and internal marketing team leading the charge.

Some company owners and executives wonder if now is a good time to invest in improving their online exposure.  The answer of course is that it has never been a more crucial time.  During good economic times, consumers and potential customers do not scrutinize these types of things as much nor do they price compare a shop around as much as they do now.  You have one shot when someone visits your website.  This is important especially if your website is your key resource for providing information about your company and services.

So once you have decided that it is time to make the commitment, what is the next step?  Here are some tips for getting started:

• Define your business and marketing strategy: Your business goals should drive your marketing strategy.  Look at what you are currently doing (or not doing) and set some benchmarks.  Research your competitors that are doing it better.  If your major competitors have a better website (that has been redesigned in the last 12 months), great rankings in the search engines, and an exciting social media campaign, then you have some work to do!  But don’t worry…the fact that they are doing it proves that you should be too.
• Website redesign/redevelopment: Before launching the marketing strategy, you need to prepare your online platform for traffic and converting traffic into new business.  Think of this as having a house warming party.  You wouldn’t send out 100 invitations and make big plans to show off your home unless you have done spome “house cleaning” first.  Your website needs to be compelling, user-friendly, offer great value to your visitor, and have good calls to action so the user know what you want them to do.
• Internet marketing strategy: Start with the basics.  A good search engine optimization (SEO) campaign is the right long term investment to make.  There is no point investing in a new website if noone is going to ever see it (or at least not many people).  Remember my comment above about companies saying that they do not gain new clients or business from the Internet?  Well this is meant to change that.  Great rankings relevant to your industry, business, and services, will eventually build traffic and foster new customers – if the website is set up to convert.  Pay per click (PPC) advertising can be a great way to get quick results in the search engines, target specific areas and consumers, and get faster results than you will with SEO.  PPC is advertising where as SEO is more like a true investment in the future of your business.  Other strategies include social media marketing, email marketing, display ads, retargeting, etc.

The best way to get the process started is to talk to people you trust who are currently doing it.  The most important thing to realize is that consumers in all industries are researching online and could find you if you take the time to “be found”.  The web is a trasparent place and people want to know who you really are.  The days of hiding behind a website that has limited information are over (if you want to survive).   Consider starting a blog and get the executives involved.  If the CEO of Ritz Cartlon can make time for blogging and Twitter, so can you!

As in all industries, real estate sellers and marketers are seeking more creative and cost effective ways to reach their target audience and make the sale.  The number of people who use the Internet to find their new home grows each year.  According to the Nationa Association of Realtors 2008 Internet Study, 87% of all home buyers now use the Internet in their search process.  But agents and Realtos should not fear this growing statistic…of that 87% who used the Internet, 85% used an real estate agent as opposed to going straight to a builder or home seller.  I don’t forsee the need for real estate agents ever changing significantly, at least not in the near future.

What we do see changing however is the way agents, Realtors, builders, home sellers and new home marketers take these properties to market.  The days of most traditional media outlets are over for now.  Print, radio, and TV are simply not cost effective nor are they measurable.  Builders and sellers out there need to use sales and marketing tactics that are cost effective, targeted, and measurable.  So how are they doing this?  Welcome to the world of Real Estate 2.0.

When we refer to Web 2.0, it essentially means the transformation of the web’s movement from a “read only” platform to a a fully interactive experience where consumers can interact, share information, and buy/sell products and services.  Traditionally, many industries have been reluctant to embrace online media regardless of its proven track record for more measurable ROI…simply because its a new medium.  Over the past two years we have seem a dramtic shift in not only the real estate industry’s understanding of Internet marketing and all its capabilities, but an actual action taken to implement these strategies.

More and more builders and agents are use Internet marketing to replace traditional media.  Everyone is working from a smaller budget and it is essential to track every penny.   The only true way to do this is with well-planned integrated online marketing solutions that are properly managed and backed by extensives testing and analytics.  Here are some of the marketing channels currently being used to more cost effectively to sell new homes:

Search engine optimization:  This is essentially the practice of increasing the quality and volume of traffic to a website through natural search engine rankings.  More agents and builders are realizing the long term importance of investing in SEO strategies to continually improve the quality of lead flow.  SEO is a true investment as it takes time to see tangible results, especially in an industry as competitive as real estate is online.

Paid Search (Pay Per Click Advertising):  PPC is a great tool to drive targeted traffic when organic rankings are not there.  PPC can be a quick way to waste money if it is not planned and managed properly.  The most effective PPC campaigns have a very targeted key word strategy, use effective landing pages to ensure conversions and leads, and are constantly monitored and adjusted.  PPC can also be geo-targetd as well as weekly/daily/hourly targetd to ensure you are hitting the most targeted audience at the highest converting times.

Social Media Marketing:  Here is where it gets interesting.  The real estate industry has slowly moved into the social media space through blogging and other web 2.0 platforms.  Now agents and Realtors as well as builders are actively using social media including blogging, video marketing, Facebook and Twitter strategies, viral contests, etc.  The measurable ROI will still come from the same outcome…website traffic growth, eventual leads, conversions, and sales.

Email marketing:  Email marketing still does often fall under the Internet marketing umbrella and is always an effective way to capture new business and retarget potential customers.  Email marketing has taken over for direct mail as a more powerful, more cost effective, and more GREEN method of reaching out to potential buyers.  Email marketing of course like the other elements being discussed must be executed thoughtfully and compliment the overall marketing message.  Email newsletters must be compelling and have a clear call to action.  Similarly, the landing page that the user is directed to should have the same message and prompt them to act.  In real estate, this usually involves capturing the visitor’s information.

The overall idea of an integrated Internet marketing strategy is to follow these basic steps to ensure true synergy between all offline and online marketing components:

1. Review and define business goals
2. Set aside a realistic budget (for Internet marketing to work, you must commit to it)
3. Choose the most appropriate marketing channels to support your goals (i.e. SEO, PPC, Email, Social, etc.)
4. Develop a comprehensive plan focused on conversions and meeting business goals
5. Ensure all offline elements are complimentary to the online elements
6. Launch campaign
7. Monitor results
8. Make continual adjustments to ensure optimal ROI

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Don’t get caught off guard by poor marketing efforts.  Companies in all kinds of industries are now realizing the importance of a cost effective and creative online marketing approach.  It is also important to note that an integrated approach based on conversions is the most powerful.  A poorly designed and executed marketing plan will catch you off guard.  Without a properly managed Internet marketing strategy, once you realize your efforts have not been optimal, it will be too late. 

Jumping in head first without a plan will result in a disappointing result!  (FYI…this woman from the Berlin zoo was rescued and is recovering).  It is recommended to hire a well rounded and experienced Internet marketing agency.  A good firm will review your business goals and help you formulate a plan that will ensure reaching and exceeding these goals.  This is much different than simply hiring and SEO firm and running a poorly managed PPC campaign to your home page.  Sending traffic to a site is useless until that traffic turns into conversion, sales, and positively affects the bottom line. 

What is a fully integrated online marketing approach?

Sounds more expensive right?  Sometimes it can be but we are really referring to ensuring that an existing or potential marketing plan has components that all compliment one another and that there is a consistent message.  This includes offline marketing channels too.  The entire plan should send the same message and have the same calls to action.  A combination of efforts such as conversion optimization, organic search engine optimization (improving volume and quality of traffic through the natural search engine placements), PPC advertising (with optimized landing pages), email marketing, and social media would be an example of an integrated approach.  This could also include offline efforts such as print and radio.  As long as the message is clear and landing pages are used properly to receive incoming traffic all efforts should compliment one another.  Monthly analysis of each component ensure seeing what areas are working and which ones need improvement.

All of this does not have to cost an arm and a leg.  A good Internet marketing company will help you pick and choose which elements are the most appropriate and that will produce the best ROI.

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So you have decided that you need a better online marketing plan to enhance your brand and maximize the return you get from your marketing budget.  Great idea!  Now its time to create that plan and execute!  The following suggestions can help you create and implement a plan the is suited specifically to your business. 

Research:  Just because you have heard that Internet marketing and online media is much more cost effective and measurable than traditional media doen’t mean you can’t waste money using it.  You first need to understand your industry, understand how others are using online marketing within your industry, assess the competitive landscape, and discover what interactive online marketing channels are best suited to your industry.  Take a look at your industry trade journals and do extensive online research so you can position your company ahead of the curve rather than behind it.

More Research:  Now that you have a better understanding of your online competition and how companies like yours are using Internet marketing to gain market share and improve brand exposure you can start looking at the specific marketing channels (i.e. improved website design and function, conversion optimization, search engine optimization, pay per click advertising, landing page strategies, social media, email marketing, online reputation management, etc.). 

Look at how companies like yours are using these channels and gain a better understanding of which components are best suited to your company.  Doing a little of everything may not be the best idea nor cost effective.  The next step will help you assess what channels are the most feasible and then you can work from there.

Budget Discovery:  Review your budget and see what funds can be allocated (or reallocated) to your online marketing plan.  Chances are you have dollars that you can pull from traditional media.  Just because you have been doing the same print adds for 10 years doesn’t mean you should still be using that strategy.  One $30,000 print add budget could be used to put together a great 6 to 12 month online marketing plan!  And guess what…its measurable, targeted, and more cost effective! 

Choose Your Channels:  Based on your budget, you can then start putting together your plan by first deciding which aspects of Internet marketing will give you the best ROI.  You may have used some of these before and not received a good ROI…don’t be gun shy.  Make sure you understand if you were using that channel correctly and measuring your success.  For example, maybe you have used PPC advertising before but you don’t think you got a great return.  A little research might show that your budget wasn’t appropriate, your ads were not targeted, your titles not compelling, you did not use proper landing pages, etc (i.e. the campaign was not properly managed).  Well, without all this you most certainly won’t get a great ROI so don’t be afriad to try again…but do it right!

In-house or Outsourced?  I will try to answer this in a non-biased way.  Most of the time companies will not have the in-house resources or expertise to handle a full Internet marketing plan.  Hiring people in-house to do this for you can be exptremely expensive especially if you are using many different channels.  For example if you are using SEO, PPC, and social media you will most likely need a good web designer (for conversion optimization and landing pages), an SEO expert and someone skilled in managing paid search.  If any of these people are not skilled in social media marketing then that is another person you may need to hire.  Just bringing on interns to handle these strategies will most likely not cut it.  It is much more cost effective to have an Internet marketing company help you with ALL of these steps to help you understand your budget needs, what channels to use, and how to implement it.

How to Choose and Internet Marketing Company:  Get ready for more research!  Look online for some Internet marketing companies and develop a list.  Ask people you know that have used firms they liked and trust.  Once you have a list you can send out a Request for Proposal.  This can be a good place to start but not necessarily recommended.  This is a very impersonal way to “interview” companies.  I suggest contacting them and setting up face to face meetings.  Give them some information about what your goals are and what Internet marketing options you might be interested in.  Let them present to you in person so you can meet them, see how they present, and see how much research and time they put into their presentation.  If the presentation is “vanilla” and not specific to your company, you may want to think twice.  If they do not want to go the extra mile BEFORE signing you as a client they most likely will not once you are a client.

Choose the company that:

• Gives you a great presentation
• Makes you feel a connection and trust
• Has a good client list with testimonials
• Understands your industry and has done their homework

Now you are ready…get adter it!