Is Social Media Important in Real Estate and Hospitality?

Yes. Marketing has already been redesigned and digital efforts are as important as ads on billboards and newspapers were 40 years ago. Marketers have to be where people are, and those people are on social networking platforms now more than ever. 

Let’s talk numbers. There are 7.5 billion people living in the world and, according to the latest We Are Social Digital in 2019 Global Overview report, social media reaches 3.1 billion of those people (which increases each year by almost 400 million). In the US 70% of the population are active social media users and that number is growing 7% annually.

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The US has the second largest number of active Facebook users in the world and the largest number of active Instagram users (and no, they’re not just teenagers). Surprisingly, the audience that presented the largest growth in the US from 2016 to 2018 was 55+ y/o on Facebook and 25-34 y/o on Instagram, according to a Pew Research Internet Survey.  

Let’s get specific. With the information above in mind, it’s no surprise that social media marketing is increasing its importance in a company’s strategy significantly year over year. We’re not talking about just advertising and selling on these channels, but also creating a brand image, reputation, and, above all, a relationship with potential clients / users. Social media is not just about posting pretty pictures – it’s about building your brand identity and gaining your audience’s trust.

Social media plays an important role in the customer journey, as it’s a fantastic tool to connect to new customers and let them know more about your brand organically. If your content is relevant, users will engage and follow your site, making it show up in their networks’ feeds and keeping it top of mind

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Source: Gaurav Agarwal

According to the National Association of Realtors, 51% of the total buyers said they found their home online, and 99% of millennials said they begin their research online. This is extremely important to keep in mind since they’re the biggest home buyer pool. 

According to an interview done by PwC, 45% of users said that reviews, comments and feedback are the main source that influence their purchase behavior. This means that, as a real estate agency, testimonials and content showcasing customer satisfaction (like sharing clients posts mentioning your company) is crucial to increase credibility and trustworthiness, along with content that creates a sense of community and places you as an expert on both the city and everything real estate related (buying / renting / selling). Buyers are persuaded by a sense of authenticity

In real estate and hospitality, especially in NYC – you don’t sell houses, apartments or hotels – You sell lifestyles. Social media, especially Instagram, is the king (or queen?) of lifestyle aspiration. Giving your audience and potential clients an insight into what their life would be like or what the area has to offer is key. Showing compelling visuals (photography, video, virtual staging, and virtual tours) of the area and the building itself is as important as connecting your potential buyer to the community. Going out of the way and interviewing local shop owners or featuring restaurants, parks, and everything that is nearby a listing for rent or sale, will also increase your audience interest significantly. 

Overall, creating a master content plan, with specific goals and based on a long-term strategy is not only important, but necessary. Want to know how? Reach out to us for more info!

 

Why should digital marketing be a priority in your business and what are the benefits an online strategy can deliver?

You may have realized by now how much the internet has changed the way we market and the way we’re marketed to, creating a more seamless experience for both businesses and consumers. Consumers can find precisely what they need (and save money in the process), and companies can do the same since advertising can be more targeted and cost-effective. Check out our top four reasons to get in the game:

Connecting with your customer

One of the main reasons why digital marketing is currently implemented by the companies more than any other traditional marketing is the interactivity with their end-consumer. The focus is no longer on the product but rather the user experience in their buying journey. Companies can run campaigns, social publications, activations, the list goes on –  and on the other side of the screen, consumers can interact, comment, and share with a friend in just one click, increasing engagement with the brands they love.

Analyzing every bit of data

Imagine the world in the 1960s when marketing and advertising agencies were starting to take off, but there weren’t tons of methods to measure the success and impressions of their campaigns. We can safely say today that a lot of money spent on those initiatives was wasted because of lack of information. But when it comes to online marketing, obtaining and analyzing data is a fundamental step for the continuous improvement of your strategy.

Fortunately, metrics such as return on investment (ROI) and cost of customer acquisition (CAC) can (and should!) be analyzed in real-time. That way, companies can identify failures quickly and work on improvements right away! 

More opportunities for small companies

Reducing the actual distance between businesses and customers has helped a lot. After all, today, even small companies can impact consumers all across the globe. Consumers can easily find businesses that meet their specific needs, and companies can create a proper online positioning which will increase their sales opportunities through various channels.

Advertising for the right person

After reading the above you may be thinking, “Wow, I’ll be able to reach millions of people” – and yes, that’s true, and it’s amazing! But one of the great advantages of digital marketing is that companies can now target and engage with the right people, instead of throwing out an enormous net. That means that now a company can talk directly with the person (or group) that has their ideal customer profile. 

Targeting will not only save you money, but you’ll also stop spending money specifically with people that have no interest in your product. Through segmentation you’ll also be able to get to know your audience better, which can help develop and grow your business.

Hooked yet? Reach out to us to see how we can make digital marketing work for your business.