Wednesday, January 23, 2013

Online vs. Traditional media...we balance between two worlds.

There is plenty of competition and debate about where best to spend clients’ (and our) money to sell and rent property. Where should you invest…online marketing, press advertising, magazines, TV or radio?

The answer is: "it depends".

Undoubtedly the days of placing a black and white ad in the Saturday and Wednesday newspaper alone are well behind us. But then the ability to place an ad purely on has not arrived either.

A premium property can not EXPECT to rely on SA Life magazine to sell it, just as selling from radio and TV ads alone are not the answer either.

In theory, we have a database that SHOULD mean we don’t have to place an ad via any of the above mediums. We know who the active buyers are; we just need to let them know about a suitable property. So simple.

Experience has clearly demonstrated to me that buyers are made up of a complex group of people with both logical and emotional triggers. Any single dimension approach leaves too much to chance and luck. Database sales need the pressure of competition to get decisions; press ads can easily be missed, and online can at times be too overwhelming.

We follow the statistics and have ongoing surveys that track why people buy, where they have first been introduced to the property that they have purchased and where they have gone to seek additional information.

Toop&Toop are the pioneers of database selling and we probably have the most advanced real estate selling systems in the world. We know that with all that intellectual property, for all the millions spent generating enquiry and capturing it, the reality is that to constantly achieve great outcomes requires a multi-disciplinary marketing approach.

Agents today can survive utilising only press or online advertising…some even survive using just databases and contacts. However, getting a sale isn't the only issue - getting the best possible sale outcome for our client is what it’s really about.

The smart money is in understanding all available mediums, and mixing them up in exactly the right proportions to create a cocktail of marketing to meet budget and target market objectives.

This cocktail of marketing, or "Marketing Mix", will depend on the target buyer and the subject property.

A perfect example was a property Roger Smith and I looked at in Victor Harbor last Friday. The buyer was not going to be local; it is highly probable that the buyer would reside in Adelaide's inner prestige areas. The buyer is probably unaware that they are even about to purchase a property! Spending money in the local press is unlikely to reach the target market. Our buyer will most likely to be an avid Saturday Advertiser reader, and an SA Life subscriber.

There is little chance our perfect buyer will be searching real estate websites, given they are not even aware they are about to buy this property.

This is how some of our best sales occur. Emotional and spontaneous purchases are generally the most rewarding for both buyer and seller. Some of the happiest transactions are where not too much science is put into it…"love at first sight" and all parties are excited. These days the actual show through is often little more than confirmation of the buyer’s intention to purchase.

It has all changed. Consumers are time poor, want to research anonymously, expect amazing information when they want it, and their first actual viewing is like their second or third of a decade ago.

Single dimension marketing is like playing Russian Roulette with your property - it's a dangerous game.

The stats prove it, the results are there to see. Make sure any investment in your sale process is well thought through and harnesses the power of the all new marketing tools at our disposal in 2013. How things have changed, ignore the sheer marketing power of press at your to online only and you risk missing the most emotional buyers. Our job is to create a well researched cocktail of marketing, tailored to your property. Two worlds - online and traditional.

Yes, we do balance between two worlds, and neither can be ignored.

Anthony Toop

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