What’s My Spend: Digital Marketing
Your business operates in a culture where almost 90 percent of consumers start their home search online. Social media is prevalent, and your consumers are sophisticated; they expect an immediate response to their online inquiries. Completely understanding how your online branding affects your business is critical to your future success.
Unlike the national portals, most real estate brokerages started out as brick and mortar companies. The challenges we face daily from our fast-paced online culture can feel insurmountable.
And yet you don’t know what to spend to achieve success in each of these areas because you struggle to determine what the baseline is from which to measure your digital marketing ROI.
Determining your baseline isn’t complicated:
- You know your average sales price and company dollar per transaction;
- You should be able to easily determine how many leads come in through your website and other sources;
- Google Analytics can tell you where traffic is coming from so you can get a sense of how your blogging and social media efforts are working; and,
- Once you have this information, you can start estimating the value of your online leads.
Most brokerages are not doing this; they either make investments blindly — or not at all — jeopardizing their standing in the market. The digital marketing strategies that worked well in 2005 don’t cut it in 2015, but you can bridge the gap between consumer expectations and industry innovations.
You can position yourself as a leader by understanding how to make the correct investments in digital marketing that will truly make your website, and all the activities surrounding it, a profit center.
For more information, visit www.pcmsconsulting.com.