Elevating Real Estate Campaigns With Performance Marketing

July 2024

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Performance marketing is a data-driven strategy that focuses on achieving specific, measurable results, making it a highly effective approach for real estate professionals, explains Megha Kinger

Unlike traditional marketing, which often relies on broad metrics and general brand awareness, performance marketing emphasizes concrete actions and outcomes. This could include generating qualified leads,driving property inquiries, or closing sales. The key to performance marketing is its accountability—marketers only pay for successful transactions or actions, such as clicks, leads, or sales, ensuring that every dollar spent is tied directly to a measurable outcome.

According to a study by HubSpot, businesses that use performance marketing see an average of 20per cent higher ROI compared to those that rely solely on traditional marketing methods.

In the context of real estate, performance marketing leverages various digital channels to reach potential buyers and investors. These channels include search engine marketing (SEM), social media advertising, email marketing, and content marketing. By utilizing advanced targeting and segmentation techniques, real estate marketers can deliver personalized and relevant messages to specific audience segments.

This not only enhances the effectiveness of marketing campaigns but also improves the overall user experience, making potential buyers more likely to engage with the advertised properties.

Research by the National Association of Realtors shows that 97 per cent of home buyers use the internet in their home search, highlighting the critical role digital marketing plays in this industry.

Moreover, performance marketing is inherently iterative and data-centric. Marketers continuously monitor and analyse campaign performance, using insights gained to optimize and refine their strategies. This ongoing process of measurement and adjustment ensures that marketing efforts remain aligned with business objectives and responsive to market dynamics.

For real estate developers, this means being able to adapt quickly to changing market conditions and buyer preferences, ultimately maximizing return on investment (ROI) and achieving sustained success ina competitive market.

Areport by McKinsey & Company found that companies using advanced analytics in their marketing can achieve sales growth rates that are 85 percent higher than those of their competitors.

Process to Implement Performance Marketing in Real Estate

Define Clear Objectives

The first step in implementing performance marketing is to define clear,measurable objectives.
These could include:

• Lead Generation: Increasing the number of qualified leads.
• Sales: Boosting property sales within a specifictime frame.
• Brand Awareness: Enhancing the visibility and reputation of your real estate project.
• Engagement: Increasing interactions with potential buyers on digital platforms. Having Clear goals helps in creating targeted campaigns and4measuring success accurately.

Example of Clear goals / objectives:

• Generate 1,000 qualified leads within six months.
• Achieve a 10per cent conversion rate from lead to sale.
• Increase brand awareness and engagement on digital platforms.

Conduct Market Research

Understanding your target audience is crucial. Conduct market research to gather insights about potential buyers, their preferences, and behaviours. Key areas to focus on include:

• Demographics: Age, gender, income level, and location.
• Psychographics: Interests, lifestyle, and buying motivations.
• Behavioural Data: Online behaviours, such as search queries and social media activity. This data will inform your marketing strategies and help tailor your messaging to resonate with your audience.

How to do Market Research:

• Conduct surveys and focus groups to understand the preferences and behaviours of the target audience.
• Analyze online search trends and social media conversations to identify key interests and concerns. Use tools like Google Trends, Reddit, Mentionlytics, etc

Develop a Comprehensive Digital Marketing Strategy

A successful performance marketing campaign integrates various digital channels. Key components include:

• Search Engine Optimization (SEO): Optimize your website and content for search engines to increase organic traffic. Focus on relevant keywords, quality content, and mobile optimization.
• Pay-Per-Click (PPC) Advertising: Use platforms like Google Ads to run targeted ads. Conduct keyword research to identify high-performing terms and create compelling ad copy to attract clicks.
• Social Media Marketing: Leverage platforms such as Facebook, Instagram, and LinkedIn to reach a broader audience. Use targeted ads and engaging content to drive traffic and generate leads.
• Email Marketing: Build and segment your email list to deliver personalized messages. Use email campaigns to nurture leads and keep potential buyers informed about new developments and offers.

Asample Marketing strategy to use:

• Launch PPC campaigns on Google Ads targeting keywords related to your property type, location, etc.
• Utilize Facebook and Instagram ads to reach potential buyers based on demographics, interests, and online behaviour. Linkedin ads can be used to target young professionals and NRIs.
• Create high-quality blog posts, videos (Virtual tours, property walkthroughs, and customer testimonials), and infographics highlighting the project's unique features, benefits of eco-friendly living and the advantages of the location. One can consider influencer marketing tactics to generate eyeballs on Social media.
• Develop segmented email campaigns to nurture leads, providing personalized content and updates about the project

Implement Tracking and Analytics

To measure the success of your performance marketing efforts, implement robust tracking and analytics tools. Key tools include:

• Google Analytics: Monitor website traffic, user behaviour, and conversion rates.
• CRM Systems: Track and manage leads throughout the sales funnel.
• Marketing Automation Tools: Automate and analyze email marketing campaigns, social media activity, and more. Set up conversion tracking to monitor specific actions, such as form submissions, downloads, and sales. Regularly review performance data to identify trends, successes, and areas for improvement.

Launch and Monitor Campaigns

With your strategy and tools in place, launch your performance marketing campaigns. Start with a few channels and tactics, and gradually expand based on performance. Key activities include:

• Running A/B Tests: Test different ad copies, landing pages, and email subject lines to determine what resonates best with your audience.
• Monitoring Campaigns: Regularly check the performance of your campaigns. Use analytics to track key metrics such as click-through rates, conversion rates, and cost per lead.
• Optimizing Based on Data: Use the insights gained from monitoring to make data-driven adjustments. This could involve re-allocating budget to high-performing channels, tweaking ad creatives, or refining targeting parameters.

Scale Successful Strategies

• Once you identify the strategies and channels that deliver the best results, scale them to maximize ROI. This may involve increasing your budget for successful PPC campaigns, expanding your content marketing efforts, or investing more in social media advertising.

Continual Improvement

• Performance marketing is an ongoing process. Continually refine your strategies based on performance data and evolving market trends. Stay updated with the latest digital marketing techniques and tools to maintain a competitive edge. Regularly solicit feedback from your audience and use it to enhance your campaigns.

Megha Kinger, Director- Digikraf .

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