Unless your business is 100% referral-based, you’ve likely worked a digital marketing (or search engine marketing SEM) strategy into your real estate business. Generating the highest quality leads for the lowest possible price is the name of the game. But like any price/quality balance, it can be tricky! Here is our number one tip for nailing the best digital marketing strategy.
Supply & Demand
First and foremost, it is important to remember that the laws of supply and demand always apply. Meaning, when there is a large number of advertisers and small number of users, that is going to drive up your cost per lead.
High number of advertisers
+ Low number of homebuyers
= High cost-per-lead
Low number of advertisers
+ High number of homebuyers
= Low cost-per-lead
Optimize Your Strategy
When agents chose their targeting criteria, they tend to gravitate towards the same things: luxury areas, specific neighborhoods, and niche spaces. So, what does that mean for SEM? More advertisers in a smaller area (fewer homebuyers). You guessed it! Higher cost-per-lead.
The best thing that you can do to improve your SEM strategy is to target a broader audience. Try to nail down a wider search area, using more general search terms. Remember that there is no one-size-fits-all solution! SEM strategies should be optimized for your business, your market, and your area. It’s also never static! Your strategy should adjust with market trends, number of advertisers, and a number of other factors.
“How do I figure this all out??” SEM can feel like a beast that needs taming…and it’s frustrating when you are investing money into a solution that isn’t delivering results. First you need to figure out your business goals. Learn everything about your area and the current market. Then, figure out a budget. Pair the two together and you’re on your way to finding a balanced SEM strategy.
Delegate to the Experts
Let’s be honest, you didn’t get into real estate to monitor Google & Facebook digital marketing trends, right? Why not leave it to the experts to manage your SEM, so you can get back to what you doing best – real estate. With BoomTown, you have an entire team of digital marketing experts in your corner. They work one-on-one with you. They assess your goals, determine a budget and make the most out of your advertising spend. High quality & low cost is their bread and butter! Learn More.
Read more: boomtownroi.com