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Is Internet Marketing, Traditional Marketing?

Is Internet Marketing, Traditional Marketing?

  • Nearly 80% of home buyers begin their search online.
    • 100% of buyers I've spoken with begin their search online
  • More than 60% of agents have a personal online presence (read: website)
    • 100% of agents I work with have a presence online   
  • Sellers want to know what their agent's online marketing plan is.
    • Your buyers want to know what tools are best for MLS searching.   
  • Using an email database for listing updates, open house announcements, virtual fliers and advertising is not just commonplace, but common sense
  • Pay-Per-Click advertising is neither a secret, nor a bad idea.
  • Virtual tours: Been there, done that... ho hum.
  • Online classified sites such as Craigslist, Google Base, LiveDeal, etc attract lots of attention.
    • The amount of activity in one day on Craigslist outweighs your local paper's classifieds whole week
  • Participators are gaining ground in the search engines as opposed to the muscle controlling all the top spots.
    • Why is this make internet marketing seem traditional?
    • Regular internet users, not just innovators, early adopters or big investors, are penetrating into valuable online marketing real estate.  This shows that participation can be considered advertising.  The more that participation is recognized as a business improvement effort, the more that the masses will feel compelled to try it.  Hence making it standard and "traditional."
  • The Zillow Effect: More home sellers interested in keeping tabs on the value of their home.  Hence, they expect that the Internet is the destination for this knowledge.
  • According to a report produced by the research company Borrell Associates by 2010 online advertising spend will surpass all print advertising in Real Estate.   
    • "By 2010, online real estate ad spending is expected to grow to a $3.1 billion market, representing an estimated 32.1 percent of total real estate ad spending. In the mean time, newspaper real estate advertising is projected to decline rapidly over the next couple years."   
  • Blogging is not far behind, that's for sure.

If the Internet is no longer the new kid on the advertising block, then what is?
I'm willing to bet that this   and this  have something to do with whatever it is.

Post was inspired by an article sent to me by Tod Owsley, of Zephyr Tents.

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I prefer to look at it as Old Media & New Media. Old shouldn't be confused with outdated or obsolete. I'm 45, which makes me pretty old compared to most of my cohorts in the new media industry. I'm far from obsolete, at least for the near future.

Every marketing activity should be taken on it's own merit. Whether it's a print ad or a whiz bang 3-D walk through, the only thing that matters is the results it generates. There's nothing Ho-Hum about a virtual tour that's been done right and used as an effective listing enhancement tool. Virtual tours, video podcasts, interactive PDF files with embedded elements and a whole host of other listing enhancement tools are available. How they are used as listing and selling tools are what really matters. I know agents that claim Virtual Tours are not effective marketing tools. They make these claims without any real evidence to support it. The truth of the matter as was indicated by a Pew Internet Life study a few months back, Virtual Tours are extremely effective. Realtor.Com studies show the same thing, I think the result said 83% of people responding found them helpful in their home search. The agents that claim that listing enhancements like virtual tours are not effective in reality just have an aversion to paying for them. See the latest Blueroof blog post http://blueroof.wordpress.com/2006/10/18/the-difference-between-good-realtors-and-bad-agents/ to get a good perspective on that issue.

At the end of the day it's all about results. It's about a return on investment. It's about applying technology instead of just merely buying technology. That's what I love about our new company, the results speak for themselves. We're using new media in a way that generates tangible results.

Good brokers and agents know how to develop and track a quality marketing mix, a mix that usually has a combination of old and new ingredients.

Very well said Michael. I am 48 and am finding myself doing my fair share of eye-rolling at suggestions that anything "old" is ineffective. At the end of the day, ask yourself-who is your audience? Maybe you have been using certain tools for a long time and your toy is no longer shiny to you. That doesn't mean the toy wasn't way-cool. I'm all about keeping up with whatever is out there but my clients don't care HOW I got there, but THAT I got there. They just want to land safely on the ground. If you are on the internet talking about the value of the internet, you're wasting your time. Your audience is already on the internet. The whole Web 2.0 thing being so cutting edge and superior is crap. So we can now interact electronically-there's a yawn for you. The real innovators were back at IBM making machines as big as a room and needing fans to blow out the inevitable fire. Everything since then has been essentially an enhancement. I will never abandon my daily search for new and unusual, but I won't throw away my old tools that are still working. And by the way, even though I've gotten my fair share of leads electonically, nothing comes close to face-to-face networking. So why not "whatever works"?

Just as a clarification, the "ho hum" about virtual tours is simply imlpying that they are no longe something unique, but rather ubiquitous. The above was not claiming anything about the effectiveness of the "now traditional" tools... just an observation that "we've come a long way, baby."

The greatest difference (to me, at least) between print and online advertising is that online provides metrics by which I can measure my ROI. I know how many people are visiting my Visual Tours. I know from where my website visitors are coming. I am able to track how effective my advertising is.

While the ultimate metric is whether a property sells, for how much and after how long, I prefer to spend my money online. It's cheaper, it's more efficient and it's more flexible.

Love it! Great post as usual, Jim. I think understanding the impact of online marketing and the phenomenal ROI it has in relation to print ads is the key. You really can't get that kind of ROI from print. For example, think about what an ad in Realtor Mag costs (full page color: $34K). Cosider how many blogs you have to sell to see any return on that while simply putting up a site and buying AdWords will generate substantial protfit right away. Same goes for Realtors- even local papers can be expensive. The Net ROI is unbeatable. It's just about learning how to use the net properly to deliver results.

I'm in agreement with most of the other commentators. I believe I have to keep up with what is current and what the customer is looking for when previewing homes. Print advertising doesn't produce the results that the internet seems to provide and I agree, internet marketing is much easier to track and keep record on. It is important to weigh the evidence on what works and what what doesn't. It kind of goes with the old saying "Don't throw the baby out with the bath water." And at the same time, we don't want to work in the stone age. Finding balance on methods that work is the key.

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Internet marketing is not as face-to-face marketing but nowadays it's very convinient because few people have the time to go the store and buy something on their own.

Building a real estate business is not easy. One, as a real estate agent, must learn how to manage oneself especially in the area of time management, ongoing real estate sales training (continuing education units), real estate investment coaching and personal life balance.

I dont think that it is traditional marketing its internet marketing by which people can come to know about different aspects and can earn from it.

I was just looking around for material on internet marketing and stumbled on your post. Nice post. I’m still looking for materials for my research.

Found your blog on Google and have enjoyed reading your posts.
Nice work!

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