In the latest episode of “Estate of Mind,” Tami Simms and Jack Miller host Will Hayes, Senior Growth Strategist and Head of Paid Media at the Toby Agency. The discussion centers on the intricacies of strategic marketing for real estate professionals, emphasizing the practical applications of digital marketing strategies.
Key Takeaways from the Podcast:
The SMART Goal Framework
A core component of effective marketing is the “Objective First Framework,” which advocates for defining your ultimate goal before developing tactics and execution plans. Central to this framework is the SMART goals model—Specific, Measurable, Actionable, Realistic, and Timely objectives that guide marketing efforts and ensure strategic focus.
Realism in Goal Setting
Realism is vital when setting marketing goals. While high lead volumes and impressive metrics are desirable, it’s important to factor in costs and conversion rates. For example, with a typical conversion rate of 10%, generating one lead requires 10 website visitors. If each visitor costs $50, expenses can quickly escalate, underscoring the need for achievable goals.
Defining Your Ultimate Goal
Before launching any marketing initiative, clarify:
- What is your ultimate goal?
- How will performance be measured?
- Who constitutes your target audience?
Answering these questions in detail will help tailor strategies and tactics to effectively reach your objectives.
Business Needs vs. Marketing Needs
Differentiate between business needs and marketing needs. Business needs often focus on long-term objectives like brand building and customer engagement, while marketing needs typically target short-term goals such as immediate lead generation and sales.
The Funnel Approach
The funnel approach to digital marketing involves several stages:
Top of the Funnel: Build brand awareness through engaging content on platforms like social media.
Middle of the Funnel: Provide valuable content that addresses potential customers’ interests, such as home value calculators or renovation tips.
Bottom of the Funnel: Convert engaged prospects into leads or customers by prompting specific actions, such as signing up for a consultation.
Building a Strong Brand
A compelling brand is built on a clear, distinctive point of view, often reflected through personal authenticity. Consistency on social media and genuine engagement enhance brand recognition and establish trust, positioning you as a knowledgeable expert or luxury leader.
Integrating Print and Digital Media
While digital marketing offers precise targeting and measurable outcomes, print media retains its value, particularly in the luxury sector. High-quality print materials can leave a lasting impression. Combining print and digital strategies ensures multiple touchpoints with potential customers.
Beyond Social Media in Digital Marketing
Digital marketing extends beyond social media to include strategies driven by behavioral data and keyword optimization. Dominating local search results and actively managing Google My Business profiles are crucial for visibility, as Google increasingly favors local services over national brands.
The Resurgence of QR Codes
QR codes have reemerged as a tool to seamlessly connect print and digital media. They offer an interactive experience without cluttering high-end print materials, enhancing engagement while maintaining aesthetic appeal.
Conclusion
Starting with a clear objective and SMART goals lays the foundation for effective marketing strategies. Balancing business and marketing needs, integrating print and digital media, and utilizing tools like QR codes thoughtfully will drive measurable success and build a robust brand presence.
For a deeper dive into these strategies, listen to the full podcast episode. For further guidance on advancing your luxury real estate practice, explore The Institute’s training options and become a member to access exclusive tools and resources. The Institute’s Certified Luxury Home Marketing Specialist™ (CLHMS™) designation is globally recognized, offering valuable insights and connections for success in the luxury real estate market.
