Let’s dive into “the new abnormal” and try to get creative with our business strategies, shall we? COVID-19 has made many of our more traditional lead generation routes more difficult (or impossible) for the coming months, so we’re forced to pivot. Three of the most important functions of a real estate business are as follows; 1. Prospecting for new leads, 2. Nurturing your database, and 3. Closing business.
The hard truth is that the third function is going to be more difficult right now. Transactions likely will slow (although we have heard a lot of encouraging news from clients that indicate otherwise), and those face-to-face, in-person efforts have to shift. However, prospecting for new leads and nurturing your database are still on the table. And they may be the two things that will help you prepare for the inevitable bounce back once things settle down again.
Should I Adjust My Digital Marketing Strategy?
It may be tempting to press the pause button on your ad spend. You might think, “Hey, there’s no way people are browsing right now,” or… “I should save some money and resume my ad spend in a few months.” But before you make any changes to your digital ad spend (Facebook & Google), take a peek at some numbers we’ve seen over the past few months.
- – Lead volume MoM was only 0.5% lower in March than in February.
- – Cost-Per-Lead was actually down 2.6% in March vs. February.
According to data from our team of expert Digital Marketers;
So what does that mean? It means people are still out there searching. Now is a good time to take advantage of the opportunity that’s opened up when your competitors pause their ads and free up space for you.
Think about it – people are at home and they’re glued to their screens. They’re watching the news, they’re working remotely, and they’re browsing for homes. These are going to be the opportunities that start looking now, convert on your site, and then transact a few months down the road. Now is the perfect time to capture those opportunities in your database and start nurturing them as soon as possible to fuel your growth during the bounce back.
The Value of Leveraging Facebook
Facebook usage has spiked during the COVID crisis. With the recent spike, the average Cost-Per-Click for Facebook ads across all industries, globally, has gone down. In fact, usage has increased so much that total messaging has increased by 50% and video calling through Facebook has doubled in some markets.
- – 17.6% more impressions in March than February
- – 9.1% more leads secured in March than February
- – Overall Buyer CPLs trended down 13.8% in March from February
- – We are securing impressions at under $0.01
Facebook results from the BoomTown Digital Marketing Team
Something else to note is that experts were predicting that this was going to be one of the most competitive spring markets on record. Transaction volume and demand was booming — which means there’s a bit more wiggle room with this slowdown. Demand is going to slow down, that’s true, but it’s not going to disappear.
BoomTown Founder & CEO, Grier Allen, notes, “Agents are going to have to pivot and adjust to the changes. Consumers may be sitting on the sidelines, but their transactions will most likely be delayed, not canceled.”
Use Every Tool & Trick in Your Tech Stack
Now is the time to leverage the technology that you’ve invested in and squeeze every ounce of ROI possible. At BoomTown, our number one goal is to make real estate agents successful. Now, more than ever, we are listening to our clients’ needs and wants, and are innovating as quickly as possible to help them thrive in the face of these challenges.
We recommend that you stay in close communication with the support teams from your technology parter, especially if you’re using their digital marketing services.
In regards to digital marketing, one thing we’re recommending that our clients take advantage of is our Marketing Central tool. This allows users to quickly create a re-engagement campaign through Facebook, providing homes that match consumers recent viewing/search criteria. This type of campaign helps you get in front of the opportunities within your database that have either registered on your site or have been imported into your CRM for an incredibly low cost-per-impression.
There’s no denying that there may be some tough times in the coming months. By researching these tactics and strategies for pivoting your business, you’re already one step ahead of many others. We recommend staying focused, staying calm, and leaning on your network (colleagues, peers, a mentor, etc.) to help stay positive and assure that your business is set up for success as we navigate our way through these waters.