September 2012 | By Ian Grace
In my last couple of articles, I promised to talk about the power of creating a multifaceted advertising campaign rather than just using individual ads in individual media. The key is to use one powerful approach: creating different ads for different target markets.
Don’t forget the whole “HOODOO” concept I explained in my first article, which is carefully targeting your ads to prospects who will see the most value and pay the highest price for a property based on their particular value structure at that time in their lives.
Target Your Market: Talk Only to Them
This is what professional advertising agencies do with every product or service they sell on behalf of their clients. Think about it: Every product we see advertised is aimed at a specific market. It may be aimed at men, women, seniors, children, affluent people, the mass market, brand-conscious people — the list goes on.
I talked before about your ads becoming a personal communication that can be read by your prospective buyers as if you are talking directly to them — that is targeted marketing. However, I often see ads that say, “Ideal for first-time home buyer or investor.” This is not targeted marketing. Once you mix two very different buyers in the same ad, you cannot communicate directly with either of them. It’s like trying to have a conversation with an 80-year-old and a 5-year-old in the same sentence. It can’t be done.
Now, before we look at communicating with each market separately, let’s have a look at a checklist that will help you to choose the best possible target market for each property you list. In some cases, as above, you may be marketing to two totally different yet relevant groups of consumers.
Selecting Your Target Market: A Checklist
Advertising experts will use these three distinct categories to ensure they are right on target with who they want to reach. See how it helps target your real estate marketing:
1.Geographic: Where is the purchaser of this property likely to come from? A local area, particular suburbs, beyond the greater city area, or another city, state, or country?
2.Demographic: What is the age, income, marital status, and occupation of the home buyers you’re targeting?
3.Psychographic: What are the expectations and aspirations of the potential buyer? What are their hobbies, habits, preferences, likes, and dislikes? Do they love to entertain, garden, golf, cook, or enjoy other activities?
By focusing on each of these three areas, it becomes so much easier to determine who your ad campaign should be directed toward to generate the greatest qualified response.
Important note: Always be aware of fair housing laws and make sure you don’t transgress them. Targeted marketing is about offering the property to the best possible prospects who will have their needs satisfied. It’s not about discriminating, so please apply common sense and be aware of the law.
Running Multiple Marketing Campaigns
If you look at the concept of running two totally different ads aimed at two totally different markets, the copy you’re using needs to make sense.
I used this headline in a successful ad campaign that sold an investment property: “Watch the waves…and the $$$’s roll in!” If I had been aiming to sell the property to someone who would live in it, the headline could have been something like: “Watch the waves…every morning!”
Of course, someone looking for a place to live could still fall in love with the concept of living in a beachfront property if they read the first advertising headline. Likewise, an investor could still assume that property would be a good investment with a high rental return (possibly with an ulterior motive of living in the property in years to come) after reading the second ad headline. But do you see how the two headlines are tailored to meet the needs of two different sets of buyers?
Another example of property advertising campaign that targets first-time home buyers and investors: “(Could this be) your first home?” and “Secure your future with this great investment.”
The reality is most real estate practitioners never think about running two different ads for the same property. Once you understand how campaign advertising taps into your prospects’ conscious and subconscious to give your properties top-of-mind awareness, you will see how powerful and simple this advertising tactic is.
Creating Cohesive Advertising
All too often, I see real estate pros with totally different ads running in different media. There is no unified look to the copy, imagery, or branding tying these ads together. Thus, each ad has to start from scratch with the readers rather than having recognizable structure to get the best results.
Rather than viewing each ad in isolation, each piece of your marketing media should work with and complement the others in a cohesive campaign. I will talk more about this in my next article when I cover “reach and frequency.”
A great article from realtormag.com