Marketing insanity: are you doing the same thing over...

We have all heard Albert Einstein's assertion that insanity is doing the same thing over and over again and expecting different results' and we can all be guilty of this mindset in both our personal and professional lives.

And, of course, by doing the same thing over and over again and expecting different results when it comes to marketing our businesses can be particularly costly - especially in a competitive sector.

Competition in the estate agency industry is undoubtedly at an all-time high. There are now over 20,000 sales and lettings offices in the UK (according to research by the Property Ombudsman and Rightmove), as well as a growing number of online agencies which are not included in this figure.

So, for some estate and letting agents undertaking the same marketing techniques time and time again, a form of insanity can take hold - not to mention the poor results.

For example, the circulation of regional newspapers has declined dramatically over the past decade yet many estate agents still choose to advertise in them. In the first half of 2013, according to the Press Gazette, the average sales for the UK's 70 daily regional titles fell to approximately 1.9 million from over 2.05 million in the first half of 2012 - a decline of almost 10% in a year.

With a rate of decline like that, the future doesn't look bright and regional papers' readerships are not traditionally made up of young people (tenants and first time buyers). As mentioned in a previous blog, the internet and social media in particular are now a part of the younger generation's way of life and interacting online is the most effective way to market to this demographic.

What's more, the move online is encouraged by diminishing passing trade and walk-in business. For many agents, more valuation requests and relationships now start online.

The proliferation of property portals has engendered laziness among some agents and it is to the detriment of the vendor or landlord. An agent is employed to market their client's property and just listing on the portals is not a fully effective way of doing that.

From creating microsites and virtual property tours to writing crisp content and graphic design, there are a variety of strategies that will help to get your vendors' properties in front of the right people. And by showing prospective vendors and landlords all the innovative things you do, rather than just listing on portals, this is sure to put your agency one step ahead of the rest that are doing the same things over and over again.

To find out more about our services, or if you are interested in joining the Cream Club, contact us today on: 01480 400357 or email us on: marketing@cream-club.co.uk.

https://www.cream-club.co.uk/