Any real estate agent who has been in the business for a decade or more will tell you the dreaded cold call used to be a necessary evil. Today, in a culture where the home phone is all but extinct, and consumers find more information online than in print, are cold calling and mailers still worth the investment?
Decreasing Effectiveness of Traditional Cold Calls
A 2016 LinkedIn article surveyed 100 senior level marketing and sales managers about the effectiveness of cold calling. Not one – not a single person – reported an increase in overall return on investment (ROI) from cold calls since 2011. In short, the traditional cold call isn’t an effective 21st-century marketing tactic. Fifteen percent of respondents reported little to no change in the overall effectiveness of cold calling, while a staggering 80% reported reduced or significantly reduced effectiveness.
If you’re spending time making traditional cold calls, you could be wasting your time and money.
The Surprising News About Direct Mail Campaigns
Since cold calls are no longer a useful strategy, one might assume that direct mailers are also losing their stride. You might be surprised to hear that the opposite is true. The Association of National Advertisers found that customer response rates to print direct mailers has increased 43% in recent years. From 2015 to 2016, the ANA found the response rate had risen by 190%.
What’s more, print mailers have an average 29% ROI, making them the third most cost-effective marketing method behind email campaign and social media marketing.
While print mailers can be useful, it’s only worth the investment if done well. Direct mail should be visually appealing, enticing, and not a “bait and switch” campaign. Envelopes with “Urgent” or “Open immediately” that turn out to be marketing mail will probably be headed straight for the trash. Think about the kind of mail that works with you as a consumer.
Bottom line? Print isn’t dead. Keep sending out those monthly mailers. Data shows they are worth the investment.
Move Your Marketing Online
Cold calling is out. Print marketing might be worth the investment if done right. But the real winners when it comes to 21st-century marketing? Email campaigns and social media marketing.
In a world where businesses can accomplish nearly every task online, it’s crucial to utilize cyber marketing strategies.
In 2017, email marketing campaigns experienced an average 124% ROI, making it far and away the best bang for your buck. Social media marketing averages a 30% ROI according to the same survey.
A successful email campaign won’t happen overnight. You’re going to have to build up your contacts list first and find new potential clients. There are a few ways to build your list and engage with new potential buyers and sellers:
- Social Media. You’ll reach more clients online than you will anywhere else. Interact with potential buyers and sellers, follow up on leads quickly, and bring in new web traffic when you share information regularly on your social media sites. If you’re not signed up for a variety of social media platforms, it’s time to quit resisting and start Tweeting (and posting, tagging, and hash-tagging).
- Customer Relationship Management. CRM is an essential component of a successful business model. If you’re looking for ways to connect with clients and grow your sales, there are a handful of useful apps, websites, and programs available to keep you connected. Successful CRM will help you interact with current clients and connect with new ones along the way.
- Keep Your Website Content Updated. By writing regular blog posts, updating your website (and making it look professional), and bringing new, exciting content to your website, you’ll engage new readers. Each new reader is a potential client, so keep that content coming!
Create an Effective Marketing Strategy
Times are changing, and today’s real estate agents must change to keep up. Gone are the days of cold calling. It’s time to engage in online marketing that will reach a new generation of clients.
Consider investing in direct mail marketing for your business. However, email marketing campaigns and social media marketing are even more effective and lucrative strategies. By taking the time to focus on these fast-paced methods, you’ll be reaching more clients, in a shorter period of time, with less effort and less investment.