Why Is Marketing Important?
Businesses within all industries can benefit from marketing, as it can aid businesses in increasing brand awareness, engagement, and sales, through various media plans and promotional campaigns. Marketing is used for growing businesses to stay competitive and maximize their return on investment; therefore, it is important to utilize marketing benefits to the highest degree. Marketing promotions can take on both traditional and digital forms. Traditional marketing refers to print media, whereas digital marketing refers to digital media. Traditional marketing mediums include mail, posters, newspapers, print magazines, and billboards. Digital marketing mediums include e-mail, digital ads, blogs, online posts, and social media. Marketing utilizes market research and analysis tools to determine the target market for their media content and analytics. This helps companies accurately track consumer engagement and overall company and financial performance. For instance, these tools can aid companies in allocating promotional advertisements, and thus assessing the effectiveness of those advertisements.
Marketing promotes brand awareness, which refers to how recognizable a company is based on its style, reputation, name, or logo. This promotional initiative helps companies obtain new customers, reach new markets, and retain existing company customers. Awareness can be generated by locating advertisements in mediums and places in which the target market is likely to see them. This is an example of effective marketing. In addition, consumers hold credibility and familiarity to a high standard. Consumers oftentimes display a heightened sense of brand loyalty. Even when trying a new product or service, customers still enjoy aspects which they are comfortable with. Brand awareness can be improved by developing a strong brand identity at the forefront of one’s company, narrowing down the strategic positioning for one’s brand, and utilizing resources, such as social media, to expand brand recognition to not only large quantities of people but to the correct demographics of people as well.
Marketing also promotes engagement and communication, which refers to both in person and online interactions between businesses and consumers. Social media and search engine optimization (SEO) content (such as blogs and articles) are effective mediums in which businesses can promote business engagement, using an effective marketing strategy. Boosting consumer engagement can help formulate lasting relationships between businesses and their customers, as companies can customize their content to suit their target market’s interests and desires. Businesses should have the correct balance of promotions, such as discounts, current event emails, and incentives. These marketing initiatives can increase customer loyalty and customer referrals, and, in turn, increase sales. Marketing strategies, such as using data to analyze customer behaviors, promoting user generated content, and developing interactive and engaging media, can help promote customer communications and business engagement.
Personalization marketing is defined as customized experiences catered to a business’ customers. For example, business mailing and e-mail services can address customers by their name, opposed to just receiving mass broadcast information. Seeing one’s name at the top of a letter or e-mail may entice the consumer to actually read the information displayed on the marketing medium and increases the potential that that individual will interact with the business and potentially purchase a product or service from that business at some point. A newer form of marketing personalization is allowing consumers to choose between multiple advertisements based upon a short preview. This is another tactic to build customer loyalty and brand interest. Some personalization strategies include promoting similar products, targeting consumers based on their geographic location, and developing customized messages for each member of a company’s target audience.
As mentioned previously, marketing can also promote sales. This is because marketing and various media initiatives can notify consumers about business offerings, value propositions, and competitive advantages. Informational campaigns can entice consumers to purchase products or services from a company. Dispersing such marketing material and campaigns to individuals that fit within that business’ specific target market demographic is important, as they will be more likely to purchase the business’ product or service. Artificial intelligence and more traditional methods of analysis can be used as tools to aid businesses in narrowing down their target market segment. This can allow companies to home in on promoting their advertising initiatives and campaigns to their specific target customers (such as those who bought a similar product when releasing a new version of this that product). Identifying networking opportunities, showcasing benefits, and pushing specialty marketing campaigns are marketing strategies that can help a company increase their sales.
Although marketing initiatives showcase qualitative aspects, results and outcomes should be quantified using numerical data and statistics. This helps marketing professionals make informed decisions that ultimately maximize their return on investment for their marketing strategies. Marketing analytics is the term used to define these metrics. Such analytics can allow companies to identify individuals who previously did not engage with their marketing initiatives. From there, businesses can develop future campaigns that fix these weaknesses and directly address those unreached (but targeted) markets. Marketing analytics can be used to document a business’s growth over time, and they are important in making other business decisions, such as deciding on expansion plausibility and distributing statistical data and information to potential investors. The use of business analytics can aid in the maximization of a company’s chance of increasing consumer engagement and sales. Ways to use marketing analytics include studying sales and market trends, tracking consumer engagement, and identifying and following market changes (Indeed.com, 2022).
Why Is Professional Marketing Better?
Professional marketing is worth the investment, although Marketing is a single aspect of a business plan, it is not just a milestone in a company’s existence, it is the face of the company. Professional marketing encompasses the services, processes, and guidance provided by a licensed marketing specialist or a marketing team within a specialized firm. Marketing professionals work on a case-by-case basis for various companies. They work to develop communication and sales strategies that display their immense level of experience through crafting stellar campaigns catered to a business’ needs and the needs of their customers. Professional marketing specialists work to position a company’s brand within their respective market by simultaneously formulating strong communication and relationships with their customers, as well as accumulating financial return on investment. In the world of business today, marketing specialists work to stay up to date and educated pertaining to digital business changes and new technology innovations, as they are ever evolving at a steadfast pace.
Although an amateur marketer may understand how to place advertisements, how to write content, the basic strategies surrounding social media management (for example replying to comments in posting updates), a professional marketing specialist does much more. Professional marketing specialists know how and when to use automation tools to continuously engage with consumers in alternative ways, post and update social media platforms regularly, articulate targeted content, and manage advertising campaigns to achieve the best advertisement bids and outcomes. Marketing professionals accumulate data and information to formulate reports, detailing valuable marketing strategies and effectiveness insights. Marketing professionals can breakdown complex marketing concepts to make them manageable and understandable for a company. They are able to see the big picture for a company’s marketing strategy and campaigns, while also making some of these marketing processes automated.
Marketing professionals are able to identify what marketing strategies work best within your company’s industry and niche. They point companies to new tools to enhance business performance and operation. Marketing professionals combine creativity with stringent logistics and measures to capture consumer attention and promote business success and longevity (Aguirre, 2020).
Marketing in Real Estate
Marketing takes on many forms within the real estate industry, as it aims to promote real estate agents, real estate firms, and the properties in which they represent. Professional marketing, as it pertains to real estate, involves leveraging various channels, strategic planning, and creative execution to engage with target market segments. Professional marketing specialists within the real estate industry are valuable business partners that allow businesses to form new connections, increase their reputation and memorability, and further develop companies’ brands.
There are a multitude of outlets for effective marketing in real estate. Social media marketing in real estate leverages social media platforms to showcase properties, generate website traffic, and engage potential clients. Real estate influencer marketing utilizes influential individuals within the industry or related industries to help promote a company’s brand, services, and properties. Digital marketing uses online channels, including search engine optimization, pay-per-click advertising, websites, and e-mail marketing to reach mass markets of consumers, and, in turn, generate leads. Traditional marketing in real estate refers to direct mail, print advertisements, billboards, radio advertisements, television advertisements, and signs to build brand awareness among geographically local populations. E-mail marketing in real estate entails building an e-mail list and distributing targeted newsletters, personalized content, and updates to induce leads, keep people informed of new listings and trends, and to maintain client to company relationships. Video marketing in real estate can serve to provide property tours, showcase specific neighborhoods, and highlight client testimonials. Lastly, content marketing in real estate is used to create and distribute relevant, informative, and valuable content, through varying mediums, such as articles, infographics, blog posts. These sources educate potential clients, attract traffic organically, and establish thought leadership.
Due to the cost and volatility of real estate purchasing, prospective buyers hyper analyze all aspects of their potential purchase, including the agent or company in which they work with to complete the transaction. Real estate firms and agents must first reach out to individuals who are interested in selling or purchasing real estate, in order to make them aware of their services. Real estate companies and agents must likewise differentiate themselves amongst competitors to gain attraction from potential clients. As the real estate market becomes more and more saturated, strategic marketing initiatives have likewise gained an instrumental role in expanding brand visibility, generating increased qualified leads, and establishing credibility.
Individuals operating within the real estate industry come in many forms, with many different titles. These include real estate wholesalers, real estate agents and realtors, real estate brokers, real estate investors, property managers, house flippers, local businesses servicing the real estate industry, title companies, general contractors, landlords attracting tenants, For Sale by Owner home sellers, and homeowners looking to rent out their property. Although all these titles involve completing different tasks, they can all benefit from professional marketing services.
One strategy individuals and companies should implement, prior to beginning their real estate journey, is researching their target market. Doing so and relaying this information to professional marketing specialists can aid in the creation of the most suitable marketing strategies and campaigns for one’s business endeavors. Demographic data must be gathered through the conduction of comprehensive research to better understand local market trends and identify the needs of potential buyers and homeowners. Knowing one’s target market can aid in tailoring marketing strategies and formulating messages that are most likely to resonate with the target market effectively. One can start by analyzing the demographic characteristics of their target market (age, income, occupation, lifestyle). Furthermore, local market trends are important as they will greatly impact one’s business. These include supply and demand dynamics, emerging neighborhoods and properties, and price fluctuations.
Further feedback can be gained directly from target audiences by survey conduction and interviews. Asking the right questions can help real estate professionals uncover preferences, motivations, and pain points when it comes to real estate transactions. Holding a research driven approach at the forefront of one’s marketing strategy can aid in the creation of persuasive and compelling messages that resonate with the desired audience. Successful real estate marketing begins by knowing one’s target market from the inside out.
Boasting a strong brand image is another vital asset in the real estate industry. This industry is highly competitive and doing so allows companies and agents to set themselves apart from the crowd, establish a reputation, articulate values, and generate a unique selling proposition. Both legally registered firms and individual agents can benefit from effectively communicating their expertise and building a strong brand reputation. People can also market themselves as individuals. You are your brand. Investing in the creation of a strong brand identity can help real estate professionals generate a lasting impression on potential buyers and establish a powerful, influential, and impactful presence in the industry.
The effectiveness of a data-driven approach continues, as analyzing and tracking marketing efforts empowers real estate professionals to acquire valuable insights and thus make informed decisions that influence optimal results. Key metrics, such as lead generation, website traffic, conversion rates, and social media engagement should be monitored to assess the effectiveness of marketing campaigns. This allows professionals to identify which strategies require adjustments and which strategies are performing well. This all-encompassing information can help professionals refine their marketing tactics, continuously improve their marketing performance, and allocate business resources effectively as the real estate industry is ever evolving data becomes a business’s most valuable asset (Martinez, 2023).
Personal Connection to The Topic:
This past summer I was able to intern for a local realtor back home in New Jersey. I served as an intern for Ray Moorhouse Group, and worked among owner, Ray Moorhouse, co-owner, Ashley Moorhouse, and assistant, Justine Faust. During my time there I was able to calculate CMA’s and create marketing initiatives for the company. The marketing initiatives that I was able to help produce while there included their direct marketing mailing list (all of their contacts received a promotional calendar and some updates), seasonal pop-by’s (catchy little slogans complete with some goodies, all matching a seasonal theme), and also discussed ideas for a public relations event (hosted in their home-office backyard).
FOOD FOR THOUGHT:
This real estate agent posts humorous (and mildly inappropriate) TikTok videos showcasing properties he is working to sell. I recommend checking them out for some creative inspo and an example of an unorthodox marketing strategy to sell a home. Here is the link to his TikTok profile, which has accumulated 1.2 million followers. Caramel Express (@caramelexpress) | TikTok
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