Online Real Estate Technology

I just wanted to say what a buzz we all had at the Trueventus Social Media MBA that took place last week in Kuala Lumpur and Singapore. The team on both days were really involved and participated in each session making them very enjoyable from my point of view as the presenter of the sessions.

As you can see from the attached photo we all really enjoyed each of the 4 sessions on the day and I look forward to more of the same in the not to distant future.

The next round of sessions take place in Fiji on the 23rd and 24th August with our 3 day MBA for Marketing professionals course in Dubai kicking off on 19th to 22nd of September.

Fiji is full but there is a small number of places left for the Dubai sessions, to book or to get a brochure outlining the 3 day event, please visit the following link http://www.trueventus.com/event.php?intid=12 

I hope to see you there.

The ongoing migration to digital media is damaging traditional media categories more than expected, according to a new white paper from PriceWaterhouseCoopers.

Digital Migration Slams Publishing, Radio
The annual decline in 2009 revenues in several traditional media categories was more severe than originally forecast, according to PriceWaterhouseCoopers research. Most striking was the decline in out-of-home revenues, which fell approximately 13% in 2009, compared to a forecast of about 7%. In addition, radio revenues declined about 9%, compared to an approximately 7% forecast.

The other two media categories which had a 2009 revenue decline more severe than originally predicted by PriceWaterhouseCoopers were newspaper publishing (approximately 12% compared to a forecast of slightly more than 10%) and consumer magazine publishing (about 11% compared to a forecast of about 9%).

Most Digital Categories Grow Beyond Expectations
In contrast, most digital media categories which experienced annual revenue growth in 2009 increased more than originally forecast. Most significantly, internet advertising revenues, which were predicted to decline about 3% in 2009, rose about 4%.

In addition, revenue growth significantly outpaced expectations in categories such as internet access (about 8% compared to a forecast slightly more than 5%) and filmed entertainment (3% compared to about 1%).

The only exception was the revenue stream from video games, which only grew about 3%, compared to a forecast of about 8%. PriceWaterhouseCoopers analysis suggests this was primarily due to a number of high-profile developers delaying the release of new games originally scheduled for 2009.

Print Media Ad Spending Mostly Lags
Print media, on the whole, continued to lag the overall ad market in Q1 2010, according to recent data from Kantar Media. Consumer Magazine spending fell 3.9% from a year ago, while Local Newspapers dropped 5.6%. There was improvement in some narrow segments, as Sunday Magazine expenditures jumped 13.7% and National Newspapers increased 9.1%, primarily from gains at the Wall Street Journal, according to Kantar.

I had a little snigger to myself after reading an article in the Saturday papers that had suggested that Kevin Rudd, the current Prime Minister of Australia, had artificially boosted his Twitter follower numbers to make himself appear more influential in the social media world. The article goes on to suggest that a substantial number of his Twitter followers are based outside of Australia in countries such as Ecuador and Belarus.

If Kevin has inflated his numbers, he has done nothing that a lot of other individuals haven’t done to appear more influential in their chosen field, in fact I wrote an article about this called How to Fake Your Twitter Followers last year.

It’s easy to fake and inflate your social media following on sites such as Facebook and Twitter to make yourself look like a guru, but what is more of an issue to me, and I’ve seen it starting to appear more and more in business lately, is when KPI’s are tied to how many followers a marketing manager can generate.

This sends a totally wrong message to Marketing Managers that numbers are more important than quality when it comes to your social media community.

To me, quality amongst your social media followers should be far more important, and choosing who you should follow back is also a consideration when it comes to being recognized by search engines such as Google, they place more emphasis on quality of connections than they do on numbers of followers. 

Tying a marketing managers KPI’s to how many followers they can generate is nonsense, it displays a total misunderstanding of how social media should be used by senior management in these companies, KPI’s should be based on developing a solid following of consumers who will engage with you, who will buy your product or service and who are genuinely interested in what you have to offer as a company.  

Trying to judge your ROI is going to be far more difficult as well, having an artificially inflated following will not convert into sales, why? because the majority of these followers have no interest in your company or product, they’re just along for the ride.    

Your KPI’s should be based on building a solid community of quality followers.

Using this strategy is far more effective in creating increased sales and conversions than concentrating on building large numbers in social media, particularly when looking at your ROI.

So remember, the catch phrase is quality over quantity, it’s far more effective in the long term if you want your social media strategy to be successful.

I recently came across a speaker and coach who during a recent seminar stated that all business needed to participate in social media was a Facebook page, now this coach is well known in the real estate industry as a motivational speaker and sales trainer, he is also a working real estate agent operating a very successful office, so the business owners who attended this session will believe what he says, unfortunately for them his advice is not only wrong, it is totally misleading.

So lets state for the record, a Facebook page and Twitter account do not constitute a social media strategy, in fact it is far from it.

This again highlights how you can be misled by so called social media experts who run around the country spruiking advice like this.

Facebook and Twitter are only part of a broader overall strategy and these are tools, which you use to communicate and socialise with your customers.

This raises the other big issue that companies have, and that is they don’t know how to be social, in most cases business gets involved in social media because your competitors are doing it, not because it opens up communication channels with your customers and allows your business to be social.

Today everyone of your customers is a reporter and every reporter is a customer, so being able to directly tell your story to your customers is a very valuable component of an online corporate communication strategy.

Before you start using a tools based strategy, which is what you have if you are just using Facebook and Twitter, think about what sort of relationship you want with your customers, connecting with them is a very valuable asset to your business in building lead generation, sales and loyalty.

Social media is fueled by passion, so work out first, who you are, what you are and what you are trying to communicate, before you start. Most companies take elements of the business that are not really passionate and try and make them social, elements such as features and benefits etc.

Creating your own unique content is really important with social media, content and  passion become the king. Translating that into other mediums is also very important. Creating blog posts for example and then turning those posts into Podcasts and Video and distributing via YouTube and ITunes.

Video is a massively under utilised tool in business, and I predict in the next 12 months will have far greater influence than it does today. You now have the potential to have a streaming TV channel at your disposal, every piece of content you generate can be transferred to video.

There is more to creating your social media strategy than just Facebook and Twitter, stretch the boundaries with social media, remember it’s about passion, it’s about you, it’s about your brand and most of all it’s about your customers.

Reach out to them across all the channels available to you, I guarantee you won’t be disappointed.

A majority of marketers are using social media in their marketing efforts, but most have only been using it for a few months or less, according to a new survey from SocialMediaExaminer.com.

Nine in 10 Marketers Use Social Media
Findings of the “2010 Social Media Marketing Industry Report” indicate that nine in 10 marketers (91%) are currently using social media as part of their marketing efforts. Small businesses were slightly more likely to be using social media.

A majority of marketers are using social media in their marketing efforts, but most have only been using it for a few months or less, according to a new survey from SocialMediaExaminer.com.

Nine in 10 Marketers Use Social Media
Findings of the “2010 Social Media Marketing Industry Report” indicate that nine in 10 marketers (91%) are currently using social media as part of their marketing efforts. Small businesses were slightly more likely to be using social media.

More B2B companies have been using social media longer (79.5% reported months or
more) than their B2C counterparts (68.7% indicated months or longer).

Most Marketers Use Social Media at Least Six Hours Weekly
A combined 56% of marketers use social media for six hours or more a week, and 30% use it for 11 hours or more on a weekly basis. It’s interesting to note that a combined 12.5% of marketers spend more than 20 hours each week on social media.

The largest group used social media one to 5 hours per week (about 38%). Forty-three percent of people in this group are spending four to five hours per week on social media activities. Three quarters (76%) of marketers are spending at least four hours each week on their social media marketing efforts.

More Experience Equals More Usage
There is a direct relationship between how long marketers have been using social media and their weekly time commitment. For people just beginning with social media, the median weekly time commitment was one hour per week. However, for marketers who have been doing this for a few months or longer, the median jumps to 10 hours per week.

Almost Half of Global Marketers Use SocNets
Close to half of global marketers currently use social media in their marketing efforts, according to a recent study from marketing technology provider Unica. Reflecting the rapid explosion in the popularity of social media sites such as Facebook and Twitter among consumers, a combined 80% of marketers currently use social media or plan to in the future. Forty-seven percent of marketers currently use social media. Another 23% plan to use it in the next 12 months, and 10% plan to use it in more than 12 months. Only 11% have no plans to use social media, and 9% are not sure.

In addition, comparing US and Canadian marketers with their European counterparts, the study reveals that a much higher percentage of marketers in North America (58%) currently use social media than marketers in Europe (34%).

About the Survey: SocialMediaExaminer.com surveyed 1,898 respondents, of which 98% were business owners or employees, 1% were students and 1% unemployed, via Twitter, Facebook, LinkedIn and email during a five-day period in January 2010.

The powers that be at Twitter have been vague about how they plan to monetize the service. As marketers have flocked to the microblogging site, Twitter has considered charging for business functionality as one possibility.

According to a survey commissioned by Internet marketing solutions company WebBizIdeas.com, a plurality of business users of Twitter are unsure whether they would pay to use extra business features on the site. About one-quarter said they would.

Defining what those extra features might be as well as how much they would cost could push less decisive business users into one camp or another. Among respondents who said they would pay, most were willing to spend less than $50 per month.

In addition, 8% of all respondents said they would pay for analytics alone, if Twitter offered that service.

Advertising, another possibility for Twitter monetization, may have more appeal. Businesses were largely uninterested in advertising tactics that would increase their follower count, but nearly seven in 10 respondents said pay-for-performance ads would bring the greatest value for them.

Defining what those extra features might be as well as how much they would cost could push less decisive business users into one camp or another. Among respondents who said they would pay, most were willing to spend less than $50 per month.

In addition, 8% of all respondents said they would pay for analytics alone, if Twitter offered that service.

Advertising, another possibility for Twitter monetization, may have more appeal. Businesses were largely uninterested in advertising tactics that would increase their follower count, but nearly seven in 10 respondents said pay-for-performance ads would bring the greatest value for them.

During the past week I’ve met with a number of small business operators and we’ve talked about social media and how they can integrate it into their on line marketing strategy. Using social media networking channels to not only promote your business but to help market products and services is a very cost effective way of driving new business.

Surprisingly, I’ve met some resistance to the concept, coming from an electronic advertising media background, I’m always on the lookout for ways to drive my business, and developing on online presence that I use as a online CV has been very successful for me in generating leads and driving new clients for my consulting business, and I’ve done all of this with very little financial output, as the social media networks I’ve set up have created a distribution network which allows me to get my message out very fast and very efficiently.

Some of these businesses I’ve talked with are now pulling back on their social marketing efforts and several of them are stopping their marketing all together, right at the very time that the number of consumers using social media in this country is growing at such a rapid rate that it is almost impossible to keep up with it.

Now why would you do that?

Lets look at the research first before I answer that question, The Nielsen report,released in mid March shows just how aggressive the growth is amongst Australian Internet users, close to four in five Australians or 78% of the population shared information,photos and links. Twitters audience grew by more than 400% in 2009 and more than one quarter of online users read “tweets” in the last 12 months. 14% of Twitter users followed companies or organisations via Twitter.

Nearly 2 in 5 Australians are now interacting with companies via social networking sites, which reinforces the point that we are very open to engaging with brands and companies online. Nielsen themselves make the statement, “The opportunities for brands and companies to tap in to the social media phenomenon are really just beginning to emerge and to date we’ve only seen the tip of the iceberg”.

The facts are this, nearly 9 out of 10 Australian internet users (86%) are looking to fellow internet users for opinions and information about products,services and brands, and Australians engagement with online word of mouth communication is going to increase in coming years as social media plays an increasingly important role in consumer decision making.   

In some cases, businesses have banned Facebook altogether in the office environment, and I know of one big media company, that actively monitors their staffs internet browsing and terminates their internet access if they use the site during working hours.

Given that the average Facebook user spends 8:19 hours per month on the site, and that’s the average, I know some people who spend considerably more per month than that on Facebook, small business needs to find a better way to harness this giant, banning it from their business is not the way to control it.

Now to get to my question above, why would you as a business pull back on your social media strategy at the very time that it’s gaining so much popularity?

The answers are simple:

1. Lack of Resources

2. Fear of negative comments and inappropriate content appearing on company sites

3. No clear rules,policies or procedures being set up within the strategy framework

4. Lack of knowledge of social media within the business  

5. No strategy in place, just add hock usage of sites because everyone else is using it

6. Lack of a risk management assessment

7. No reputation management strategy in place

8. Fear of the Unknown

9. Older Business owners with a traditional view of marketing

10. Marketing managers with little or no experience in social media marketing

11. Fear of competitors gaining business secrets

These are a few objections that I’ve personally encountered and in every case, none of these businesses has a marketing strategy in place that covers online.

Don’t stop your social marketing efforts, but do put in place a strategy that covers the essential areas that you need to have locked in place before you begin your social media activities, these are:

1. Risk Assessment – Make sure those in your business understand the risks involved and put in place polices and procedures before you start

2. Define very clearly your reasons for using the sites, what strategy will you employ and how will you manage the engagement from online users. Each site you use needs a very clearly defined set of rules and game plan. Set these for each site you use and monitor the performance of your plan, build engagement and community around your business.

3. Clearly identify the rules, what can be published and what type of information do you want out in the public arena, what is acceptable and what isn’t. Get your staff to sign a disclaimer and make it clear to them what the rules of engagement are. Very important to do this before you start.

3. Resources – Select a social champion within your business and use them to build your profiles and encourage them to help build your community online. Don’t ban it, play it smart.  

4. Online reputation management – Now essential for every business working on the web. Set up your management, monitoring and repair rules no matter how big or small your business is. Make sure you know what online consumers are saying about your business and you know how to manage and control those comments if found.

Having a strong online presence will be, no is essential, for your business if you want to compete. No point banning it, you’ll just end up doing your business damage and giving your competitors an advantage, and I really can’t see the sense in that, can you?.      

Effective Blog posts ahead

Every day I can guarantee that you will be impacted in some way by social media, there will be experts telling you, you need a profile on social networks like Facebook, and that Twitter is the best thing since sliced bread was invented, so you create a profile and you start to tell everyone and anyone who will listen about your latest listings and open homes, but is that really the way to approach social media, doing the same thing you do every day on more traditional mediums?

Taking this approach to your social media strategy will do nothing more than waste your precious time, time that could be spent prospecting for new listings and working with your clients face to face.

I know some younger agents who think that social media and the Internet will replace face to face contact, the reality is it won’t, however the very same principles you use face to face, apply to social media, the only difference being the method of delivery.

I know of some real estate groups who have launched their social strategy with profiles on this site and that network, yet  their sites are full of their member offices congratulating themselves on such forward progress, but where is the consumer?, where is the engagement factor?, where is the interaction with the people that count the most, your customers. This should be the reason you create your social media strategy in the first place, to create the local expert, the trusted advisor role, create and engage your community and to provide information and advice for the long term.

One question to ask yourself is, why do people interact within social network sites in the first place? Is it to get your latest listing, or to find out about your open homes, or to get an appraisal? No, No, No, they are there to connect, to engage and interact with other like minded people, to share experiences, to share activities and create a sense of community and to stay in touch with family and friends.

You as a business person need to understand this motivation and work with it to really maximise the return on your investment of time in creating a social media strategy for you and your business

So what is the best way to approach a social media strategy, firstly you need to work out why you want to have a presence on social networks, is it because everyone else is doing it? Is it because your competitor down the road is doing it so you should as well right? Well wrong actually, do it because it gives you another advertising medium to capture the attention of prospective customers, do it because it is a huge billboard of opportunity to take your message to the masses, do it for you and the exposure it can bring you and your brand, do it because you are an expert in your field and do it because people are looking for an expert to advise, coach and motivate them.

Start by doing a business and digital media strategy and look at ways in which you’ll start to build an audience, do you start a blog first, do you jump on Facebook and MySpace or do you start using Twitter and on what network sites do you create a profile.

How do you declare your brand identity? Remember, you should be focused on how you and your team help other people, being the agent to call when listing a property and raising the profile of you and your office on the web.

The first Step, is create accounts on Facebook, Twitter, Linkedin and YouTube. Check in and see where you fit in to the community, upload or add all of your contacts into Facebook and start a routine of regularly adding “friends” to your page, the goal is to get your personal contacts engaged and to start to follow and engaging with other local businesses, build a schedule so that you can allocate time each week to this, otherwise you will find yourself becoming overwhelmed with trying to keep up with all the conversations that happen.

As you become more familiar with the sites you learn that Linkedin or Twitter may not be for you, that’s fine, at least you are now more informed than you where when you started. You are learning, next you can start to build your blog, your blog web site is your central hub with all roads leading to it, and everything you do should be designed to get people to your blog and interacting with you on your territory.

It’s great to have a Facebook page but even better when you have both working for you; you are in a win win situation.

Remember, with your blog comes responsibility, you’ll need to add content to it regularly and this takes time, so you should allocate at least 2+ hours a week.

Use the same strategy for all the social network sites you use, allocate time each week in your plan to update your sites and remember it’s about engaging your community not only about promoting your latest listing.

We can help you save time and money in building your social media business plan and setting up your pages and blog, we provide weekly coaching clinics that provide information and advice on content and tactics for social media. If you’d like to find out more about our social media integration plans and coaching clinics contact me at Mike Andrew Consulting and we’ll design and set up a coaching plan for you.

Great Words of Advice

Today whilst visiting a real estate office we got talking about social media strategies and why as a real estate office they should be working towards implementing a social media strategy, not just to farm new pastures, but also to help them in the optimisation of their web site. During the conversation we got on the subject of blogging, and why creating a blog would help their Internet marketing efforts.

Well I have to admit that over the last few weeks I’ve neglected this blog a bit as I explore new areas and work on my web site, so with a little bit of a guilty feeling, I’ve motivated myself to write this article, and you can probably guess what it is about, making sure you create and maintain a disciplined approach to blogging.

In my research I come across a lot of blog writers who after a period of time, and it’s often around the 12 month scenario, tend to get a little bit of writers block and lose interest in maintaining their blog, which is what happened to myself, and in a number of cases the blog gets abandoned altogether.

The Internet is full of abandoned blogs, left in the wilderness by writers who lose interest.

It’s not easy maintaining a blog on a regular basis, you also have to work hard at maintaining your audience and coming up with new content that appeals to your readers.

So today I’ve written a list of things that I will do to assist me in writing articles for my blogs and I’ve listed them below for you, if you are just starting as a blogger I hope they help set you on a disciplined approach and most of all don’t give up.

1. Set aside 1 hour each day to research for new articles – doesn’t matter what time of day it is, just DO IT! – Talking to other people also stimulates ideas for posts. Mornings I find are much better, I can sit in my pajamas and coffee and read.

2.Write when you get urge - A lot of times I’ll come up with an article idea and leave it till later, in most cases later never comes.

3. Create a list of topics and categories – Then write first about what you like or are passionate about. That way you’ll enjoy writing about your favourite topic.

4. Revisit your old articles - Some of these older stories can be updated and rewritten. As some of these topics are changing almost daily, providing updates on these old stories can generate new ideas.

5. Read other Blogs & Bloggers - This will help to create ideas as well, it gets the creative juices flowing and helps with topics and trends.

6. Subscribe to RSS Feeds - Make sure you get updates delivered right to your computer, and use some of these articles on your own blog. They help break up the style of writing and provide different opinions on topics. But remember, always credit the author of the article.

6. Commitment - Now here is the magic word, once you start you really need to be committed to your blog, so create that list.

That is what I intend to action from today, I put it up on my office wall so that every morning the first thing i see will be the list.

I hope that if you are just starting out, this little list will help keep your blog on track and if you have any additions to the list please share them with me.

Search Engines

Your blog will have a better SEO result when you utilise good SEO techniques such as link building, and one of the ways to do that is by creating internal links within your posts or content.

A good internal link structure can have a size-able impact on your rankings on the major search engines. Most blog writers either don’t use this strategy or don’t know how to create internal links and it is really quite simple. You want your readers, particularly new readers to discover all your great content, and by including links to your older posts, it gives them a whole new life, as well as maintaining your readers on your blog for a longer stay. For example, in February I wrote a post about Google Analytics and in January I wrote about how important an SEO strategy is to your business, as you see I’ve included internal links to both of these posts I’ve mentioned, knowing that when new readers visit my blog, they will be able to visit those posts and read the stories, effectively giving those older posts a new lease on life.

So here are a few tips for you on creating an internal link strategy and a few things you should avoid:

1. Avoiding Bad Anchor Text: Whilst adding “Click Here Text” may drive a better click through rate, it is not good for anchor text. You need to decide if click here or keywords are more important. In the examples above, I’ve decided that keywords are more important, you can of course mix them up, by including good keywords and then a separate link containing the words “Click Here”. So if you want to rank for “Red Widgets” don’t use the phrase click here. I’ll cover this in my next post.

2. Uneven Distribution of links: Make sure you spread your links around, promote all your old posts in your new content. But one word of advice, don’t over do it. One or two links per post is sufficient.

3. Broken Links – Make sure all your links work,there’s nothing worse for a reader than to click on a link in your post and it not work. If you change or upgrade your blog software it can cause broken links,so make sure they all work and test them regularly. If you are using Google webmaster tools on your blog, it will tell you if a link is broken. But beware, the search engines don’t like broken links.

4. Missed Opportunities: If you are blogging about a subject you’ve written about before, don’t miss the opportunity to link to your older content.

5.Edit Instead of Linking: Sometimes there is the temptation to go back and edit an old post, or you might even want to add some up dated information to it, Well resist the temptation, you are far better to write a new post and then include a link to your old one.

I hope this post on how to create internal links is helpful to you in getting a better result for your blog. You can breath new life into your old articles and posts by creating internal links, and it will help you in the search results.

Good Luck and if you need help please let me know by leaving me a comment on the blog. I’ll always respond to your questions.

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