Managing a shrinking marketing budget: 5 essential strategies
Drawbotics
Redefining the way new property is sold so that our customers can turn building permits into profits faster.
"In the midst of every crisis lies a great opportunity", Einstein is quoted as saying. If we were to apply this quote to the real estate market, today's great opportunity is certainly to rethink our marketing and sales strategies. How can we do more with less? How can we rethink our sales approach to maximize its impact, while reducing its cost?
This article explores five tried and tested tactics for successfully navigating these turbulent economic times. Now is the time to adapt, innovate and take advantage of every opportunity!
1. Prioritize investments:
Identifying the most profitable marketing channels for your business is a crucial step in maximizing the return of investisment. To do this, start by analyzing the past performance of different channels to determine which have had the greatest impact. Here are a few examples:
Once you've identified high-return channels, increase your investment in these specific areas. At the same time, evaluate the relevance of lower-performing channels, and consider reducing their budgets to concentrate your resources where they will be most effective.
2. Opt for qualitative content marketing:
To attract new prospects, focus on creating distinctive content that highlights the unique features of your new real estate projects. You can use a variety of formats such as articles, videos, or infographics to showcase innovative architecture, integrated green technologies or neighborhood plans.
To keep them engaged, share regular updates on project progress, virtual tours, testimonials from future residents, and exclusive previews.
Finally, reinforce their trust by creating educational content, such as how-to guides on tax benefits, financing, and the buying process.
3. Explore Alternative Recruitment Solutions:
Human resources can represent a certain cost in times of recession. To avoid putting too much strain on your budget, while still surrounding yourself with experienced people, explore alternative solutions such as hiring freelancers or using external service providers.
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Freelancers are a real ally, especially in times of recession, thanks to their availability, flexibility, expertise and competitive costs. Their ability to adapt quickly to specific project needs makes them a valuable asset.
And don't hesitate to engage external service providers, particularly for specific assignments. These experts often bring specialized skills without requiring a long-term commitment. Their budgetary flexibility and ability to intervene on one-off projects can be an effective alternative for optimizing the budget while benefiting from a high level of expertise.
4. Use the right marketing tools
Certain tools can help you in your day-to-day life as a player on the real estate market. If you don't use Unlash, Whise or Mosaic, you're missing out on powerful tools that enable you to automate time-consuming tasks such as sending e-mails to a contact list, scheduling appointments, segmenting leads and so on. They save you time, and since time is money...
The key feature of these tools is their ability to personalize communication with your various potential customers. This allows you to have more targeted marketing campaigns. What's more, these campaigns can be analyzed in depth using these tools.
Data sharing is also a significant advantage. These tools centralize data and promote transparent information sharing. Thanks to accurate data, marketing campaigns are more precise and therefore lead to better quality lead generation.
All in all, these tools enable you to remain competitive in a constantly evolving market.
5. Measure and adjust on an ongoing basis:
It's imperative to define relevant key performance indicators (KPIs) and monitor them regularly to make informed decisions, especially in times of budget cuts.
For example, the lead conversion rate is an essential KPI. By assessing the percentage of website visitors who convert into qualified leads, you can identify the most effective channels for generating leads.
Another crucial KPI is customer acquisition cost (CAC). By calculating the average cost of acquiring a new customer, you can adjust your budget in favor of the most profitable advertising channels.
These five strategies are not simply guidelines, but rather pointers to help you remain effective even in recessionary times. The most important thing is to maintain your ability to reinvite, and to invest wisely. Knowing that every euro counts, focus on visuals that convert, proven tools and strategies that truly attract qualified leads. If you had one piece of advice for managing a shrinking marketing budget, what would it be?