Ep.2 Channel Coordination: Reducing Cost Per Sale
Hi, my name is Mike Bird, I’m the CEO here at Social Garden and today I’m with our Property Director, Nik Sproal, and we’re talking about channel coordination.
So what it means is really looking at what does the consumer digital media ecosystem look like and how can we leverage mispricing within those channels to really connect with consumers and drive a lower cost per sale.
So, Nik, how can property development company and real estate agencies reduce cost per sale and create competitive advantage through a better understanding of today’s digital media ecosystems and the digital channels that prospects are looking at before they go on to buy a property?
Yeah, look, I must admit, Mike, it’s a really good time to be a property marketer. I mean 10 years ago, when I was on the tools on the client side, it was one channel and one channel alone and maybe a bit of domain as well.
The beauty now is we’ve got a massive of ecosystem of channels to market here so it’s much more of an egalitarian environment where you’ve got multiple different ways to touch base with the audience but equally importantly each channel serves a different purpose.
So the better you can understand the purpose of each of those channels and how consumers are using them and how to connect the dots between each one the more likely you are to be more efficient with your media spend and therefore achieve much better cost per sale.
Yeah, totally, I mean certainly with people are on websites, the major publishing websites without a doubt they’re in the property market – those are great intent markers.
But the reality of the situation is that just because someone is on one of those sites today doesn’t mean they’re not on other sites.
With 71% market penetration on platforms like Facebook and Instagram, we’re seeing a huge opportunity for underpriced media for developers and real estate agents to really connect with consumers at a low cost environment and then drive them through to that sale and really have a blended approach.
Absolutely. I think the beauty of it is is that for each project in each market you’ll have subtle differences between how each channel’s performing.
The more you can move money between those environments to where you’re getting the right message, the right customer, at the right price, the better your campaigns are going be and ultimately the bottom line reflects on that.
Yeah, I mean it’s a lot like a channel strategy, some channels are going to be more cost effective, some are going to be more expensive.
But what we find really works is when you have a mix of all different channels, making sure that you’re thinking about the consumer and the level of intent, and where they’re at in the stage of the process, as opposed to thinking this channel, this strategy.
Yeah, the beauty of having those diverse strategies is when you get people at all stages of purchase cycle and therefore you can have a really rich database if you get their intent early enough as well, to be able to really run your sales process effectively.
You know that you’ve got X amount of hot leads, X amount of warm leads and X amount of prospectors and each one is on a very different journey. So, it’s just makes the process of driving property sales that much more effective.
Yeah, I think as we’ve seen with the recent massive adoption of the property market within Facebook and within other social media based channels, we’re seeing still a massive underpricing of that media relative to some of the returns and the cost per sale that we’re able to drive.
Well, we’ve actually created a consumer insight report for the first five people that request it.
So what we’re doing is seeing how many of your prospects in your CRM are on Facebook and Instagram and we’re providing that report free of charge.
So, for the first five, drop in your details and we’ll run that report for you. All the best!