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Welcome to the second edition of the Extension Marketing quarterly newsletter.
Thank you to those who provided their feedback on the first edition. We hope this newsletter provides you with some valuable insights into Property Marketing.
If you do not wish to receive this newsletter please feel free to unsubscribe.
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With the financial pundits crying recession, how should your ‘marketing’ react?
In a slowing market, all promotional channels struggle to be effective. Press advertising, whose effectiveness has been waning for some time now, is even slower. Even the ever growing online advertising areas tend to be less effective.
So there are less leads coming from the same marketing spend, which turns many developers off advertising at all. Being smart about where you spend your dollars, and how your leads are worked and managed, is the key to success in a slow property market.
Every project will be different, as will the effectiveness of the different media channels employed. Make sure every enquiry is measured and understood, even if not converted into a sale. Quickly cease any advertising where it is not effective, and continue with effective media to manage your budget. Reporting and analysing your marketing is a very important part of the overall campaign, and should never be overlooked.
In a more cautious market, potential purchasers are likely to be nervous in making any hasty decisions. It is for this reason that each and every enquiry needs to be valued and nurtured. A detailed and engaging communication plan should be developed involving follow up procedures and any method of communication that keeps you in contact with your potential purchasers. It is important to keep any interested parties focused on your project, not your competitors. This communication may be also used with your current database.
Explore every channel, don’t just rely on the traditional methods of marketing your project. Past purchasers, business associates, staff, family, and friends are all potential customers, and usually your most cost effective group to market to (your updated and clean database should be your most valued marketing asset). Look at marketing towards different intermediaries, like financial planners, or to international and interstate audiences that may not be experiencing the same property market conditions. Ensure all your marketing communication is tailored to the exact audience. The same message may not translate the same way in different markets.
How can you build urgency? In a slowing market communication is more important than ever before. Gaining and maintaining your client’s confidence is critical more than ever. Your project needs to look like an opportunity not to be missed. In a ‘Bull’ market, buyers often jump on a property simply to follow the market, whereas in a ‘Bear’ market they will only move to avoid missing out on a particular property.
Limit supply, even if this is slightly artificial, and make sure your promotion and product is too good to pass up. Differentiating your product through your collateral and market presentation is now more important than ever.
Once the sale has been secured, remember, the job is not over. Programs like OnsiteUpdate can be used to help talk to your purchasers, and continually reassure them and keep them informed of any news, activities or changes. Not only do they need to settle, but existing purchasers are your best source for referrals. As they say; ‘Word of Mouth is the best form of any advertising’!
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Extension marketing celebrates its second birthday!
From its humble beginnings in 2006, Extension Marketing has celebrated its 2nd Birthday, how time flies! From humble beginnings in 2006, we have expanded to a team of 5 and have happily re-located to bigger and brighter premises in Southbank.
Extension Marketing was established to fill a gap in the market place for property marketing specialists. Our goal continues to be that of providing property professionals with a complete marketing solution.
The key to Extension Marketing's growth is our emphasis on our client’s businesses and the hard work of our team. We are proud of our ongoing client relationships and continue our drive to be the best in this field. Thank you to everyone for their support.
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 | | Melbourne’s first 6 star efficient apartment tower launched
Extension Marketing has been appointed to assist First Delta Group (FDG) with the launch and ongoing marketing of its new apartment development, The Bank Apartments, from inception, and to manage all aspects of market delivery.
In association with Extension Marketing, FDG have established an aggressive sales program for the 360 apartment development. The Bank Apartments were released off market in July 2008, with the public launch following late last month.
To our knowledge this project will be the first 6 star energy efficient apartment tower in Victoria. This project is destined to set the benchmark for green development marketing.
The display suite is located at 263 City Road Southbank and is open 7 days, from 12pm-6pm. More details on this exciting project can be found at www.bankapartments.com.au
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|  | | | | | Social network marketing – no longer just kids play!
We’ve all seen and heard teenagers talking about their ‘friends’ and inviting hundreds of people to parties on MySpace or Facebook, but what exactly are they on about? Social Networking is the correct term for these online hubs where people create communities and network with other like-minded people all over the world. Whereas these sites were once for ‘kids and teenagers’, it is becoming increasingly popular with older generations and business professionals.
What is social networking?
In general, these websites allow users to create a personal or business profile, upload their own photos, write messages, share documents, create blogs, interact with other users within the community and so much more. It is your very own space online, and it’s absolutely free to use. It is the 21st century postcard, telephone, meeting place and gossip column all rolled into one! MySpace and Facebook are the key leaders in social networking websites in Australia. Recently Facebook has overtaken MySpace as the largest social network website in Australia, due to its popularity with business professionals and older users, whereas MySpace’s core users are teenagers and children.
What can it do for my business?
Basically, being actively involved in an online social community greatly increases your potential customer base, exposes potentially new customers and markets to your business, and also utilisies the greatest marketing medium known to man - word of mouth. More appropriately, this new business phenomenon can be seen as the next generation in lead-gathering tools, which in turn, generates more sales and profit. The benefit of networking on these sites is that you can directly target your key market and communicate with them in a non invasive or social way. Your contacts choose to be your ‘friend’, and by way of association, you are exposed to their ‘friends’ online. Obviously different businesses will have different goals to reach when using this medium. (Increasing brand awareness, increase sales, PR campaigns, new product launches, it can all be done on these sites.) As with any marketing campaign, creativity and the right execution can make or break your message and final outcome.
How does it make me money?
It doesn’t, at least not in the traditional sense of direct sales. Every business needs a core group of loyal customers or product followers to succeed and grow. In this new-age space, your customers or ‘friends’ as they are known, recommend your details, web page or other online information to their friends and network contacts. The more people that know about you and your services, the more potential leads and more importantly, potential customers.
Using these sites and networks for your business. . .
Above all else, social networking is about being social. You are announcing to this community that you are here, online and available. Hard selling and spam messages are not seen as tolerable in these domains, so keep in mind that this is a social network above all else. This doesn’t mean you can’t use this service to sell yourself or your business, but execution and tone play an integral role in the success of your efforts. Only post useful information to any forum or group to enhance your online reputation, which will help to grow your network.
Just remember, there is no corporate wall to hide behind within these sites. The communication is personal, intimate and must be useful or informative to your network. There are many unexplored areas within these new age communities, and the businesses who embrace this will be at the front of the pack for years to come.
References used in this article: Facebook.com, Myspace.com, Smh.com.au, emarketing.com, Online-marketingsolutions.com, Web-strategist.com | | | | | |