Real estate is one of the most lucrative industries in Vancouver accounting for over $2 billion revenue for the government just in the previous year.
As with any hot industry, advertising becomes paramount since the competition rises amongst the companies and realtors who want to get a piece of this pie. Recently, one of the most talked-about topics in real estate marketing is leveraging social media influencers to attract potential buyers. Also, with the associate broker and the cast of Bravo‘s Million Dollar Listing New York, Fredrik Eklund, inviting fifty-five Instagram influencers to sell a $20 million condo at the Madison Park Tower, influencer marketing in real estate definitely was put on the map. Fredrik hosted an event at the condo partnering up with fashion and lifestyle NY-based influencers who have access to an affluent audience on social media, to create buzz and ultimately sell the luxury unit with a picturesque view. The result? The campaign generated over hundreds of influencer-created content, 150,000 engagement on social media, 20,000 followers on the building’s Instagram page, and the unit was sold!
Check out Sidebuy’s CEO, Ludovica Mazzucato’s radio segment on BIV on the power of influencers and influencer marketing in the real estate industry.
Influencer marketing is not a new concept in advertising, however, with the advancements in technology and the popularity of social media amongst consumers, brands can significantly benefit from this authentic channel and boost conversion. Here are five reasons why influencer marketing works in real estate:
It is trust-worthy
The power of influencers lies in their reach. Due to their expertise around a specific topic, influencers are able to gather a community of followers who trust them and look up to them for advice. Long gone are the days where consumers take actions based on a billboard or a bus stop ad. Consumer mistrust over brand-created promotional materials and the growth in the number of ad-blockers are amongst the factors diminishing the effectiveness and conversion rate of more traditional forms of advertising. The intelligent shoppers these days rely on their peers to make purchasing decisions, and how are they looking for these recommendations? If you’re on a bus and look at around you, you can clearly find the answer to this question! These days, shoppers get their information from the internet and mainly via social media.
Influencers have access to a targeted audience, which is absent in other traditional forms of advertising. Through the power of technology, brands can discover relevant influencers who have access to their niche market, whether it’s young families, wealthy jet-setters, the affluent investors or the LGBT communities. There are influencers in any niche category who have access to a cohesive network of consumers. By collaborating with the right influencers, realtors and real estate companies can invest less and reach an audience that is in perfect alignment with their target market, instead of blindly reaching out to the mass hoping a fraction of the people exposed to the promotional material would convert.
Sidebuy has recently activated a campaign for FortisBC the Community Against Preventable Injuries (CAPI) to raise awareness in BC, about Carbon Monoxide poisoning in the household. Via Sidebuy’s data-driven platform sifting through thousands of data-points to discover the most relevant influencers, FortisBC and CAPI were partnered up with four influencers, including Vancouver’s very own Jillian Harris, who reside in BC, have families, are home-owners, and have gas ovens. Each influencer created long-form blog posts and social shares depicting their families at their homes to shed light on the importance of keeping your family safe by making regular annual appointments with licensed contractors. The campaign generated over 480,000 BC-wide impressions, more than 15,000 engagement on social media and in average the readers spend 2.5 minutes on the content.
Another challenge with traditional ads is their lack of trackability, and without data, brands cannot make informed decisions or adjust their strategy. However, when it comes to influencer marketing, the success of the campaign can be monitored and measured in real-time. With data-driven influencer marketing platforms, advertisers get access to a pull of useful data, which they can implement to adjust their marketing efforts and get the most out of their investment.
Influencers can depict an inspiring lifestyle that would engage and delight their readers. Think of a bus stop or a newspaper ad advertising a luxury condo. It looks dry, and it does not generate a lot of emotions in the reader. However, when it comes to the content created by influencers, due to its relatability as well as visual appeal, it captures the consumer’s eyes and captivates their attention. Today’s consumers are suffering from ad-blindness, due to this lack of charm and one-sidedness. Influencers are the remedy to this challenge faced by advertisers to promote their product or service without being too sales-y.
Influencer marketing is not a fad and it’s here to stay because it works! In fact, influencer marketing delivers 11X ROI compared to other forms of digital media. The sheer number of content out there, makes it challenging for brands to cut through the promotional noise and as mentioned above, with the growing number of ad blockers and the increase in the usage of smartphones, influencers are becoming an essential source of information for consumers to base their purchasing decisions. Influencer marketing yields result because, through the power of influencers, brands are able to reach a relevant audience who resonate with their message and identity and will take actions based on the content.
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