By Tina Kocak-Hodapp, Adwerx
People might be shutting their doors, but they’re opening their apps.
These are uncertain times, to say the least. Local and federal legislatures are responding daily to the spread of the coronavirus, and we’ve seen companies adjust their activity or close altogether. This is all causing a major shift in the workforce. Most business owners are scrambling for ways to recoup lost opportunities and declining revenue. In volatile economies and financial downturns, many businesses make a fatal mistake by slashing the most critical part of their budget. The old adage says, “When times are good you should advertise, when times are bad you MUST advertise.” Right now is the time to keep your advertising budget healthy, and tailor your strategy to focus on digital media.
Your Shot at Greater Market Share
As some of your competitors cut their ad budgets, less overall spending means a less congested ad space, and this can mean greater brand visibility and ROI for you. Your advertising dollars go further, reaching more eyes for the same or lower price. There has been much research proving that aggressive advertising during a down economy results in increased sales and profits during the economic downturn and afterward. Grab your share of the market.
On an average weekday, there are about 8 million people working from home. As people practice social distancing to limit the spread of the virus, the percentage of the workforce at home right now is exponentially larger than it was a few months ago. If you’re like us here at Adwerx, conferences and business travel have been canceled, and your work from home policy—that once seemed like a luxury—is now a mandate. So many people are online right now that we’re testing the limits of the internet’s infrastructure—Netflix had to slow down its streaming service delivery in Europe to avoid breaking the internet. Think about how much time is being spent in front of devices checking for updates on news websites, browsing Facebook and Instagram, watching streaming TV, and making online purchases. Reach where your audience is spending their time.
The Federal Reserve is reacting to the economic impact of Coronavirus. Interest rates are at historic lows, which means people are incentivized to borrow money, make large purchases, or refinance existing loans. People will be seeking out brands and people they recall and trust. “Honey, who is our mortgage person again?” With digital ads, it’s easy to reposition your messaging to address new concerns, making you stand out as a stable, responsive brand/agent amidst the chaos.
Social Distancing and Your Business:
How to Keep Client Connection Strong
It’s important that we stop focusing on what we can’t do and focus on what we can. You may think social distancing is going to prevent you from meeting with buyers and sellers, showing open houses, or maintaining your client relationships, but you can do all of that and even make new connections with these four tips for staying top-of-mind.
1. Check in on your clients using video.
Use Google Hangouts or FaceTime to chat with clients instead of a phone call or canceling a meeting. Getting dressed and ready like you’re meeting a client in person can also help you be more productive throughout the day. You know what they say, “Look good, feel good.” To send a video message anytime, BombBomb is a great resource for delivering that personal touch.
2. Use social media to give a virtual home tour.
If you can’t hold an open house in person, you can still go live with a walk-through and answer questions as they come through your feed. You can even save your video to your Facebook or Instagram story so that potential homebuyers see the home after your live stream is over. Some of the attention you gain from this could even lead to new business!
If you’re questioning whether or not it’s safe to host an open house, check out NAR’s official hub for all things COVID-19
3. Stay in front of your sphere of influence.
It’s always important to nurture your network. In fact, according to the National Association of REALTORS®, 66% of your business comes from people you already know(1). With people staying home, it’s more important than ever to stay in front of your sphere as media consumption rises by up to 60%.
Luckily, there are plenty of ways to stay connected. Consider catching up with a call or text, sending an email, having a virtual coffee together, updating your social channels regularly, or running a custom audience ad campaign.
Bonus! With exclusive offer available through NAR’s REALTOR Benefits® Program, REALTORS® receive 15% bonus impressions (just add your NRDS ID). Learn more by visiting nar.realtor/RealtorBenefits/Adwerx.
4. Help your home services community with local business referrals.
As we’re sitting at home, we’re probably all starting to notice some projects that need to get done. Whether that be the dreaded task of cleaning out the gutters or the precision-required new paint-job, you can provide referrals for other home services in your community and help small businesses that need it the most. And remember – what goes around, comes around.
Social distancing won’t last forever, but it can start to feel that way. Keeping our connections strong is what will keep us motivated until we can resume business as normal.
- Source: Copyright ©2018 “Profile of Home Buyers and Sellers.” NATIONAL ASSOCIATION OF REALTORS®. All rights reserved. Reprinted with permission.
- This content is not the product of the National Association of REALTORS®, and may not reflect NAR’s viewpoint or position on these topics. NAR does not verify the accuracy of the content.
Tina Kocak-Hodapp is a marketing associate at Adwerx, a REALTOR Benefits® Program partner. Visit nar.realtor/RealtorBenefits/Adwerx for more information.