budget

Top Digital Budgeting Mistakes Brokers Make

by Victor Lund on August 14, 2013

As summer draws to a close and fall sets upon us, it is incumbent upon all businesses to build their budgets for 2014. The old adage rings true, failure to plan is a plan to fail. Too many brokerages in America are guilty of this. Here are a few tips that will improve the planning process in your company. It is a good idea to print this out and provide it to your team as a reminder.   Look at data first. Many brokerages fail to take a close look at the effectiveness of digital marketing programs. Dig deeply into your reports and look for performance and performance trends. Google Analytics will help you determine partners that send you traffic and those that do not. Contrast that with leads by lead source. Also, look carefully for changes in performance as partners grow or shrink. Contrast performance with pricing. Get proposals from everyone for annual benchmarking. Most online portals grew revenue in 2013 as a result of raising prices, not expanding their customer base. Plan by department. Many WAV Group broker clients operate more than just residential brokerages. They operate commercial departments, relocation departments, mortgage companies, insurance companies, and title companies. All too often, these companies are not planning their media buying together to leverage discounts and to cross advertise. Consumer’s appreciate full service, one stop shopping. Be sure you communicate that in your marketing. Make adjustments. Too many brokers set a plan and forget it. It is wise to build in a construct for monthly reporting and success management. The reporting will help you to identify when programs are not being executed correctly, or when program changes are impacting your expected outcomes. For example, data feeds break or sites change their layouts in a way that impacts your performance. Furthermore, new programs with existing partners emerge. You may not need to have monthly review meetings, but quarterly review meetings are advisable. It is also an interesting practice to share your results with your partners. If Trulia is crushing Zillow in traffic and leads, let Zillow know. Monitor competitors and stray from the pack. Resist the temptation to copy your competitors. If your competitor is focused on the newspaper or a particular portal, focus your efforts on something else. This will allow you tooptimize your partnership elsewhere and differentiate your marketing for agent recruiting and seller presentations. Don’t be trendy. For […]

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