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27 Comments on Extra, Extra... Who Is Reading All About It Anymore?
I think a lot of print advertising is done for the benefit of the Sellers, not the Buyers.
Also, large corporate print ads are designed to impress prospective agents to join that company.
Stewart-
Totally agree. That is why our company, despite being #1 in market share, and having an "agent-centric" philosophy dropped our Sunday newspaper advertising (circa 1998) before the Internet was IT for buyers in real estate. Our competitor in the market still advertises a full page, color ad weekly - so I hear - I don't get the paper and would never perform a property search via that medium.
Look at who's making the ad buying decisions at these companies.
Large companies and brokers are still spending money on bus bench advertising! There are agents riding around in Hummers with print ads plastered all over them.
This kind of advertising is getting pitched and the people responsible for buying it are still buying.
Some are trying to reinforce company image. Others are just lazy or completely out of touch with where the consumer gets their information.
Who ever said real estate brokers and companies are marketing experts? If I were a consumer and I saw a particular company was making stupid marketing choices, that would be the kiss of death as far as ever using that company to list my home.
Much like the 8-track player that I can't let go of, our consumers force us to use newspaper advertising.
As much as I hate print advertising, and writing a huge check to the Tribune each week, it is still a necessary evil in our market.
That being said, our best advertising dollars are spent online.
Speaking of the 80's, readers may be interested in learning that Svec is a charter member of the David Hasselhoff fan club. Screensavers, a lunchbox, stickers, a calendar, a coffee mug, a mouse pad, a bobblehead, the list goes on - all bearing the Hoff's image - adorn Chris' office in Columbus.
Eric-
It is not only the large brokers, most brokers large or small continue to advertise in the newspaper and on benches. Our large brokerage Real Living quit advertising circa 1998 when Internet searching was only 5% nationally. My point is that some do get it. Glad you agree and enjoyed my post.
Most of the agents that I work with have abandoned the print advertising aspect. It just doesnt have the ROI that other avenues do...
Andrew-
You are going to make me expose to your agents your Flock of Seagulls, Eddie Money and Earth Wind and Fire collections too.
Here again, it's lack of education on the part of the client.
I explain not only cost but also the lack of trackable (is that a word?) results when using print media. We have no way of assessing the amount of interest a particular listing is generating. By using the web, hit tracking url's and sohpisticated email campaign services like Constant Contact, I am able to show them REAL numbers and assess interest. I also use surveys to ask those who opened my email what they think about the appearance, price, etc. This feedback is critical to marketing the home.
When you explain that the target buyer audience has changed, and that X and Y gens do NOT want ink on their fingers, the picture begins to get clear for the seller. After all, WE are the ones they are hiring to do a job...I'm not using their antiquated ideas of what advertising SHOULD look like. Sometimes I think it's a vanity thing with them. They just want to see it in the paper. If this is the case, show them copies of all the web pages their home is featured on. I think you'll find that the discussions about print ads will come to a screeching halt.
Be strong, guys....we owe it to the client. If you can't be strong on something like this, how can they trust you to be strong on protecting their price?!
Great feedback and suggestions Stacey!! You are great. At Real Living we arm our agents and franchise owners with the tools and knowledge to do just as you suggest! Keep it up and let me know offline anytime you need research and data to support your stance in this area. Use this post for supporting facts too.
I'm 35 and connot remember ever buying the newspaper other than for a brief time when they called and offered it to me for free for 6 months. It probably ended up in the trash 90% of the time during those 6 months.
I just read a blog this morning about newspaper advertising being a necessary evil. I refused to comment on it but am still amazed that this thought process exists.
Unfortunatley you have no statistics to show that potential hoembuyers are not using the newspaper as a resource. If people are looking for a home they are in fact still using newspapers as a source of potential homes to purchase.
A decline in newspaper readership is related to a change as to where people get their news; not because they are no longer utilize the newspaper to find real estate and similarily automobiles.
Quit drinking the "Real Living" kool-aid.
Uh-oh. Somebody is rocking your boat, Svec!
Love when people do that... anonymously.
Trying to follow your logic.
Newspaper advertising is "out of favor". Yet, 3 of your Real Living 2008 Momentum sponsors were newspapers:
The Plain Dealer, ThisWeek Newspapers, Sun News
In order to get them as sponsors your company evidently is spending money with them, and thus must feel it is a viable medium. If you do not beleive they are the medium to advertise with, how can you accept their money?
What is the Real Living position with regard to Newspapers. Seems you and your company's position is inconsistent.
Excellent point. Thanks for the comment.
My opinion and that of our company is to educate our brokers and agents to utilize a 360 degree strategy for marketing vs. depending so heavily on newspaper as we (the industry) have in the past when it was one of the only vehicles around to reach an audience. You can see some of my other posts for a 360 degree marketing description.
In central Ohio we quit the Sunday Dispatch around 1998 (approx $2.5M/year savings) opting instead to invest in some of the mobile and digital technologies that were then and now available to market properties. It is noteworthy to mention that market share did not suffer as a result of this then drastic decision. It is also noteworthy to mention that our firm still does advertise in local "suburban" type newspapers (SNP, This Week Newspapers).
To your point, yes, our Cleveland market has been slower adopt to the changes we've made in other company-owned franchise markets (Central Ohio, Dayton, Cincinnati). This is likely the reason the Dayton Daily News, Columbus Dispatch or Cincinnati Inquirer were not sponsors.
The purpose of the post is to open eyes to other mediums to reach consumers today. When you read my other posts you'll notice that newspaper is still recognized in Real Living's trademarked and patented 360 degree marketing system (under 'traditional').
Thanks again.
I get all of my news online. I am in control of what I see and hear and when while saving paper...
Mindy and Jay-
It is too convenient to get news online and you are able to read the news that intersts you vs. wading through stories of no interest.
Chris, great post. We have stopped print advertising. When we first opened we spent 500 a month on a local trade rag with good circulation. We stopped that after 6 months because we got zero calls from it. I use all the tools that Real Living has to offer on my blogs. I also give my sellers a 'voice' on my blogs and they like the fact I post the listing on places like DIGG, Real Estate Voices as well as other places.
Interesting thing that is going on. I get calls weekly from the trade rags begging for us to advertise. Our paper, The Charlotte Observer is getitng thinner and thinner.
Chris.. The answer is *simple*... We advertise in the paper for the over 60 age set that are looking to downsize, and do NOT feel comfortable with computers. They still rely on the newspapers..
Roby-
Interesting comment.
Valerie-
I can totally understand and relate to why you are marketing via the newspaper to that demographic. Newspaper does have a purpose - depends on who you are marketing to.