It's almost embarrassing for me to write about why you shouldn't advertise in newspapers so I won't. Instead, I'll update you on just what newspapers are doing to stay afloat in such turbulent times. You may ask "why does this matter to me as a real estate agent." It's a great question and the answer is simple. In the future, newspapers will still be a part of your business model but it will take a major paradigm shift from the newspaper industry before it makes sense for you to get involved again.
Not long ago, Shorewest REALTORS, a Wisconsin based real estate company, published the below advertisement in their local paper.
"Thank you for reading our property ads. Starting January 1st, our Open House listings will no longer appear in this paper. All of our listings are featured on Shorewest.com"
This ad is a bold example of just what real estate companies are finally doing. Slashing their newspaper budgets. In my opinion, this was a great move by Shorewest. However, it doesn't mean that newspapers are out for good. Not yet at least. In order to survive, newspapers will need to undergo a complete overhaul of their business models, content and delivery.
For years, the newspaper industry has been over exaggerating their circulation and providing very little value added. They all add very little benefit for a company/agent trying to target a very small and specific demographic market. Advertising in newspapers has become much like dropping fliers for your product from an airplane. You just hope that it lands in the right hands but most of the time, much of it is a waste.
In their current state, surviving newspapers are finding other ways to make money while providing additional services to companies--especially to mom and pop shops. Just some of the methods of creating new revenue identified by the industry include
- Website advertising with a new push for greater Search Engine Optimization
- Direct mail services and fulfillment
- Website hosting for easy lead generation
- Custom newspaper printing
- Call centers/sales support to qualify leads from your ad
Take one of today's events as an example. The Internet has already blasted the headlline "Justice Souter To Retire." Tomorrow morning I will scan through the headlines and read this exact same headline. If a newspaper wants to sell newspapers, its headline should read, "Obama's Arsenal of Possible Choices for Supreme Court." This article would contain in depth information on each candidate and would be of great value to anyone interested in this particular topic.
If I had to put my money in futures of the real estate company, I would place it with companies that would allow me to customize my own physical newspaper with the news that interests me, with only the ads that I care about, and delivered to me only on Sundays. This concept is being lightly considered by only a couple of companies. From an advertising standpoint, this would be a format that would be well worth putting money into. Couple this with a whole group of services that I, as an advertiser could use, and this could be a good thing. Newspapers, you have a lot of work to do before you can make sense to me again.
Matthew S. Gosselin is the author of My Blue Goose, Exploiting The Wow Factor In Real Estate Marketing. The book can be purchased on MyBlueGoose.com or Amazon. Stay tuned for more information about his new book, "Stand Out, Stick and Stay. Transforming Real Estate Marketing"
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