More is not Better. Better is Better.

It goes without saying that the last 10 years have been a very transitional time in the world of marketing. The old rules of mass reach and frequency have not been washed away completely, but undeniably diluted by the ever-expanding choices available to both the consumer and the advertiser. Thanks to technology, the more interesting news is that the end of this "transitional" period is no where in sight. The flood gates of new mediums are wide open and they continue to pour in on us.

With ad budgets shrinking on a daily basis, it's more crucial than ever to make the right choices. One of my favorite quotes that I'm unfortunately unable to credit is 'More is not better. Better is better.'

The problem with a mass media, or 'more' approach to homebuilder marketing has not changed. You need super high exposure numbers to reach your buyer through mass media if you don't have a mainstream product. Coca-Cola can advertise on any number of TV shows and stations (and they do), but that's because every man, woman, and child on the planet is a likely purchaser of their product. This is not the case for two-bedroom multi-level condos from the low $200's on the east side of town.

There's a smaller buyer pool for our product. Homebuilders don't need more advertising now. They need better advertising now. This is good news. More advertising costs more, but better advertising may not. So how do you make your advertising better? Here are just a few thoughts:

-          Spend your budget on people actively looking for a home first. Don't pull money out of your Google campaign to run generic radio spots. Your keyword targeted ads are only showing to those actively searching for a home. Your radio spot may, or may not, be hitting people who are in the market.

-          Ask publishers for targeting or segmenting options. If you're currently running banners or video ads on a local media site, ask them for how you can better target your buyer profile. You may pay a higher rate per impression to only target a particular geographic region, behavior pattern, or income level, but you'll probably be able to reduce your total impressions to offset the cost and end up with better quality traffic.

-          Interview your current buyers. Pick a sampling of your current buyers and offer them a free gas card if they'll sit with you for a 30 minute interview. Ask them questions to learn about their media consumption. What tools did they use in their search? What websites do they visit daily? What information do they expect to get from their cell phone? If it's a representative sample of your buyer profile, chances are you'll learn how to reach your next buyers.

-          Measure. Test. Measure. Test. Measure. You get the point. One of the most beneficial aspects of technology based advertising is its measurability. Before spending any money on advertising, you must invest in a website analytics platform. With this information, you can determine not just where your traffic is coming from, but where your better traffic is coming from. This information allows you to make decisions about what's working and what's not. This is a key component to spending your ad budget on better advertising.

The byproduct of technology is more choices for you - most of them offer solid targeting options allowing you to drill down to location, age, income, and behavior of your ad recipients. Embracing new technology allows you to segment your marketing based on your target profile and focus your budget in the right place.

No need to wait until its time for budget cutting. Take a look at your media plan today. Analyze closely where your dollars go and look for ways to target each penny.

Dennis O'Neil heads up ONeil Interactive LLC, an online marketing and strategy company for the new home industry. You can learn more about Dennis O'Neil and ONeil Interactive by visiting www.oneilinteractive.com.

Comments

[New Subdivisions, New Houses, New Homes]

This is good information for home builders -- and Realtors too. We can't use a broad brush to find niche buyers. Blogging is certainly one approach to marketing effectively.