The real estate market in the United States has been at an all time low over the past few years. Recently, there have been subtle signs of recovery as we round the corner into the new year of 2013. Viral Technologies analyzed millions of conversations which happened over social media outlets during the past 3 months. From these conversations, Viral Technologies extracted only the posts containing verbage related to the buying or selling of a house or home and compared the findings.
72% of social media users were discussing the purchase of a house and 38% were discussing the sale of a house.
Of the 72% discussing the purchase of a house 86% were of a negative tone – only 14% were of a positive tone. Most of the negative sentiment was from the hassle of buying a new house; however a good amount was because of the higher prices of housing than we have seen in previous years.
Of the 38% discussing the sale of a house 63% were of a positive tone and only 37% were of a negative tone. Surprisingly there was more positive sentiment regarding the selling of a house than negative sentiment. This was primarily coming from real estate agents and home owners who were able to sell their house at a decent price, and much higher than expected from previous years.
The graphs below show a 3 month trend line regarding social media mentions of both the buying and selling of a house or home.
These findings fall closely in line with the actual state of the housing market as reported by various agencies. Fiserv reported that U.S. home prices have increased by 1.2 percent since the summer of 2011. Home prices have been reported to be up in more than half the 384 metro-area markets in the second quarter of 2012. While some financial analysts remain skeptical regarding the real estate market’s recovery, many have been relieved that the worst may be behind us.
Viral Technologies provides unique, geo political and financial based web subscription feeds and reporting.
1.“There’s no ROI”
There is ROI for blogs and social media, you just have to enter into the social space having previously determined what you want to track and get out of social media. Without some kind of benchmark such as conversion rates, traffic to your site, likes or engagement on a post, calculating an ROI IS going to be impossible. Tools like Google Analytics, Google Alerts, Bit.ly etc… can help to track interest, click through rates, demographics and where/how people are talking about your firm/lawyers.
2.“The Metrics aren’t reliable”
I don’t really understand why people would think this, because Social Media data is some of the cleanest and pinpointed data there can be. There are hundreds of applications that can tell you how many people have clicked a link, who’s clicked it, where they’re from, engagement statistics, which content got the most activity etc…basically that argument is just not sound.
3.“Social Media is still too young”
…So is the Internet, so is mobile. Does your firm use email, online journals, or other websites for research? I’m sure the answer is yes, and Social Media is no longer just for the innovative law firms–it has become mainstream. Did you know that 81% of law firms are now using some kind of social media platform? If your law firm doesn’t adapt to this social shift, you will be at a significant disadvantage.
4.“Social Media is just another trend that will pass”
A recent survey from The Nielsen Company stated Americans spend nearly a quarter of their time online on social networking sites, including blogs. This is up more than 40% from just last year! With the way social media is growing, there is simply no chance it’s going anywhere anytime soon. Social Media is all about adapting to our communication needs, and as long as people are conversing there will surely be social media.
5.We need to control our message
I was watching a webinar with Gary Vaynerchuk last week and he discussed this very topic. He explained that because of the way social media is molding traditional marketing tactics, we too need to adapt to the way with which messages are dispersed and received. We can say whatever we want about our brand, but we have virtually no control over what people are saying about us. This can be scary, but it also allows your brand to grow and adjust your product/services to fit the needs and desires of your consumers.
Today’s marketing and advertising techniques are undergoing an enormous change, largely due to the integration of the internet and more recently, social media, into business plans worldwide. Plain and simple, today’s marketplace simply does not operate in the way that it used to, and the sooner companies realize this, the more successful they will be in turning profit.
A great example of this shift is the way in which traditional marketing tactics such as direct marketing, email marketing and cold calling are shifting is the emergence of what Gary Vaynerchuck, New York Times and Wallstreet Journal’s Best-selling author, calls the “Thank You Economy (TYE).” This means that in order to advertise and market to the people that you hope to reach, you have to actually “give a crap!”
The way in which the TYE is thriving is through social media. Using old tactics like direct marketing simply isn’t going to work on Facebook or Twitter, as this messaging will immediately be marked as spam, and ignored. In order to turn followers into buyers of your products/services, you need to offer them something of value whether it be through content, coupons, giveaways, or superior customer service.
The TYE works today because people are sick of dealing with automated telecommunication messages and they want to be treated as if their business matters. It also works due to human nature. What I mean by this, is that we as humans have an innate desire to “pay it forward.” We simply can’t deal with owing people, so we repay favors in order to maintain social fairness.
We can return a favor via social media through a follow, a friend, a like, or a share. Every month, 25,000,000 pieces of content are shared via Facebook. Humans for the most part like to give back, so so sharing important/funny/impactful pieces of content to their following is an extremely powerful marketing and advertising tactic.
Consumers also like to know that their opinion and their thoughts have been heard. Reacting to customer’s concerns or praises only strengthens the relationship that your brand has to its following, and if you’re are able to implement changes in order to provide a customized product to your following, then you are thriving in the TYE.
An article that I read the other day defined a very important aspect to the TYE in one word; social commerce. The author of said article stated that social commerce helps shoppers to make smart and saavy purchases so that retailers will be able to listen and adjust their product or service to fit the needs and desires of their valued customers.
In maintaining a sort of ping pong relationship with your customers and/or potential customers, you are creating a mutually beneficial engagement and that is what the TYE is all about.
The recent target=”_blank”>article about social media and its close relation to Generation “Y” titled, “Why Social Media Managers Should Be Under the Age of 25,” by a recent University of Iowa graduate Cathryn Sloane, has received its fair share of controversy thus far, so it seems like a great time to address some of the points that this article brings up.
Sloane asked following question: Why do marketing/communication/PR firms insist that all potential candidates have 5-10 years of professional experience? In this case, isn’t social media experience in general (which she argues Generation Y has the most of) just as valuable?
It would be helpful for those looking to hire a social media manager to realize that everyone presently under the age of 25 were in various years of high school when Facebook first came out in 2004, and when Twitter was launched in 2006. Having the minimum years of experience required for most job qualifications (5 years), would plant them smack dab in the middle of sophomore/junior year of college or in freshman year of high school (10 years)! There is simply no way that this generation could have 5-10 years of experience as most job ads prefer.
Perhaps those hiring should consider what Generation Y can bring to the table, and make their hiring decisions accordingly.
Below are some of the things that Generation Y can teach older marketing and social media professionals:
1. Generation Y began using social media before businesses were bombarding it with direct sale messages and spam. We used Facebook and Twitter socially before professionally, which not many people can say.
2. We know these social platforms better than anyone because they came out when we were 15 and 16. We were right in the middle of the social shift, and it is really one of the ways with which our generation is defined.
3. We’ve known Facebook since before the timeline, the cover photo, chat and even before notifications! We’ve seen all the changes and USED all the new features so we are better equipped to predict, adapt and make use of any and all of the upcoming developments in the social media realm.
4. Those under 25 have recently graduated from college, having learned the latest marketing and social media tactics with fresh and innovative ideas that may be different from those of a seasoned professional. New ideas, no matter who they’re from, should never be overlooked.
Though the author of the original article may have simply skimmed the surface of this debate, and some of her points are undoubtedly debatable, the most important thing that she implied is that Generation Y is not getting a fair chance in the job market, especially when considering how they can help a company.
Would you considering hiring someone from Generation Y to manage your brands’ social media accounts? Why/Why not?