THE BRAVE NEW WORLD 104th Annual Conference California Land Title Association Napa Valley May 23, 2011HOW TECHNOLOGY Can Impact The Marketing of Title Insurance & Real Estate
SB 133 Zero Tolerance Levels the playing field Could save you marketing $$ and fines But, you need a new way to: - Tell your story - Explain your distinction - Attract knew business - Compete - Grow
SB 133: It Levels the Playing Field No perks No meals No education credit No gifts Does it feel like your hands are tied?
Title Insurance DilemmaIs The Product is a Commodity? How Do You Differentiate? Same coverage Study your „demand chain‟, then your Same premium „supply chain‟ Same UW „balance Process map how you sheet‟ & reserves provide service Great service is Create a customer mandatory; it‟s only the experience table stakes Build a brand that conveys the experience
What We‟ll Touch On Today: 3 CORE TECHNOLOGIES • KNOW YOUR CUSTOMERS & KNOW YOUR MARKET – Productivity: Title & Escrow – CA Realtor Productivity – Social Media Platforms – CA Underwriter Market – CRM Shares• 6 LESSONS FOR A SOCIAL • MESSAGING & CONTENT STRATEGY – Welcome to Broadcasting 1. Strategy – Welcome to Publishing 2. Competitive Advantage – Welcome to Listening 3. Market Disciplines of Leaders – Welcome to Being Social 4. The Collapse of Distinction • SOCIAL: THE NEW MEDIA 5. The Service Economy – The Big Hitters 6. Your Moments of Truth – Your New Skill Sets – How to Begin
3 Core Technologies Front Office • Website & SEO Back Office • Title, Escrow & PaperlessCustomer Office • Social Media & CRM
Utilizing Technology in Your Business • Select your strategy • Define your competitive advantage • Promote your brand, messaging and content • Choose your (technology) weapons of choice • Engage in Social Media • Executive, refine, repeat • There is no silver bullet
The Jury is Out…On Social Media But, if you don‟t engage you will be conspicuous by your absence Social has a learning curve Social takes time, commitment, effort Social requires that you contribute to the dialogue, but listening is important, too
Social Media Skill Sets: Tools of the Trade 1. Author / Blogger on Wordpress 2. Filmmaker on YouTube 3. Photographer on Flickr and blogs 4. News reporter on Facebook, Twitter and Blogs 5. Human Connector on LinkedIn, Facebook, Foursquare
Social Media CategoriesCATEGORY EXAMPLE EXAMPLE1. NEWS SITES Digg Reddit2. SOCIAL NETWORKS Facebook LinkedIn3. BOOKMARKING Delicious Stumbleupon4. SHARING YouTube Flickr5. EVENTS Meetup Eventful6. LOCATION BASED Foursquare Yelp7. BLOGS Wordpress Blogger8. MICRO BLOGS Twitter Instant Messaging9. VIDEO CONFERENCING Skype FaceTime
Keys to Social Content, Content, Content Frequency Be Genuine, Be Authentic (no selling, no hyping) Polish Up Your Listening Skills Have Fun, Dont Make It a Chore
Before You Begin Who is your audience? Who are you going to target? Know where theyre at? What are you going to say? How do you promote your brand? First steps first…..
Remember….You Make Real Estate Transactions Happen Won‟t Won‟t Buy TITLE INSURANCE Lend • Home • Lender Buyer You have much to say and can contribute to the dialogue.
The Six Lessons to Dominate Your Social Market
Porter on Strategy … Strategy “Is the creation of a unique and valuable position…by choosing what not to do…and by creating fit among a company’s activities” Competitive Advantage “Is doing similar things differently than your competition…or by doing different things”
Porter on Competition:The Five Competitive Forces Threat of New Entrants Buyer Industry Supplier Power Rivalry Power Threat of Substitute Products
The Disciplines Of Market Leaders Operational Excellence Product Leadership Customer Intimacy
Familiarity Breeds Complacency “If you cannot impact the design of your products, and if you cannot choose or control the price, Then your primary point of differentiation has to be in service”.
The Experience Economy “Work is Theatre and Every Business is a Stage”
Every Touch Counts Sales Reps The Front Desk Experience Policy Voicemail Office & Commitment Parking Marketing Facebook Business Twitter Card Content Website
Know Your Customer: 2010 500,000 DRE Licensees 169,000 492,000 closings Realtors$303,000 5.8 Unit / $5,300 $31,800 $2,700 $1.3 Median Sides per per Unit / per Title Billion in SP Realtor Side Realtor Premium Premiums 50% of Realtors’ Commission; Same as Realtor’s Net After Tax & Expense
Maybe Social Media Can Help Don‟t be shy or silent Try marketing with a new „voice‟ Connect with social media advocates Follow your Realtors and clients Promote your brand and your value Connect, listen, and share
The Heavy-Weights for Business1. Skype “A Communications Platform” 663M Users; Microsoft pays $8B2. Facebook “A Social Utility for Communications” 500M Users; 700B minutes per month3. YouTube “A Distribution Platform For Original Content Creators and Advertisers Large and Small” 300M Users; Two Billion videos each day; 100M unique visitors each month4. Twitter “An Information Network” 200M users; 19B searches/mo; 90M tweets / day5. LinkedIn “The World‟s Largest Professional Network”; 100M Users; 2B people searches in 20106. Wordpress Blogs “A blog tool and publishing platform” 20M Websites; 385,000 bloggers online each day
What Does a Brand Say? Retail Brands Title Ins. Brands Starbucks Old Republic Apple Computer Stewart Nordstrom First American 7-Eleven Fidelity Real Estate Brands Mortgage Brands Prudential Wells Fargo Coldwell Banker Chase Better Homes & Gardens Bank of America Sotheby‟s Countrywide
A Title Company in Texas Message Customers Call to Action Find Us
Cardinal Rules on Social No selling! Be authentic Be genuine Be engaging Share useful or interesting content Be persistent Be out there
Then Craft Your Message ABC Title Company is... What we do really, really well is.... We are different from others because... We believe and practice daily...... Our people are folks youll want to know because.... When you choose us you can count on our....., to do...., and provide you with....
Social Media Farming $1,000,000 GOAL: TITLE ORDERS PREMIUMS GOAL:Average Premium $2,700 370 title ordersSides per Realtor 6Control Sides for Title 3Capture Rate: 33% 1Media Farm 370 RealtorsRealtor Churn: 20% 74 RealtorsRealtors With No Sides: 30% 111 RealtorsOngoing Media Farm: 555 RealtorsMedia Content Strategy, message, disciplineMedia Frequency Weekly, if not dailyMedia Manager Who‟s job is it?
Become a Social Network Master! Social Media Summit Realtors® are Embracing Social Media… so Should You! Become a Source of Valuable Information Strategies to Integrate Facebook & Twitter YouTube & Blogging Comprehensive Step-by-step instruction Up to the minute technology Your Special Price for a Full day is only $159.00 Call 213-739-8396 Education.car.org
Social Network Master Program In-depth social media | networking strategies and resources Individual 3-hour courses available in live lecture or online, including: Facebook Twitter YouTube Blogging Special price $59 ea. Call 213-739-8396 Education.car.org
Social Network Master Program Extras! Monthly “Power Up” Webinar only $19.95/mo. Introduces innovative tools Updates and evolving strategies in social networking For More Information Visit www.car.org/Education/SocialNetworking Contact Your Local Association of REALTORS® for Their Current Schedule Or call C.A.R. Education 213-739-8396
Social Network Tools Facebook Real Estate Tab Local data specifically for your cities or ZIPs Social Marketing Platform Social campaigns Suggested Content based on industry and interests Roost Circle increases reach, leverages social graph Call 213-739-8396 Education.car.org
Thank You, and Good Luck with Social! Travis Wright 281-217-2789 firstname.lastname@example.org