The Brave New World of Technology: Travis Wright
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The Brave New World of Technology: Travis Wright

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How social media technologies can impact the marketing of title insurance and real estate services.

How social media technologies can impact the marketing of title insurance and real estate services.

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The Brave New World of Technology: Travis Wright Presentation Transcript

  • 1. 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
  • 2. 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
  • 3. SB 133: It Levels the Playing Field No perks No meals No education credit No gifts Does it feel like your hands are tied?
  • 4. 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
  • 5. Rate Calculators = Consumer Pressure
  • 6. 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
  • 7. 3 Core Technologies Front Office • Website & SEO Back Office • Title, Escrow & PaperlessCustomer Office • Social Media & CRM
  • 8. 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
  • 9. Technology Has Come a Long Way
  • 10. Get the Picture?
  • 11. Real Estate…Low Technology in the 70‟s11
  • 12. Real Estate...High Technology Now12
  • 13. Have You Heard of These?Skype | 663 | Microsoft | $8bFacebook | 500YouTube 300 | Google | $1.6bTwitter | 200LinkedIn | 100 | $7.8bYelp | 38Wordpress | 20Foursquare |10Flickr | YahooLotusLive | IBM
  • 14. How About These?
  • 15. 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
  • 16. 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
  • 17. 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
  • 18. 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
  • 19. 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…..
  • 20. 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.
  • 21. The Six Lessons to Dominate Your Social Market
  • 22. 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”
  • 23. Porter on Competition:The Five Competitive Forces Threat of New Entrants Buyer Industry Supplier Power Rivalry Power Threat of Substitute Products
  • 24. The Disciplines Of Market Leaders  Operational Excellence  Product Leadership  Customer Intimacy
  • 25. 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”.
  • 26. The Experience Economy “Work is Theatre and Every Business is a Stage”
  • 27. Every Touch Counts Sales Reps The Front Desk Experience Policy Voicemail Office & Commitment Parking Marketing Facebook Business Twitter Card Content Website
  • 28. 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
  • 29. Have You Tried CRM?
  • 30. 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
  • 31. 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
  • 32. How‟s Your Brand Messaging?
  • 33. 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
  • 34. Underwriter‟s Q3-2010 Market Share (ALTA)
  • 35. Underwriters on Facebook
  • 36. Starbucks on Facebook
  • 37. A Title Company in Texas Message Customers Call to Action Find Us
  • 38. Cardinal Rules on Social  No selling!  Be authentic  Be genuine  Be engaging  Share useful or interesting content  Be persistent  Be out there
  • 39. 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....
  • 40. Ideas for Blogging
  • 41. Need Content?
  • 42. Blogging Tools
  • 43. Blogging Tools
  • 44. Social Campaigns
  • 45. RSS Feeds
  • 46. Create Your Own Video Channel
  • 47. Web Presence by Realtors
  • 48. Realtors are Social and Hi-Tech
  • 49. Brokerage WebsiteTransaction Tools Promotions Calendar Events RSS Feeds Blog Casts Agent Resources
  • 50. Realtor Website A Real PersonSearch MLS Blog Site & RSS Social Media
  • 51. Realtors Are a Social Tribe
  • 52. Be Social: Join Real Estate Communities
  • 53. 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?
  • 54. LinkedIn Groups
  • 55. LinkedIn Profiles
  • 56. Twitter
  • 57. Facebook
  • 58. Location Based Technology: Foursquare
  • 59. Location Based Technology: Yelp
  • 60. Title Insurance: Online Pressure
  • 61. Realtors on Facebook65
  • 62. Realtors‟ on Facebook66
  • 63. Social Convergence for Title Agents
  • 64. Skype Video Calling
  • 65. Skype Conferencing
  • 66. Skype Business Conferencing
  • 67. Skype for Social Business Text Messaging Documents on Screen SharingGroup Video Calling up to Ten Send Files of Any Size
  • 68. Skype and Facebook Mashup72
  • 69. Skype Calls With73 Facebook Friends
  • 70. Skype with Facebook News
  • 71. CAR‟s Masters Series of Social Media
  • 72. 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
  • 73. 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
  • 74. 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
  • 75. 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
  • 76. Thank You, and Good Luck with Social! Travis Wright 281-217-2789 travis-wright@comcast.net