Social NetworkingThe Profit Frontierwww.matthewferrara.com

In this session…We’re going to learn how to sell real estate the way consumers want to be sold it.Because we don’t get to decide… they do.

?What is Social Networking?

What is Social Networking?It’s a fancy new term for prospectingBUT! It’s a modern method of doing the single most important form of prospecting: Relationship management

updatingansweringcommentingphotosbloggingsharingplayinglinkingtwitteringvideospostingwatching

Simply put…It’s creating and maintaining relationships with your sphere of influence using web 2.0 and wireless technologies…… instead of advertising

?Why Do it?(Is Social Networking another fad?)

Effective, Active Targeted prospecting A Modern CRM Platform / ShiftThe Consumer is easier to reach this way (or harder to reach in other ways)3plus 1Plus: It’s fun!

1TARGETEDMARKETING (for a change)

There is nothing so useless as doing efficiently that which should not be done at all. - Peter Drucker

For once, let’s use the research!

95% * buyers using SN daily18-44 in 2008

11% * REALTORS with a Facebookpresence in 2008

61% * REALTORS dissatisfied withexperience on SN sitesReason: I don’t get any leads.

64%of all listings were from referrals or repeat clients… which is who you’ll be connected to in social networks

2Customer Relationship Management (CRM)

88%of internet leads are abandonedwithin 30 days of receipt - Database methods are just too hard to maintain.

60%of online consumers worked with the agentwho “was there” when they decided to go…… which would be easy to know if you were connected online.

Customer satisfaction is worthless.Customer loyalty is priceless. - Jeffrey Gitomer

Customer Relationship ScaleWeakerStrongerADVERTISING FOCUSRELATIONSHIP SALES FOCUSSEO/PPCPostcardsIntroductionsRecommendationsWebsitePrint MediaEmail / IMPhone callsBlog / SN

However……. You Will NOT GET LEADS

Social Networking is NOT about LeadsPurpose of SNRelationship managementConsumer Intelligence“Secret Spy”With Social Networking…Consumers will tell you when they are ready for your services….Willingly….Clearly….Simply…You just have to be there, and be listening.

Social Networking CRM for the Next Generation of ConsumersWhen Real Estate was by Boomers, For BoomersDatabase DrivenDirect marketing toolsCommunication as periodic advertising from an “expert” or “authority”“You need me, come to me” sales modelWhen Gen X and Gen Y Dominate SalesRelationship DrivenInfluence not AuthorityRelationship as marketingCommunication as a persistent presence“Know consumer’s need before they realize it”

The Next GenerationGen X: Move Up SellerGen Y: First Time Buyer

Even “New” Marketing is Struggling

Develop a Social Networking Plan (Broker Centric)

Structure Online Presence

Manage Online ActivityFacebook PagePost blogPost linksInteractivity (Polls, applications) Network Repost Listen Comment Post Viral

Post blog

Post links

Interactivity (Polls, applications)

Network

Repost

Listen

Comment

Post

Viral

Some things TO DO…Focus agents on relationships, not advertisingProvide / guide toward your existing contentCompany / Brand Facebook PageYour Company Website / BlogREALTOR Marketing or other “industry” sources

Some things TO DO…Get managers involvedInteracting with agents on their pagesAttracting new agent “friends”Monitoring comments on company page and agent pages, to keep an eye out for customer feedback, complaints, ideas, testimonials, etc.

Some things NOT to do…Do NOT Forget “WIFT”Do NOT blast your listing inventoryDo NOT engage in “heated” online back-and-forth (pick up the phone)

What Brokers Need to CreateThings agents need to have “handy” every day to practice networking, not “creating” Consistent, timely blog entriesInteractivity tools like polls & surveys to get research; recompile and post resultsContests, games and other non-business funUpload a photo contestsPress releases, related or suggested links, video clips and other friendly 3rd party contentAcceptable reasons to link back to the company web site with inventory, services content

Summarize

The StrategyBrokers control a company social network page and connect with all agents and company partnersBrokers feed timely, consistent content into page to directly attract friends, and facilitate sharing by their agent networkThink of it like a “relay” race that leverages the power of your network but manages the appearance of your brand/content

You have no time to lose…This is no longer an effective alternative change management strategy.For More Information, Blog Content and Webinars, visitwww.matthewferrara.com