There’s a huge volume of data generated worldwide every day that continues to grow at an ever increasing rate. This can be overwhelming when you’re trying to use this information to your advantage.
In the past, using conventional analytical methods was extremely time consuming. And often by the time you saw any meaningful patterns emerging from the data, the opportunity had disappeared. Today however, this is all changing as there are many more sophisticated and immediate options available that provide opportunities for you to use data more effectively, particularly when it comes to advertising.
A new advertising approach
One area where big data is being used successfully is in identifying people who are showing behaviours that indicate they’re likely to be active in the property market soon, even if they’re not quite active yet. Technological advancements have meant there are now products on the market that use algorithms to determine how likely a person is to buy (or sell) a property in the near future.
This is done by closely monitoring their behaviour – tracking things such as how long they spend on a particular website, whether they open a certain email or click on a particular link. Real estate agents can then tap into this information and use it to target potential buyers.
The Chairman of The Today Business, Antony Catalano, has partnered with Greg Hocking Estate to deliver one such product called Acquire. Acquire uses smart technology and advanced buyer intention data to “maximise valuable marketing and advertising dollars.”
“Acquire gives agents the ability to target buyers and track results in real time at a listing level, and make dynamic changes to reflect campaign performance,” says Mr Catalano.
Using this data means advertised properties can be put in front of potential buyers wherever they appear online, from social media sites such as Facebook and Instagram through to news sites and eBay.
“We created Acquire to provide a better way for agents to manage, measure and align marketing efforts and business outcomes. It supports progressive agencies to improve their customer acquisition and retention efforts and elevate their marketing approach,” says Trent Casson, General Manager Residential, The Today Business.
What this means for your business
By taking advantage of the intelligence big data technology provides, agents can target their advertising and more easily determine which campaigns are working best. As more data is collected and the analysis of this data becomes more sophisticated, this information will become even more valuable in making sure every advertising dollar is well spent.
The real estate industry can often be slow to embrace new technology, however utilising big data technology in your business is definitely something worth considering. After all, the more data you have, the more informed your advertising decision making process can be.