Growth hacking is one of the most effective strategy for the real estate digital marketing and the best solution for a small and medium real estate in Spain.
Normally, when we hear someone pronouncing the term “hacking” we inevitably think of illegal stuff. In fact, this has nothing to do with it, as the real estate growth hacking is a totally legal digital marketing strategy.
Unfortunately, this happens because of the social media of the 80´s which mixed up the term of “hacker”. We need to underline the fact that a professional real estate growth hacker is not a delinquent.
There is a spread bibliography on the terms ¨hacking¨ and ¨hacker¨, but still, we have to emphasize the fact that the first hackers were the first programmers of the 60´s. They were not doing illegal things or anything similar to what happens now on the Internet.
Their target was to program and share the technology for the benefit of everyone. In the past, they used to have another name (“crackers”) in order to differ from the programmers with bad intentions.
I have cleared this up in order to disperse the confusion and mainly because the real estate growth hacking is quite a new concept in Spain.
The meaning of a real estate growth hacking.
Real estate growth hacking is a digital marketing strategy and a concept used in marketing for a long time ago. Real estate growth hacking is based on a scientific method:
- A hypothesis is formulated.
- Experiments and tests are done.
- The data obtained is validated or not.
Furthermore, we could define the concept of real estate growth hacking as a combination of:
- Real estate digital marketing.
- Analytical web.
- Development of real estate brand.
At a first glance, the term might look a little confusing because we have just talked about marketing, scientific methods and other concepts. In fact, the concept is something easier to understand than all this concepts.
This is a new model of management of real estate digital marketing focused on the development of the brand with few economic resources.
A professional of the real estate growth hacking, known as a “Growth Hacker” manages the strategy of digital marketing based on these elements:
- Visibility strategy of the real estate on the internet.
- Brand development through social media platforms.
- SEO visibility on search engines (Search Engine Optimization).
- Analyses of the real estate websites.
- Optimization of the real estate web and blog.
“A growth hacker is a person whose true north is growth”.- Sean Ellis.
In order to achieve increasing the visits of the real estate website, methods such as payable adverts on Google or different other social media (AdWords, Facebook Ads, etc.) were used. A growth hacker does the contrary.
A growth hacker focuses on the real estate visibility on Internet without investing too many economic resources, he targets the experience of the visitors of the real estate blog and website and focuses on his strategy of brand development for a real estate as a company. This must be done after a strict planning of the strategy and the process must be based on the results obtained.
The well-known “conversion funnel” (the purchase, activation, retention and recommendation) is by no means practical in Spain, neither in any other country. A real estate is not made for selling low cost properties.
A real estate product requires another type of strategy with different variables of the classical marketing strategy. The main target of a growth hacker is to manage the transition of the user from a phase to another and manage to get potential buyers with this strategy.
Because of the product that a real estate sells, we cannot accept the traditional model of the conversion funnel. The argument is very simple but I need to make sure it is clear and so I come up with an example:
“No visitor of the real estate web will buy any property with its credit card or PayPal”.
Even if we talk about a clothes shop, the model of conversion funnel will not apply as perfectly as a growth hacking.
A real estate growth hacking aims to get more potential buyers in an effective way, but also to increase on the web traffic of the real estate.
Basic strategy of real estate growth hacking.
The foundation of the growth hacking strategy is the web analysis which requires a strong planning, based on the achievements of the real estate.
The real estate Growth Hacker must always apply this model in order to evaluate the results obtained.
Brian Balfour (Co-Elevate Growth&User Acquisition) uses a very clear model referring to the increase of the brand:
- Identification of the object (define it and isolate it).
- Brainstorming (strategy and methods).
- Experiments and tests (prioritize and apply).
- Web analysis (configure tools).
- Planned execution.
- Register the results.
- Repeat all this again and again.
There are many advantages that we could get after applying that method. The main one and the most featured for a real estate would be:
- It gives importance to the specific necessities of the real estate.
- Is a scalable, predictable and repeatable system.
- It is based on objective data.
- The development of the brand is exponential and sustainable.
- This is a strategic model of professional real estate marketing.
Real example of real estate growth hacking.
One of the most illustrative examples of growth hacking is the one from Airbnb. That company uses a script and managed to publish automatically its apartments for rent on the famous portal Craiglist.
By using an IT program, they managed to get high levels of productivity and managed to get an extraordinary development in a record time and no economic cost almost.
We must also add the effective management of time derived from an automatic system of publishing of the rental apartments which brought a brand development in such a low time. In this situation, the good results are guaranteed.
For those who do not know Craiglist, we only need to say that it is a portal of classified adverts with an average of twenty millions of monthly visits, being among the 40 most visited sites on Internet.
This portal was also among the 10 most important websites in USA. All real estate in USA publish their properties for sale or rent on Craiglist. It is a very austere site and little attractive for publishing the properties for sale or rent and during the last years it had lost some visibility positions.
However, it is still an interesting resource for a strategy of real estate digital marketing. Anyway, Airbnb managed to achieve what none of real estate might have achieved inside this sector in so little time. Airbnb managed this only by the growth hacking techniques.
“Everything the growth hacker do is scrutinized by its potential impact on scalable growth” Sean Ellis.
For a real estate in Spain (with limited resources to invest on traditional media of advertisement), growth hacking is an ideal solution. It will help the real estate to achieve a brand development and it will get to the potential buyers in a more effective way.
Sources: growthhackers.com / coelevate.com