In real estate advertising, a recent study shows that print and digital ads are a powerful combination. Seeking to determine effects of both print and digital advertising on effectively selling a home, the study found:
Homes for sale that are advertised in both print and online are 20% more likely to be sold than those that use just one medium.
Furthermore, the study showed that “properties that used a combination of both print and online advertising had lower discount levels and spent less time on the market.” The study, considered the first of its kind, was conducted by News Limited, the majority owner of Australia’s website realestate.com.au, to determine what marketing worked in moving more than a half million properties within a 12 month period.
Previously, realtors swapped information on what they thought worked or didn’t in advertising campaigns, but the field was sorely lacking in valid statistical data. The industry in the U.S. is great at tracking metrics on homes for sale, homes listed, and prices achieved, but has a lack of information on what fosters the sale. The Australian study starts to shed light on advertising effectiveness that can be insightful not only for American realtors, but other small to medium-sized retail operations in the U.S, namely:
- Inventory that sells fast tends to not to have to be discounted.
- Using a combination of print and digital advertising increases exposure for items you have to sell.
- The added exposure can increase your advertising return by up to 20%.
The Walk-away: When creating your media plan to sell inventory, don’t just think of one medium. Print and digital are a strong combination. Because of their strong local reach, the print/digital combo should be the foundation of any local advertising program, with other medium added for effect.