For more than a year now, WAV Group partners have been operating RE Technology. RE Technology is designed to operate inside of an MLS System supporting the role of offering education and information about technology products available to real estate professionals.
The site is free to MLSs and Associations, and they may offer it to their members at no cost. Companies may list their products in the directory at no charge. WAV Group partners and other qualified contributors volunteer their educational writing for the daily publication. Today, RE Technology reaches 587,000 agents and expansion continues. The cost of operating the site is offset by advertising.
Through the operation of RE Technology, we learn about how technology is introduced into the real estate market place. Here are a few observations that we would like to share.
Performance By Engagement measures how content is interacted with by users on a website. On RE Technology, we offer four forms of engagement on the site. Articles, Social Video, Contests, and Polls. From a study done by eMarketer across multiple websites, we learn how engagement occurs.
Banner Advertising generates impressions which raise awareness. They are great tools for new brands or forgotten brands. They support building awareness of new offerings and allow legacy companies to frame new attitudes toward their brand and products. However, they fall at the bottom of the list for engagement, averaging 1.4% click through rates.
Polls generate 1.8% engagement. Relatively speaking, they have the attraction rate of a banner ad. However, they allow marketers to gain valuable insight into the beliefs of their product audience.
Contests generate 6.5% engagement. Contests also have the added benefit of allowing the company to collect contact information to win the prize. Prizes over $500 in value increase the adoption. Prizes over $1000 in value drive adoption rates significantly.
Social Video generates 6.7% engagement. For videos to perform effectively, they need to be less than 5 minutes long. At the end of the video should be a call to action to share the video with others. Share on Twitter, Facebook, etc. Marketers get impression time combined with word of mouse distribution from customer to customer.
Article Content generates 16.6% engagement. Far and away, the best practice for engaging with customers is by sharing information. Writing articles that share insights and observations. Here is a tip – always provide a photo with your article. It helps people lean ln and listen more. Articles experience a 2.1% share rate too.
If you would like more information about RE Technology, contact Victor Lund or Melissa McHone