How service heterogeneity is impacting engagement
Marketers have long known the importance of standardising products to assure quality and consistency. For services, however, standardisation is much more complex.
Raine & Horne bolsters customer engagement, digital ad effectiveness with new platform
Property group becomes first in Australia to deploy CCT Marketing's Amplify platform for programmatic social media advertising
A new programmatic digital marketing platform is giving Raine & Horne property listings and managed sites up to 17 times more exposure in front of buyers and tenants and 12 times the industry average clickthrough rates.
The property group has become the first real estate company in Australia to take on Amplify, a new digital marketing platform developed by European social media marketing player, CCT Marketing. The technology pulls together programmatic marketing capability with social media platforms such as Facebook, Instagram, LinkedIn and the Google Ad network in order to automate, customise and optimise advertising in these channels.
Via the solution, the group can create and stream up to 72 unique ads for an individual vendor’s property across multiple online sites incorporating images and copy. Amplify then employs algorithms to optimise ad campaigns, streaming the best performing ads while removing the least effective by directly targeting online prospects based on behavioural and online profiling data.
Raine & Horne executive chairman of its home group, Angus Raine, said that during a pre-testing phase, Amplify achieved average clickthrough rates of 12 per cent and average reading times of 2.16 minutes per online ad. This compared with an average clickthrough rate across the real estate industry of 0.98 per cent and reading times of 8.07 seconds, based on Spark Media’s 2017 Social Media Report.
“Amplify gives our property listings and managements an average 17 times more viewing time in front of buyers and tenants, who are increasingly using social media platforms to find a suitable property,” he said.
“The platform learns as it goes, matching buyers with other consumers who have similar interests and sending them a variation of the advertisement aligned with the features they look for in a property, whether it’s the kitchen, bathroom, a swimming pool in the backyard or proximity to a school or hospital.
“This understanding of people’s behaviours and preferences makes this a more impactful tool than what we’ve seen previously, as by retargeting people based on profile, we’ve found the process is also converting some passive buyers to active real estate consumers.”
Amplify includes a live dashboard that delivers real-time analytics and insights on target audience size, ad views, cost per click and engagement rates to users via PC or mobile phone. This is being put directly into the hands of prospective buyers and sellers as well as Raine & Horne’s agents and marketing teams.
A spokesperson for Raine & Horne told CMO the platform was giving vendors the opportunity to see where the dollars are being spent on promoting their property in market, something that wasn’t possible before.
It’s proving a positive in engagement terms, making them feel a closer part of the experience and helping them better understand how their property is being received I market while also allowing agents to better manage expectations, the spokesperson said.
CCT is a Danish-based automated marketing provider, operating across Europe as well as the UK and Australia. International clients include Nybolig (Denmark), Provat Megleren (Norway) and Spicerhaart (UK). CEO, Christian Overaa, said the technology is helping drive sales in traditionally slow moving property markets by improving buyer numbers.
“This in turn is helping to reduce time on market and in some cases, increasing sales prices,” he claimed.
Read more about programmatic advertising:
- What Lenovo has learnt about programmatic advertising
- Is programmatic advertising all it's cracked up to be?
- Cook Islands to build out digital marketing strategy after programmatic advertising success
- Fairfax debuts premium programmatic audience offering
- CMO interview: Why programmatic actually matters to brand marketers
- Why Volkswagen Australia’s CMO is investing into programmatic
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