In the online marketing community many experts recommend niche marketing where instead of casting a wide net, you drill deep into a market. Target Marketing makes your marketing much easier.
In past blogs I have mentioned the Hispanic community as a widely untapped, underserved niche for the real estate professional.
Look at the numbers:
- eMarketer projects the number of Hispanic internet users in the United States will rise from 13.3 million in 2004 (7.6 % of all internet users) to 16 million in 2007 (8.4 %).
- eMarketer cites an America Online/RoperASW survey of U.S. Hispanic at-home Internet users' online activities: 54 percent of respondents research health care products, 52 percent make travel arrangements, 43 percent shop online, To sum up, they're online, they're bringing their peers with them, and they're spending money.
- Hispanics are actually from 22 countries and although they pretty much all speak Spanish, they prefer English, according to comScore Media Metrix.
- So translating your real estate website into English may not be your best bet. But this is the hard part. Hispanics searching in English are harder to target.
- comScore reports there are over 2 million U.S. Hispanics online who prefer surfing in Spanish, presenting a large enough sample size for research purposes.
- AMount spend by Hispanics online in 2003: $5.6 billion
- They tend to use the same major search engines that everyone else uses.
- One of the sources of this blog noted that "mortgage" is "hipoteca" in Spanish. Overture's Search Term Suggestion Tool reports there were 1,255 searches for "hipoteca" in July 2004 (1,277 for "hipotecas") - hardly a massive base of searches, but a good enough size for testing purposes. Six advertisers bid on the word, one for $1, one for $0.40, and the rest for well under a quarter.
- Hispanics command $575 billion in buying power
The article pointed out an interesting tool to gather data to influence offline marketing.During month 1, it may try the copy, "No venderemos su información personal." During month2, it may try "Consultacion gratis" Consider this hypothetical application: Ameriquest may have a direct mail campaign going out to 500,000 Hispanics in California, New York, Texas, and Florida. From the tests in Overture, it knows the word "gratis" works better on the East Coast but the other phrase, allaying fears of selling customers' personal information, plays better further West. The marketer now has a wealth of data from search to inform the larger campaign.
"Geographic targeting is going to be a great opportunity for SEM marketers because 72 percent of all U.S. Hispanics seem to be concentrated in the top 20 markets (Los Angeles, New York, and Chicago alone making up 32 percent)," says Hernandez.
Most aggressive niche marketers understand the path to market domination is by covering the niche on various angles.
The article goes on,"for the keyword "hipoteca" in Google, the lender runs an ad in English. Look at how many more variables that involves. It's a different language with different possibilities for the copy. Perhaps it turns out that English ads convert three times better in Florida than New York, and the Spanish ads receive more clicks in California. The marketing director uses this information to test a TV ad on Telemundo in Los Angeles. Before long, results from relatively small search buys are influencing a campaign spanning six different media that's seen by tens of millions of people. This isn't science fiction. Some of the more sophisticated marketers tapping search are getting very savvy with this strategy.
A site that speaks to the online hispanic marketing and issues is www.elmensajero.blogspot.com
Another great souce is ttp://www.hispanicbusiness.com/ which recently reported that: U.S. Hispanic Media Markets, 2000-2007. Advertisers spent an estimated $3.09 billion in 2004 to market their products and services to U.S. Hispanics, an 11 percent increase from the previous year.
Real Estate Niche Market 2.
It has always been known amongst Realtor's that the lady of the house makes the buy decision to purchase a home. This knowledge alone could guide a marketing campaign.
However, some startling numbers have emerged of late that indicate that not only are women making more decisions, they are able to make these decisons independently.
- In the last 10 years, the US Census bureau has reported a 15% increase in the number of stay at home mothers.
- 1 in 3 US kids under 15 has a mom at home full time (Washington Post 2003)
- The Census Bureau even reports that women own 38% of all small businesses in the US alone.
According to InternetBasedMoms.com "It's clear that more mothers are coming home to be with their children, but in today's economy, she often needs to supplement the family income or she may even be the sole bread winner for her family. But here's the most important FACT --- Moms don't think like you're average entrepreneur and they aren't motivated to buy your products for the same reasons."
Real Estate Niche Market 3.
Consider the 65 and over market. According to a study by the Pew Internet and American Life Project, Americans over 65 who use the Internet have jumped by 47% since 2000, making them the fastest-growing group to embrace the online world.
This group has jumped 25 % online this year, to a total of almost 10 million surfers, while 55- to 64-year-olds increased their numbers by 15 %, to almost 16 million, according to a new study by Nielsen/NetRatings.
More stats about the over 65 market:
- Only 22 % go online
- 75 % of ages 30 to 49 go online
- 42% have used a computer
- 41% have a computer at home
- 31% have ever gone online
- 33% have Internet access at home
- e-mail is the top activity for this market
- 93 percent of wired seniors use e-mail
- 68% have checked the weather online
- 67% read news online
- 58% go online for hobby information
- 57% have bought a product such as books, clothes, or plane tickets online.
- 53% search for health and medical information
- 53% browse for fun
Real Estate Niche Market 4.
Do you know that if you made the gay community into a demographic that they are the most educated and affluent segment in America?
- Annual value of the gay and lesbian market is $515 billion.
- 21% of gay and lesbian households have income greater than $100,000 per year
- 28% have income greater than $50,000 per year
- 62% own a personal computer
- 71% of gay and lesbian online users have made credit card purchases online
- Has a greater amount of expendable income in comparison to the heterosexual population. (because they don't typically generate kids) (Visit this site which is where I got my numbers for a great marketing perspective on this market)
A niche must be fanatical and unserved. And a niche must naturally have spending power.
Some other groups that are passionate and begging to be served:
Christians-easy to identify and speak to. Many have defined themselves as the anthithesis in belief as our last niche. Many are well to do and well educated.
African Americans-Contrary to what many "well wishers" would have us believe, more and more Black Americans are upwardly mobil.
I wish I could find the source, but I remember listening to conservative-black radio talk show host Larry Elder. He was talking about the under reported wealthy blacks. He said that educated black married couples out earn educated white married couples. Inherant in this under reporting is the opportunity for your services.
New Home Developments- There are many areas of the country where new developments are popping up. In two or three years, these new homeowners will be the new neighborhood's first home sellers. Start now and you will own this "farm" until you retire.
Alumni Organizations-Many Universities are incredibly supportive of their family of past students. One of my early real estate brokers had spent his career supported by his family of brothers and sisters from his school. It brings to mind the saying, "it is not what you know, it is who you know". If you have access to this kind of organization, tap into it , and ride it as long as you can.
Hopefully, these groups or niches will spark ideas for you to dominate a small group and be everything to them, instead of being little to everybody.
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