DIGS is the premiere luxury real estate lifestyle magazine serving the most affluent neighborhoods in the South Bay and Westside of Los Angeles, California.
Issue link: https://uberflip.westsidedigs.com/i/1155692
10 DIGS.NET | 8.16.2019 Our media platform was engineered purposely with this in mind so that our marketing partners could build mind-share with home consumers (buyers/sellers) in the local community to think of them first when they're ready to transact. It's important to remember that in today's cluttered and noisy media environment, the impact of frequency and reach has never been more critical (and misunderstood). Purplebricks is a perfect case study. UK flat-fee real estate Broker Purplebricks recently announced that it would pull out of the U.S. market after only two years and focus on expanding where it started in Britain, after acknowledging it had chased growth too aggressively. Operating losses for the company rose 88% in its most recent financial year. So, what happened? Most of the discussion centers on the challenge in their business model – but this is a perfect example of misreading reach and frequency. Purplebricks entered the U.S. market in A formula for marketing success. What's your M frequency? The "M" stands for mind-share and the frequency required to attain it. On a super basic level, the formula for marketing success is simple – start with the smallest reach (audience) and make sure your marketing has enough frequency, and you're well on your way to developing mind-share, which leads to market-share, and ultimately market domination. Beware the Marketing buzzards however, who care more about big reach, audience size, selling gross media impressions, and other shiny new objects. Reach is overrated. If you focus on huge reach and mass audiences, you'll never be able to have enough frequency to penetrate and "make a lasting impression." But, first you need to understand your selling cycle – the longer the selling cycle, the more frequency you need. This is especially true if you sell real estate, insurance, engagement rings, A/C installation, home appliances, etc. Since these purchases are infrequent, it's crucial that your brand and value proposition stay highly visible, frequent, and consistent. Consistency is the frequency of the frequency. Media reach is easy to obtain, frequency is not. The two are not interchangeable and reach is never a substitute for frequency. When I launched DIGS in 2010, I made sure we had enough frequency (24 magazines per year) - two marketing touches per month, to successfully penetrate the "micro markets" we serve. M Frequency P U B L I S H E R ' S M U S E August 2017 with big plans to expand its commission- free real estate model, which claimed it could save home sellers thousands of dollars using its services. The company's first market was Los Angeles, California, then further expansion to Fresno, Sacramento, San Diego, and then Phoenix and Orlando, Florida. Within a year, the company announced it was expanding to New York. Purplebricks was going "all in" on reach, to the detriment of frequency. According to the company, Puplebricks spent approximately $66 million on its U.S. expansion. The problem - $66 million doesn't buy you enough frequency to make a dent in the California real estate market alone. To have any chance of success, Purplebricks needed to focus instead on the smallest possible reach (market) and go big with frequency (repetition& consistency) with their marketing and recruiting efforts. They went big – now they're going home. If you want to make a dent in the marketing universe, know thy M frequency. Until next time ~ Warren J Dow | Publisher wdow@Southbaydigs.com | 310.373.0142