Victoria (BC) closes hundreds of thousands in new real estate revenue
The Challenge
Management of The Victoria (BC) Times-Colonist were frustrated in not getting a fair share of advertising revenue from local real estate brokers and agents. With more and more agents looking for ways to increase their brand identity in the community, so they could generate more listings from local home sellers, a new marketing solution was needed to be crafted that could be offered to these potential advertisers. The Blinder Group was contracted to assist in this challenge.
Program Overview
The Blinder Group worked with the newspaper to create a weekly program entitled "Your Neighbourhood – Spotlight of Homes." This offering segmented a weekly full-page color print ad into 16 modular ads that was offered to a select number of local real estate agents. The newspaper's staff divided the Victoria area into 16 specific "neighborhoods" offering agents the ability to be designated as the exclusive expert, of their "neighborhood of choice." In addition to featuring the agent's photo, contact details within the ad, the participating agent was given the opportunity to feature homes for sale in that "neighborhood"; or a home recently sold (at a high price). "Copy points" within the entire ad urged, readers to contact their local "expert" and inquire about the value of their existing home.
In order to increase the value of the program and the effectiveness for the advertisers, elements of each participating agent's print ad were also included on the newspaper's website. Text links rotated on various pages of the site that featured the various "neighborhoods" along with the designated listing" expert" of that neighborhood. These links "click" to an online version of the actual newspaper ad that features the weekly home "spotlighted" by that agent, for that "neighborhood."
Sales Strategy
One of the key elements in ensuring sales success of this initiative is garnering advertiser approval of meeting attendance as well as the validity of the concept in general. Some of these advertisers are wary of trying new ideas. One of the most effective means of accomplishing attendance and acceptance is to introduce the advertiser to an industry respected "outside" consultant who has had success with similar programs, with similar businesses, in similar markets, all across North America. That is why many media companies contract with the Blinder Group to perform "4-legged" sales training closing calls with traditional ad reps, to assist in the launch of programs like the one defined in this document. The Blinder Group supplied a proven "appointment- setting script" to the newspaper's sales team as an effective "tool" in assisting in getting potential advertisers to agree to attend a meeting with such an "outside" expert. The sales team set up appointments with local real estate agents. If possible a presentation was made to an entire agency in a sales meeting setting. If an office meeting as not available, appointments were set with individual agents. The Blinder Group performed numerous assisted "4-legged" sales training/ closing calls with the local reps to help train on how to present the multimedia program, as well as close business!
Results
The program generated just shy of $200,000 in new revenue for the newspaper. "The Blinder Group really helped us garner significant new revenue from our local real estate agents," stated Peter Baillie, V.P. of Advertising for the Times-Colonist. "They were integral in assisting us in crafting the right program and guiding us in the methods of offering this new multimedia solution to our advertisers. The reps enjoyed the experience of working with them on the assisted sales training calls that have resulted in sizable new billing. We recommend them highly."
Contact Information
For more information about the sales strategy of this program, contact:
Peter Baillie, V.P. Advertising, Victoria (BC) Times-Colonist
(250) 380-5328, PBaillie@TC.canwest.com
Lead Consultant for The Blinder Group:
Mike Blinder
(917) 865-4827, mike@blindergroup.com
The Blinder Group
Tampa Offices: 6139 Fjord Way
New Port Richey, FL 34652 USA
(727) 847-2464 ~ (727) 847-5959 (fax)
profit@blindergroup.com
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