Marketing for luxury properties is ultra-competitive. You are dealing with a small customer base, a competitive field, and long purchase time frames, so it’s crucial to set yourself apart.
Social media can give you the marketing edge you need. But social media marketing for the ultra-rich is leagues different than for the average user. The 1% use social media differently, and your marketing strategy needs to be plugged into their unique habits.
How the Wealthy Use Social Media
There isn’t a wealth of data on the social media habits of the 1%. This could be because it is a small population that values privacy. One study of how 600 millionaires spend their time found that while the average American spends 14 hours a week on social media, millionaires spent only 2.5 hours a week. It’s assumed that affluent investors don’t use Facebook much. There are also elite and exclusive social media platforms that the rich can buy into, but those aren’t sites you’ll be able to advertise on.
We do know that the 1% use Instagram. This is great for luxury real estate marketers, because Instagram is all about sharing your lifestyle, and lifestyle is a cornerstone of luxury marketing. Instagram is highly visual, great for engagement, and has the strength of Facebook targeting.
Luxury Marketing on Social Media
A social media strategy is not just about placing ads for listings — a strong strategy will tell your brand story and foster engagement. Identify the lifestyle your audience is looking for, and tell a story about how your properties will allow the viewer to live the life of their dreams.
Just as you would stage a home, fill your Instagram with photos that reflect the luxury lifestyle. Don’t just show the property and amenities. Lifestyle can also be about the location. Add to your repertoire of visual content by showing the attractions of the major city, the privacy of a secluded location, or exclusivity of local clubs. Connect the amenities to people and activities, such as showing photos of wine tastings while advertising the wine cellar.
Once you have a body of content, be sure to engage with followers and your target audience. One of the best ways to increase engagement for your account is to engage with other Instagram accounts. Reply to posts and comments. Be social — after all, it is social media. You can also use polls, stories, and contests.
Track your analytics to learn about your audience and refine your strategy. Seek out competitors and your target audience and learn how they use the platform, and what luxury means to them.
Another little-discussed benefit of social media is that it improves your SEO. When you link social media to your website and drive organic traffic, you create a network of backlinks to the site. Backlinks have a huge influence on your search rank and will place your property in front of the investors you’re looking for.
Lastly, always keep in mind that your audience is a small one. Be detailed in your targeting, and look for quality engagements over quantity.