Century 21 is the largest real estate agent in the world. The company will be undergoing a change in advertising and will no longer use television as its chief marketing tool. Century 21 was among the first estate companies to apply extensive TV advertising. However, this year, the majority of its financial planning will take place with online advertising.
According to the company’s Senior Marketing Vice President, Beverly Thorne, the company is focusing on the internet because people nowadays most often look for properties online, not because of cut backs or the credit crunch. During the past few years, Century 21 had used almost half of its huge advertising budget on TV. Only 10% of the overall advertising budget was spent on its online ads in 2008. Century 21 learned that recent testing and research revealed that online advertising was more efficient and productive than television. In fact, when the National Association of Realtors conducted research in 2008, it revealed that 87% of extremely stimulated home buyers utilised the World Wide Web to look for a house, but nearly everyone ended up employing an estate agent.
Thorne explained that there are numerous possibilities on the internet, not just typically displayed advertising, but also methodologies with improved listings for estate properties and better technology. She mentioned that their online investments will extend across all those mentioned as well as several other innovative approaches. She also stated that the business has been observing its expenditures to guarantee greatest return for their agents. However, their choice to reduce TV advertising wasn’t due to the present economic climate.