An evaluation of the most effective real estate marketing methods and trends within the current challenges of the Cyprus property market
Marketing is an ever-growing industry that is more complex nowadays than it was a century ago. To evaluate its effectiveness, we always have to be aware of what goal we are pursuing. Marketing is no longer just a straight line that connects the sales with customers. According to the marketing funnel, efficient marketing raises awareness of the business's presence on the market and targets customers close to making a sales decision. Furthermore, it can communicate information with the client base or any other reason (Kotler, Armstrong, & Opresnik, 2017). For this study, however, the marketing effectiveness is defined as using the most appropriate marketing methods at the most appropriate stage in the marketing timeline to achieve the most results than the marketing methods' resources. Still, most of the companies in Cyprus's real estate industry are content with using the marketing strategies and methods used in other countries without considering Cyprus's unique trends. This research investigates what marketing methods work and which ones don't, how they compare to the methods used in other countries and what it means for the future of the real estate marketing in Cyprus. Over the last two decades, marketing has become one of the most important aspects of businesses today. It can enhance all stages of the sales process and is an essential part of any company that wants to have a successful future (Gillum, 2013). Even more valid in Cyprus, with many marketing mediums available to the real estate marketers; billboards, websites, social media, etc. However, due to the absence of the information related to each marketing channel's effectiveness, the marketing managers have to rely on the data collected from other countries when making decisions. This research aims to rectify this problem by collecting and analysing data to help marketing managers make sustainable decisions and provide a solid base for future research. Moreover, this study investigates the Promotion part of the Marketing Mix (Kotler, Armstrong, & Opresnik, 2017). This focus is due to the nature of the real estate industry. While it is possible to investigate the use of the other three P's of the Marketing Mix, such research will require more resources. For these reasons, this study researches the activities that communicate the product's strong points to potential customers. Additionally, by investigating similar research in other countries, the data collection methods' quality was improved, establishing a database to enhance the study results. Also, additional means of increasing the marketing methods' effectiveness have been investigated, such as using a dedicated organisational structure.