In a previous blog, I covered the meaning and attribution of value to your digital property. Now I'd like to talk about your digital real estate. A lot of people use the terms "digital property" and "digital real estate" as synonyms, but they are two entirely different things. When someone is searching for your services, where your company places on Google, Bing, Yahoo, etc. is your digital real estate. It relates to one thing:
This is one of the most famous quotes used by real estate agents. Whether a potential buyer is in the market for a private villa or storefront property, real estate agents know that location matters. When it comes to digital real estate, location is just as vital.
Why Location Matters
Did you know that holding a top spot on a SERP is potentially worth millions? A SERP is a search engine results page. When a user enters a keyword or phrase, the search engine responds by listing the most relevant and top ranked websites. The websites landing the top spots, or the spots the user sees first, inhabit what the real estate world refers to as "prime location."
Why does location matter for brick and mortar businesses? Because location directly relates to perceived value:
- Convenience:How likely are you to go out of your way to visit a store? You will likely choose a store that meets your needs and is convenient. It might be on the way home from work, right off the highway, or near shops you frequent. Chances are you won't go out of your way to visit a different store unless you have a compelling reason. A business is smart to choose a location of high convenience to lots of people.
- Advertising:Good advertising often requires a good sized budget. So why not make a big investment that has easy advertisement potential? Location is everything! A store front in a prime location affords you plenty of free advertising just from people passing by.
- Repetition: Whether you realize it or not, the more you drive or walk past a specific storefront, the more likely you are to find a reason to enter. It's important to stay in front of potential clients 24/7, and picking a location where people constantly pass by nails this need.
Apply this to a search engine results page, and you can see how holding a prime location could be worth millions; thousands—even millions—of users will see your business. So why not invest in ensuring your digital real estate inhabits a prime location?
Zappos is a strong example of the power of digital real estate. According to the Zappos.com Case Study, Nick Swinmurn (Zappos Founder) set out with a simple vision. He believed that approximately 30 percent of US retail transactions would occur online, consumers would buy from companies offering the best services and selection, and Zappos.com would flourish as an online store.He built a website where people could find the largest variety of shoe brands on the market. By investing in brand perception, recognition and perceived value, Zappos earned gross sales of $1.6 million in 2000 and reached $1 billion in 2008.
What You Need To Know
You need a niche. The Internet is teaming with thousands of brands offering a service similar to yours. You need to focus what you want to deliver to your ideal clients and launch a marketing plan.
How can you increase the value of your digital real estate? You can climb the SERPs by investing in solid SEO strategies, building your social media channels and investing in paid searches. You can begin to learn more by reading my blog about hiring Google.