Mary Meeker - an American venture capitalist - gives an extraordinarily comprehensive report on the state of the internet and technology once a year. Her 2017 Internet Trends report is a 355 slide mammoth - focusing largely on video gaming, online advertising and China and India’s technology adoption. However there are some salient highlights that we should all probably be aware of. We know you’re busy people, so we’ve taken the liberty of breaking it down for you.
What’s going on with smartphones?
A few key takeaways on the mobile revolution from the 2017 Internet Trends report:
- Growth for smartphone sales and Internet penetration are both slowing. Though existing internet users aren’t using the ‘net any less.
- Of these new smartphones, Android - arguably the less ‘luxury’ operating system - is eating the market while iOS’ share continues to slow.
- Even with the addition of mobile devices like tablets and smartphones to the market, desktop usage still refuses to decline in any meaningful way.
- Mobile usage has skyrocketed in the US. Americans now spend over three hours a day on their phones.
- Mobile devices are heralding the Zero UI revolution. Now that speech recognition’s accuracy is hovering at around 95 percent, more and more users are searching with voice over their tiny keypads. In fact, 20% of mobile queries were made via voice last year. (See how we’ve used voice recognition in our own app here!)
What’s going on with online advertising and social media?
I’ve lumped online advertising and social media into the same section because, as you might have already figured out on your own, they’re the same thing.
- Despite Snapchat, Twitter and the other lesser platform’s best efforts, Google and Facebook now control 85% of online ad growth. That’s a massive lead on an enormously bountiful market.
- Meeker predicts online ad spend (far cheaper and more targeted) will finally surpass television (a longtime leader) within the next six months. This is a huge milestone, and something large franchises should definitely keep in mind moving forward. There’s a reason advertising is more popular online.
- New technologies used to better target ads to the right people are driving more foot traffic to physical shops. Google now tracks visits to over 200 million stores with 99% accuracy, helping online advertisers really see the benefits of their campaigns.
It seems consumers are really beginning to embrace the internet. The web has truly fused social media, advertising, and business together - and the results are beginning to show in consumer behaviour.
- 82% of consumers stopped doing business with a company after a bad experience. This is as opposed to 76% in 2014. Angry customers storming to social media to vent their frustrations are forcing brands to be more accountable.
- Customers now expect to know exactly how things work. ‘How it works’ pages are now receiving a lion’s share of traffic for many enterprise websites. Make sure your agency shows off how you operate in an attractive and simple page online.
- The new trend towards real-time, online conversations with support and sales staff is rising rapidly. By the end of 2016, Intercom recorded almost 400 million online conversations with businesses started by consumers.
Again, Meeker has done a phenomenal job researching and delivering this report - and we strongly recommend the less time-poor of you head over to Recode and watch her deliver her report (roughly 25 minutes).
Key takeaways for real estate from the 2017 Internet Trends report
So what can the real estate industry glean from the 2017 Internet Trends report?
- As smartphones become a bigger part of everyone’s lives, mobile technology is going to continue to improve. Things like voice recognition - once a bit of a gimmick - are going to change the way you work while you’re on the go. The ‘remote office’ is set to become a reality - so don’t invest too heavily in your bricks and mortar location just yet.
- Online advertising continues to grow more and more effective. It’s time all agencies started to learn how to leverage it effectively. Agents are sales and marketing professionals - so you need to keep up with the latest technologies. We recommend taking a Udemy course or two on Facebook and Google advertising tools.
- Consumers expect more and more from your agency online. They demand transparency, convenience and accountability. Make sure your website is in tip-top shape, works on every device, and clearly explains your business offerings. Plus, you need to leverage social media to ensure you’re available to your potential and existing clients wherever they are.