Relevance = Compelling
Real estate marketing campaigns are notoriously highly competitive, considering the limited number of properties and numerous agents vying for the attention of homebuyers.
Understandably, success depends on a well-executed strategy that captures the interest of the target audience and provides value in a crowded marketplace. Marketing solutions that can be adapted to better serve their purpose will inevitably appear more relevant to their target audience, and more compelling as a result.
Here are six reasons why relevance is key to overcoming obstacles that can come with even the most well-planned marketing campaigns
Adaptability (Or Lack Thereof) Will Affect Marketing Execution
In a May 2020 Gartner report, nearly 30% of marketing leaders believed that “a lack of agile and flexible analytics is negatively impacting marketing execution.”
While marketers could derive actionable insight from historical data pre-COVID-19 era, the pandemic has disrupted that status quo, and now effective marketing, that is relevant to its audience, means staying on the pulse of consumer attitude trends.
Market Conditions Have Shifted (Again)
Real estate markets are dynamic and can change rapidly in response to economic, social, and environmental factors. These shifts can impact the buying habits and preferences of potential homebuyers, making it important for real estate agents and brands to adapt their marketing campaigns creatively, to ensure they stay relevant in today’s changing world.
For example, if the market experiences a slight slowdown, agents can use this moment to create value by offering incentives and promotions to attract buyers, or cut spending during downturns, maybe even adopting alternatives with tweaks based on client feedback. In this case, relevant opportunities for buyers can be created through agents’ awareness of market changes, and by adjusting their marketing strategies accordingly.
Changes in Buyer Behavior
The way that consumers buy real estate has evolved significantly over the years and particularly so after the pandemic. The emergence of digital technologies, social media, and mobile apps has changed where consumers search for properties and how they interact with them.
As such, agents and brands must adapt their marketing campaigns to meet changing buyer behaviors, (especially by region), and allocate sufficient resources to the channels (online/mobile etc) where buyers are hanging out.
As the industry grows and competition increases, the need to provide marketing opportunities that are relevant to the consumer, becomes even more critical. With new agents and brands entering the market, it can be difficult to stand out and create a unique value proposition, (especially when there’s such high demand and low stock on the market).
With this in mind, agents must be willing to experiment with different types of hyper-targeted marketing campaigns and messages to set themselves apart from the crowd. It may be “extra work”, but top-performing agents and brokerages have learnt the value of researching new trends and adopting innovative techniques, even at times collaborating with other brands and builders if the right opportunity comes along.
Creative Problem-Solving Skills
As marketing campaigns can face obstacles that require on-the-spot solutions, ingenuity and creative problem-solving become essential. When an initial strategy fails to reach the target audience or generate engagement, agents or brands can pivot and adjust their marketing mix, i.e., the mix of marketing tactics, to identify which actions are working and adjust those that are not.
Like shifts in market conditions, a campaign’s success may depend on an agent's agility when it comes to anticipating and responding to changes through personalization, innovation, transparency and continuous engagement with potential buyers.
Adapting To (And Not Ignoring) Customers’ Privacy Concerns
Agents (and marketers across any industry) are facing a unique conundrum: consumers today demand more privacy, yet over 60% expect to receive personalized outreach and product recommendations that are relevant to them.
A sophisticated marketing analytics platform can help agents analyze both small and large datasets, understand where a customer’s head is at no matter the touchpoint, and deliver hyper-relevant campaigns based on defining characteristics, even if the privacy environment continues to change.
Realforce Helps Agents Deliver Relevant And Compelling Marketing Campaigns
In a highly competitive market, real estate agents, offices, and brands must be willing to be flexible, adaptive, and open to new ideas when implementing their marketing campaigns. The importance of being able to pivot in real-time, based on shifts in market conditions, changes in buyer behaviors, increased competition, and creative problem-solving, cannot be overstated.
It’s something Realforce takes seriously. Our award-winning technology increases agents’ marketing capabilities to scale advertising efforts to maximum results, from minimal resources. The Media Suite enables thousands of agents to manage their brand’s visuals regardless of channel and use case, and streamline, scale, and analyze their marketing operations with precision and ease on a single interface, effortlessly.
Ultimately, an agent’s or brand’s ability to adapt and maintain a fresh perspective will determine their success in the dynamic real estate market.
Adopting data-driven, multi-faceted platforms like Realforce can nurture innovation and relevant, solution-driven approaches, allowing agents to differentiate themselves from the competition, generate leads, and ultimately help potential buyers find their dream home.
Staying relevant for a niche audience is key when marketing luxury properties. See how switched-on brokerages change their marketing strategies for this high-budget, international group of buyers, via our recent blog.