As Real Estate marketers, we come in many shapes and sizes. On top of wearing many hats of the entrepreneurial and sales nature, we are often conflicted in segmenting our customers properly.
This is paramount when we develop our pricing strategy. Segmentation and focusing on the target audience should not be overlooked as they are key steps in determining the “real exchange” of our business.
To further elaborate, some may find themselves (as sellers) communicating amongst a market of single entities, or a group of many at once. We must distinguish whether we are marketing our products and services to individual agents and brokers (B2C) or brokerages, firms, and corporations (B2B).
In doing so, we can help clarify potential noise in our marketing objective and inadvertently push sales. Not only will this provide succinct and deliberate top-down messaging between departments of our business, but it would improve price-quality inference of your offerings amongst your target audience.
We are only ready to formulate pricing once an index has been made of the individual strategic business units, or in simpler terms, the unique and differentiated products or services we offer the market.
The services for each Real Estate marketing agency may alter depending on the industry niche or client expectations.
The default pricing of services including content development, brochure design, map creation, and data research, are best set through a competition-based pricing model. Emphasizing a “market-rate,” this pricing type uses a benchmark of alternatives or competitors and builds off that.
For products such as digital photography, film, 3D-Video, drone fly-through, and custom creative media, marketers could approach an hourly-based pricing strategy and infuse a premium-pricing strategy. This will in turn help scale to higher-value clientele and organizations that take the perceived value literally.
Previous customers and patrons will likely be interested in bundle-packages. A solution for both parties, this is an opportunistic approach to showcasing all your suite offerings. Giving your customer several products and services together adds value and introduces the client to new services/products they may have missed.
Reduce Price Sensitivity
Always provide a full disclaimer of the baseline product package and service inclusion. Undersell and over-deliver in every capacity.
Provide more digital product bundles and include thematic details about the content (Ie. Inclusive photo packages that include drone videos).
Offer something distinctive and ahead of market trends (While 3D-Video may be the terminology many are used to, offer the education differentiating between virtual floorplans and 3D-Video. Price varies significantly).
Request COD (Cash on delivery) for hourly services. No exceptions!
Watermark and logo all specific digital deliverables prior to delivery. This will help prompt receipt of full payment.
By nature, products in the real estate marketing field are digital and thus easier to control along the customer-service interaction funnel. The sender of the product or service has more control and measure in timeliness/execution of product delivery.
If subcontractors (designers, editors, and producers) are involved, make sure and pay them out independently. Involving too many payouts for a client can become clunky and incentivize them to look for seamless solutions elsewhere.
By defining our proper segmentation and target audience we can integrate an effective pricing strategy in our business. Within B2B real estate marketing can become quite dynamic and noisy.
There are several pricing-methods worth exploring and allocating to specific products and services. Competitive-based, hourly, and premium-pricing all play a unique role depending on the client and exchange taking place.
Through a combination of distinctive habits, delivery tactics, bundle offers, and optimized pricing, real estate marketers can notice an increase in overall market share and keep the pace in the constantly changing digital world.