The task of any business is to deliver a good or service at an affordable price to their customer.
The task of marketing that business then becomes a specified approach to segmenting the target customer, identifying the appropriate channel, fine-tuning the message, and effectively communicating your competitive advantage to that customer.
Applying this to the science of Real Estate Marketing, we can define the delivery of value as properly executing in these three categories; choosing the “value definition” we wish to provide our customers, providing the value or differentiation of our product/service, and communicating that value through our respective means or channels of choice.
We can establish context by determining that the Real Estate market is a “well-informed” and extremely educated shopper when it comes to choosing and integrating partners, processes, and products.
The industry and its thousands of members worldwide make up multiple different property markets, companies, and segments. The many types of real estate marketing firms, both business to consumer and business to business, uniquely position themselves in their customer’s eyes.
These include but are not limited to commercial, residential, investment, private equity, pre-construction, capital markets, and others. Each of these with its own preferred digital media channels, purchase decision criteria, and product preferences.
Who is a real estate marketer’s customer and what is being sold? The most tangible product offering being the ability to bring the sales of the said project or listing to life, using our core competencies and the several tools, technologies, and offerings available to digital marketers.
This varies between the myriad of brokers, firms, organizational buyers, real estate corporations, trusts, regional committees, and so on, but one truth remains, the product will not sell itself.
To effectively provide value in such a dynamic and ever-changing industry requires nimble responsiveness and a marketing management philosophy.
Real Estate Marketing firms must primarily define who they are communicating with in order to provide the clearest and up to date information on offerings. They must simultaneously and expeditiously touch or remind said customers of what they stand to lose by waiting around, through the appropriate digital channels.
For long-term success, marketers and their firms can responsibly implement their plans and resort to fine-tuning their efforts as customer metrics are provided and analyzed.