How to write a marketing plan for the real estate business?
To write a marketing plan for the real estate business, you need to understand who are your target segments, who are your competitors, how are marketing communications mix in real estate industry, what are the marketing strategies you need to target for each segment you have in the real estate business, how are you going to make your service different than any other competitors, how to attract a new target segment to your real estate business, how to grow your real estate business when your business growth reach to the maturity stage in product life cycle (PLC).
In this article I will explain the applications and examples of marketing plan components that are important and different in real estate business.
Before I go for applications and examples, I want you to understand the following articles first:
- What is Corporate Planning Process?
- What is the Marketing Planning Process in five steps?
- How to write a marketing plan in seven steps?
Now, I am going to give you my experience about how can you apply marketing plan strategies and tactics to Real estate business:
Who are your target segments in real estate business?
In real estate marketing plan, you need to understand that your target segments are:
1.1.Business to customers target segments (main target segment):
Business to customers or B2C target segments means you are going to make a marketing plan for your business to be targeted to individual customers neither companies nor organizations). B2C customers in Real Estate business can be classified to:
- Buyers: customers who are interested to buy new homes, facilities, or individual buyers who want to start their own business.
- Sellers: customers who are interested to get the highest revenues from selling their assets, facilities or homes.
1.2. Business to business target segments (B2B):
Those are the organizations, companies and Channels of distributions who are interested to buy facilities, assets or homes for one of two purposes:
- If they want to expand their business facilities and make market development; when they open their new business in new country, new city, new geographical area.
- If they want to increase their employees’ loyalty and make internal loyalty plans to buy homes for the employees who get 150% achievements in their sales, performance. Also they may consider this opportunity (to buy new homes or real estate facilities) for the employees who are achieving their results and performance by 120% for three years. By the way; these ideas are already applied in different worldwide industries and with big multinational companies (as General Electric Company).
What are Marketing Strategies for Real Estate Business?
Considering the competitive Advantage strategies in real estate business:
2.1. For Buyers (both B2B or B2C real estate business industry): there are three marketing strategies for buyers in real estate business:
- Who are looking for homes with less price homes: so your marketing strategy will be Cost Leadership marketing strategy.
- For who are looking for homes which are having special requirements (space, no. of floor, how it looks like from outside, how is the street beside their homes looks like): then differentiation marketing strategy is the best for them.
- For who are looking for villa with special categories, homes in specific geographical areas where it’s premium and high price homes, for companies which want specific place in specific geographical area with specific requirements: then Focus marketing strategy is the best for them.
2.2. For Sellers:
Most of sellers want to get the premium price and revenues for selling their homes to the customers, also the more you get them customers, the more those sellers trust you as real estate agent or business owner. So cost leadership marketing strategy is the best for them (but in this case, you provide them with the highest cost not lowest cost in case of buyers).
- You need to consider Relationship marketing plan and key accounts management with B2B real estate sector.
- What is marketing communications mix in your marketing plan for Real Estate Business Industry?
You can use variety of marketing communications mix, as:
Media: TV, Radio, Internet, Print (news papers, magazines) or billboard. This is depending on your budget and your marketing communications objectives.
Also you can use the same tool but with different media for each target segment you have; to use the newspapers for B2C buyers and magazines for B2B buyers.
Message: this is depending on the media: if TV then emotional more than rational, if internet; then rational and emotional. If B2B real estate sector: then rational more than emotional, if B2C real estate sector: then emotional more than rational messages.
Tool: Direct marketing:
Through mail direct marketing, e-mails direct marketing, and telephone direct marketing.
Also you can inspire your target segment if they contacted you in this month, then they will get 5% discount when they buy real estate homes.
The media: depend on mail direct marketing or e-mail direct marketing. If mail direct marketing then you can use any print media to communicate with your target segment, if e-mail direct marketing, then you can use the internet as your main medium for marketing communications.
In mail or e-mails direct marketing: there is a real estate marketing communications business which based on sending letters to your customers (target segments): those letters could be categorized as first-time home buyers letters, encouragement letters, thank you for inquiry letter, first-time home sellers letters…etc
- Any other marketing communications tools, media and messages.
News about Real Estate Marketing:
Nowadays, there are real estate companies, agents or brokers, became not just working on complete the selling and buying process of homes, facilities and places. But furthermore they can work for you to buy the furniture, complete home designing issues to you, they can offer you the places to buy your furniture, they can get you the design you want in your home, and they work for you to implement this design for you. And in exchange to those services you pay to them and they get huge business revenues.
Actually the real estate companies didn’t enter in this business (home designing from A to Z) as much as the Architecture companies who are specialized in those issues. But for sure, the Real estate companies who are adopting this approach (to work as real estate and architecture work for each buyer, then they got very good business revenues and their business grows very well).
If you really think you need to Master Marketing Planning then here is your chance to get my eBook: Marketing Planning Guru eBook: Click here
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