As home builders look for ways to thrive in the aftermath of the pandemic boom, our advice is simple: Understand everything you can about who is in the market to buy a home, and do this using real-time purpose-built analytics for real estate.
We know that in the US, 12 million people are seeking to buy real estate within the next twelve months. And our data shows there are 9.4 million predicted movers planning to relocate in the next 90 days.
As we face a slowing market, every builder should be asking: Who are these people and how do we reach them?
Every day, Americans use an average of thirteen connected devices such as smartphones, tablets, and TVs. Each time a prospect uses one of these devices, they leave a trail of digital breadcrumbs that, when pieced together, form unique digital footprints. Marketers must pay attention to these breadcrumbs to create accurate customer personas.
For instance, streaming platforms like Hulu and Roku are better suited for simple branding messages rather than calls to action (CTAs). Who wants to stop in the middle of a show to click an ad? Instead, CTAs are more effective on social media and mobile platforms, where customers are more likely to respond positively. Understanding these nuances will completely change your marketing strategy.
Is your marketing team mastering these communication strategies?
If not, don't worry. These problems are easy to solve with analytics and consumer intelligence platforms.
We can help you understand who visits your website, whether they currently own or rent, (if they own what is the current home value) what their interests are, and whether they're new or returning customers.
Builders need purpose-built analytics for real estate. Relying on generic tools like Google won't suffice. Google's products aren't designed specifically for real estate, which became glaringly apparent during the pandemic. Companies continued with the status quo while their customers' lives changed drastically. Marketers were caught off guard, using outdated tools to maintain business as usual.
During the pandemic's early days, we observed intriguing market shifts that most companies overlooked. They focused on their products rather than understanding who was buying them. They didn't know their customers.
For example, retirees were purchasing products intended for first-time homeowners, and land development continued based on outdated business plans written years prior.
Building companies were not using real-time customer data. Even if they were savvy and noticed the traffic spikes on their websites, they still didn't understand the humans behind the numbers – their interests, or their life events.
All of this information informs both small-scale (hyper-local) and large-scale (broader) markets. Although this information was available, marketers didn't have the right tools to access and understand it. They were relying on products that assume business-as-usual.
Businesses can no longer afford to assume business-as-usual. We know what happens when we assume. 😳
In today's world, companies with a buyer-centric mindset recognize that knowledge is power. The more you understand your customers, the better you can serve them.
We'd love to help you reach more prospects with our real-time purpose-built analytics for real estate. We're happy to give a quick demo or just chat about your overall concerns in this challenging market. Just reach out by starting a conversation below.