Brief Marketing - The BriefYourMarket.com Blog

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What is disruptive marketing?

What is disruptive marketing?

In the first edition of our new property blog, we examined how changing consumer mindset and technological advancement within the sector is serving to loosen the monopoly that traditional agency has over the industry, forcing agents to review how they currently function within the digital age. 

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A Practical Investment For Agents- Article 3

 

KEY AREAS FOR YOUR CONSIDERATION

The online model demonstrates three key areas of psychological understanding of the on-demand target market:

• Clarity

They have a sound understanding of the key areas that the on-demand consumer is looking for: digital accessibility, digital flexibility and digital amiability.

• Focus

They demonstrate the importance of mapping out all of the path-to-purchase routes in detail in order to maximise brand exposure, services and proposition value.

• Outlook

They recognise the importance of technological innovation in terms of competitive advantage. Having a monopoly on a customer or prospect via their digital data
increases the probability of gaining ‘life-customers’ and maximising value.

 

The overall objective of any agency’s marketing strategy is to acquire more customers, retain those customers, and stimulate sales for all areas of their business. As we have already discussed, the on-demand consumer now expects a business to communicate with them digitally across multiple communication mediums. Therefore, by using digital communications you increase the amount of business you can acquire because it gives you access to the digital market.

Digital communications are cost effective and influential tools for an agency. They enable you to be more precise with your marketing communications, saving you a considerable amount of time and money. They also enable you to segment your contacts via socioeconomic demographics and individual customer requirements, ensuring that you can provide what each individual customer or prospect wants from you at a specific time, increasing your revenue generating opportunities and boosting overall customer experience. You can also customise each message you send, helping to increase your engagement rates and develop long-term relationships to increase the value of every customer.

Automated communications can help facilitate the development of these relationships due to the fact that most of your interactions can be sent out automatically following specific customer interactions and behavioural patterns. Therefore, a strong digital communication strategy will enable you to create your own unique customer journeys for each individual customer type and send pre-emptive communications to capitalise on the next stage of an individual journey to increase revenue-generating opportunities.

 

Fig 2. Example vendor customer journey (subject to integration). Digital communications enable agents to use automation to
create specific customer journeys. Each automated message is triggered by a specific response from the customer after interacting
with a call-to-action contained within the email, SMS or digital newsletter.

Every interaction is measurable. So you can see exactly how each campaign is performing and which communication medium is working best. By tracking your interactions, you can quantify your returns in terms of direct financial benefit to your agency. Due to the fact that you are also able to get a much better understanding of customer behaviour, you can also quantify the overall success rates of your communications and use this information to influence the development of your marketing strategy for the future.

Fig 3. Here we can see how measurability of digital interactions plays a vital role in quantifying your returns.

Accessing real-time information regarding engagement with your contacts enables you to see which of your prospects show the greatest amount of interest in your campaigns. If they do not convert immediately, you can still use the information to design specific follow-up campaigns to ‘hot prospects’.

Individual interactions of every campaign can also be monitored. Clicking on the details button enables you to see when each campaign was opened by a contact, giving you detailed information regarding timing, enabling you to find out when the best time is to send out your campaigns and when they are most likely to engage with the content.

Multi-channel marketing makes the process of interaction easier than ever before. From emails to newsletters, SMS to direct mail, businesses are seeing the benefits of using multichannel communication mediums for highly targeted marketing campaigns. However, the online model highlights how the concept of business/ customer interaction has been enhanced. In terms of customer experience, the online model has invested in the process of mapping out individual customer journeys to convey the full value of their proposition.

Although still fundamentally important, interactions are now not entirely focused on conversion rates. This is due to the fact they have recognised the importance of making every single interaction with their brand count. They are also finding ways to meet the demands of influence that leads a prospect from awareness of a brand, to evaluation of use, to actual use of their services.

The rise in digital device usage has distorted the classic path to purchase. The fundamental principles remain the same but customer behaviour is no longer as predictable because of it. Customers now make ‘in the moment’ purchases at the touch of a button and are much more inclined to take advantage of an offer or service that is sent to them at just the right time. Therefore, we begin to see that success is now informed by:

  • Having a better understanding of individual customer needs.
  • Basing communications on individual customer preferences.
  • Pre-empting what services or products a customer will require next within their journey with a business.

Therefore, it is vital that agents implement a communications strategy that can accommodate various path-to-purchase routes. This is why analysis of customer interactions are so important to the continued success of a business, because knowing what individual customers want from you will help you increase your revenue and work efficiently.

Over the next few weeks, we will be looking at key areas of how your agency can use the BriefYourMarket.com system to implement a successful digital strategy. We will examine how to effectively utilise various digital and physical communication mediums, focus on specific instruction-winning campaigns and look at how to maximise individual customer value by mapping out individual digital customer journeys. Within our series of guides, we will demonstrate how you can apply the principles that we have discussed in the first part of our guide.

 

COMING SOON...

Part Two:
THE IMPORTANCE OF SENDING A MONTHLY DIGITAL NEWSLETTER
This will help you convey what is unique about your agency, raise your
brand awareness and showcase your properties, staff, services
and expertise.


Part Three:
HOW TO EFFECTIVELY UTILISE ‘HOT PROPERTY’ EMAILS
These will help you showcase your most desirable properties, sell more
properties, increase brand awareness and win more instructions.


Part Four:
HOW TO GENERATE MORE LEADS FROM YOUR WEBSITE
USING AN ONLINE VALUATION TOOL
This will demonstrate how you can entice prospects to your website to
request an online valuation before persuading them to arrange a
market appraisal.


Part Five:
THE SIGNIFICANCE OF SENDING A MONTHLY E-ZINE
These will help you remain at the forefront of your clients’ and prospects’
minds, increase your website traffic, boost your conversion rates, offer
more than your competitors and win more instructions.


Part Six:
HOW TO EFFECTIVELY UTILISE DIRECT MAIL AND CANVASSING
These will help increase brand awareness, raise your profile in a specific
area or postcode, and win more instructions.


Part Seven:
HOW TO EFFECTIVELY CREATE IN-BRANCH
& THIRD PARTY SERVICES CAMPAIGNS
These will help you generate more revenue, increase referrals and
maximise the value of every customer.
We look forward to our journey together. Thank you for your
continued interest in BriefYourMarket.com.

 

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Planning Your Digital Marketing Strategy - Article 2

KEY AREAS FOR YOUR CONSIDERATION

The online model highlights three fundamental areas of how to capitalise on on-demand consumer behaviour, demonstrating:

• Does your whole proposition present both the tangible and intangible elements of your agency in ways that the on-demand customer requires?

• Does your agency show transparency in its processes and justification for its value? Are you able to communicate this effectively?

• Does your agency use physical and digital marketing mediums to communicate to customers and prospects that keeps your business at the forefront

  of their minds in order to capitalise on every business opportunity?

• Does your agency provide functional processes to streamline customer experience, both on your website and within your digital communication mediums?

• Does your agency encourage its staff to understand how technological processes are making the profession easier within the on-demand era?

In order to implement a successful digital communications strategy that will help secure the future of a business, agents must be receptive to the fact that customer behaviour is evolving, and that technology will continue to play a significant role in influencing that change. They must also recognise that the on-demand economy is not a passing fancy; it is here to stay. In the future, it is expected that customers will measure the true value of a business in terms of how easily they can interact with them and use their services from a digital point of view.

A successful agency must also understand the importance of being skilled marketers within their field. Long gone are the days when a window-display and an advert in the local paper was enough to entice prospects and win a proportionate market share of business. In today’s digital economy, it is a fundamental requirement for agents to look objectively at their business and market it accordingly in order to capitalise on changing consumer behaviour.

EVALUATION OF YOUR CURRENT POSITION

When considering how to implement a digital marketing strategy, we advise that agents consider the 5 Ps of marketing:

  • Product
  • Price
  • Promotion
  • Place
  • People

Focusing on these key areas will help you identify your existing strengths and weaknesses, help you build your brand in a consistent way, communicate your expertise and focus objectively on the ways that you are currently communicating to your customers and prospects.


PRICE

This relates to how you justify your commission structure, and in what mediums you are able to convey it to your customer base. The idea behind this concept is transparency. This is one of the key areas that the online model has used to their advantage. Pricing is clear, they make justifications for it, and they consistently communicate the concept to their target market. ‘The expertise of a local agent is worth paying for’; that is ultimately the key message for any traditional agent. However, if this message is not conveyed through the information on your website and within your communications, you run the risk of not providing enough incentive to choose your agency. Therefore, consider transparency as something that should be embraced as it will help instil trust in your brand and bolster your overall proposition.

PLACE

This relates to how you advertise your properties and services, both in digital and physical formats. It also relates to the functionality of how you provide your service, and the ways in which an individual can interact with them. Digital-age customers and prospect require hardly any personal interaction, preferring to take care of their business through online interactions. As a basic starting point, it is imperative that they can book an online valuation with you, that your website and communications are responsive and user-friendly, and that your agency can be contacted 24/7. If a member of staff cannot deal with an enquiry or interaction in real-time, automated communications are there to ensure that the customer receives a response and reassures them that your agency will be in contact shortly.

PRODUCT

This incorporates every element that your agency offers: your properties, your third-party and in-branch services, your overall customer experience and agency feel, your staff, etc. Therefore, your whole proposition relates to how you are presenting both the tangible and intangible elements of your agency for the on-demand experience. On-demand consumers will expect to find relevant information about these elements on your website and in the communications that you are sending them. They will also expect you to provide these areas of information in a pre-emptive fashion and ensure that they arrive at just the right time throughout their unique journey with you.

PROMOTION

This relates to your current promotional strategy. Examine the ways that you are currently communicating with your customers and prospects. Your strategy should certainly include using a range of physical and digital marketing mediums that help you to continuously stay at the forefront of your customers’ and prospects’ minds. When you market, you should be able to analyse customer behaviour through the use of a digital communication system. Getting to know what areas of your business each individual customer requires from you at a specific moment in their customer journey, and marketing to them accordingly, will help you increase your conversion rates, revenue and trust.


PEOPLE


This relates to the people within your business and also to your customers. Progressive agents are encouraging their staff to become more and more familiar with changing consumer behaviour and get to grips with the functionality of how certain technologies are assisting them to perform their jobs more effectively. From your customers’ prospective, it relates to how your agency is perceived and whether your on-demand implementation meets the necessary requirements.

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What Is Your Marketing Strategy For The Future? - Article 1

What Is Your Marketing Strategy For The Future? - Article 1

 

KEY AREAS FOR YOUR CONSIDERATION

The online model highlights three fundamental areas of how to capitalise on on-demand consumer behaviour, demonstrating:

  • A forward-thinking approach to streamlining the communication process.
  • The importance of implementing flexible working practices in order to capitalise on business 24/7.
  • The necessity of creating a system of customer and prospect acquisition that is fundamentally
    based upon ease of use, focused on the digital experience of consumers, and provides a
    personalised experience that is informed by intelligently using data and customer behavioural patterns.

The rapid growth of ‘proptech’ over the last 20 years has served to dismantle the monopoly that, for so many years, was synonymous with the high street and traditionalism. It has also forged a distinct divide within the sector; one that encompasses two very absolute and resolute mindsets. Agents are now involuntarily being forced by digital-age consumers to demonstrate what their particular outlook is for the future of their agency within the technological era. Comparable to political preference, they are in effect being pressured to either identify themselves with conservatism and steadfastness or liberalism and amenability.

Numerous industry experts and commentators have voiced their opinion for both sides of the argument. Some pro-tech supporters have issued a staunch warning to traditionalists, clearly stating that antiquated working practices will have no place in the future, whilst anti-tech supporters continue to advocate the tried and tested approach that has sustained the industry long before ‘proptech’ was ever on the scene.

However, to reduce the issue to an argument that is merely one about a pro or anti sentiment only serves to miss the underlying principle that has arisen with the rise of ‘proptech’.

If one takes away the overlay of an industry or sector from a piece of technology or software, what we are left with is a set of objective digital functions and processes that are specifically designed to correspond and meet the demands and requirements of people living within a particular era. One thing that we can all agree on is that this philosophy is nothing new and history continues to demonstrate this concept time and time again.

In the twenty-first century, businesses are becoming increasingly attuned to the demands of the on-demand consumer; those that want their demands met via immediate access to, and convenient provisioning of, goods and services. Across all industries, there is an increasingly growing recognition and appreciation of the relationship between meeting these new demands and streamlining customer experience.

Therefore, as competition continues to grow, businesses are acknowledging that certain technological elements can help differentiate their business from their competitors. However, on a more pressing note, they are also quickly realising that if they do not implement certain technological essentials that are readily available to them – those that the on-demand consumer naturally now expects of a business – they are in serious danger of falling by the wayside in the future.

For many traditionalists, analysing the appeal of the online model raises several contentious issues. However, whatever subjective opinions you might have, the online business model does serve to illustrate a liberal and progressive approach to the new digital era; one that encapsulates how technology has been used to successfully tap into new consumer mindset and on-demand behaviour.

Online agents have invested heavily in technological advancements in order to meet the expectations made by the consumers of the on-demand era – what are, in terms of the property industry, the next generation of vendors, applicants, landlords and tenants. So, not only are they capitalising on the demands of the ‘here and now’ consumer, they are also pioneering a strategy that plans for longevity and seeks to anticipate how Generation Alpha will want to interact with their business in the future.

When one looks at what the on-demand generation wants, it is clear to see how their digital strategy reflects changing consumer behaviour:

 

ON-DEMAND REQUIREMENTS    ONLINE MODEL

 INTERACT ANYWHERE, ANYTIME
Immediate access to messaging, e-mail, media and other online functionality through smartphones and other digital devices has generated a sense of entitlement to fast, simple and efficient experiences.

   
  • They have streamlined the valuation and viewing process.
  • Customers and prospects are able to contact them 24/7. If they are not able to interact with a member of staff, they receive an automated acknowledgement of their enquiry at the very least.
  • Their websites are responsive and are optimised for all digital devices.
THE GREATEST AMOUNT OF VALUE
This should not be thought of in monetary terms alone. Overall value is now determined by the full experience offered by all areas of a business.
   
  • Customers and prospects benefit from transparency on a business’ website. At a glance they can see what types of services they offer and how they operate.
  • The ease of website navigation and usability adds to overall customer experience. Accessibility of information and ease of digital booking practices encourages conversion rates and reinforces trust in their brand.

PERSONAL AND RELEVANT
Data is utilised efficiently to market to customers and prospects based upon their preferences and interactions, ensuring they only receive relevant, valuable and personal communications. They also expect businesses to anticipate their requirements in advance and have a bespoke customer journey mapped for them.
 
  • They are efficiently mapping out each individual customer journey. From the moment they connect with a prospect, they spend time profiling them in order to get a better understanding of the kind of communications they want to receive.
  • They are using automated communications to continually stay at the forefront of their prospects’ and customers’ minds, cross and upsell their services and create brand ambassadors and ‘life-customers’.

USER-FRIENDLY
Evolving technologies are redesigning many complex user experiences. It is now an expectation that
businesses remove as much of the friction as possible associated with everyday tasks. Business models - and their established infrastructures - are now being forced to change the way they operate to maintain consumer confidence in their brand or service.

   
  • The majority of interaction is done digitally, satisfying the essential want of the on-demand consumer.
  • The processes for booking a valuation or viewing, buying and selling, has been streamlined and can be completed in minutes, without ever having to speak to a member of staff.
  • The digital proposition meets the on-demand expectation of how a modern business should function.


Many will argue that reduced commission fees have also played their part in attributing to the attraction of the online model. Whilst this is indeed true, the argument of reduced commission fees is one that will be countered by an argument of justification by traditionalists; one that will, in all probability, include the prescript of genuine local expertise and historical prestige. In other words, the intangible elements of a successful traditional agency that a prospect cannot put a price on.

However, although reduced commission fees have indeed been one of the main allures of the online proposition for a minority of vendors, the rise of the on-demand consumer asks a very different question:

Can traditionalism, prestige and history alone guarantee the future success
of a traditional agency in an era of technological change and shifting consumer mindset?

In just 20 years the property landscape has changed dramatically. So much so that it can be increasingly difficult to keep up with all of the innovation that continues to bombard the sector. From virtual reality to drones, one can only hazard a guess at what the future holds.

What we do know is that BriefYourMarket.com can help you prepare for the future.

BriefYourMarket.com believe that:

The argument is not about whether online agents are better agents. The fundamental reason that they have gained such traction
in such a short space of time is due to one dominant factor: they have embraced the way that digital age consumers want to interact
with a business and have used technological processes to successfully tap into the digital market.

In our new series of guides, we will demonstrate why these processes are important to your future success, and how you can effectively implement them to ensure that your agency capitalises on the new on-demand consumer mindset. We will help you develop and implement a strong communications strategy that will keep your brand at the forefront of your customers’ and prospects’ minds and ensure that your business is always there for them when they require your services - preventing the need for them to ever seek an alternative agent.

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Find out how Bradleys Estate Agents are increasing their enquiries and revenue...

Find out how Bradleys Estate Agents are increasing their enquiries and revenue...

Bradleys Estate Agents operate the largest independent estate agency in the West Country and pride themselves on their ability to provide their customers with the complete property service.

We spoke to Kai Logan, Marketing Manager at Bradleys, about the company’s experience using the BriefYourMarket.com system.

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Brief Marketing - The BriefYourMarket.com Blog

This is some blog description about this site

What is disruptive marketing?

What is disruptive marketing?

In the first edition of our new property blog, we examined how changing consumer mindset and technological advancement within the sector is serving to loosen the monopoly that traditional agency has over the industry, forcing agents to review how they currently function within the digital age. 

Continue reading
236 Hits
0 Comments

A Practical Investment For Agents- Article 3

 

KEY AREAS FOR YOUR CONSIDERATION

The online model demonstrates three key areas of psychological understanding of the on-demand target market:

• Clarity

They have a sound understanding of the key areas that the on-demand consumer is looking for: digital accessibility, digital flexibility and digital amiability.

• Focus

They demonstrate the importance of mapping out all of the path-to-purchase routes in detail in order to maximise brand exposure, services and proposition value.

• Outlook

They recognise the importance of technological innovation in terms of competitive advantage. Having a monopoly on a customer or prospect via their digital data
increases the probability of gaining ‘life-customers’ and maximising value.

 

The overall objective of any agency’s marketing strategy is to acquire more customers, retain those customers, and stimulate sales for all areas of their business. As we have already discussed, the on-demand consumer now expects a business to communicate with them digitally across multiple communication mediums. Therefore, by using digital communications you increase the amount of business you can acquire because it gives you access to the digital market.

Digital communications are cost effective and influential tools for an agency. They enable you to be more precise with your marketing communications, saving you a considerable amount of time and money. They also enable you to segment your contacts via socioeconomic demographics and individual customer requirements, ensuring that you can provide what each individual customer or prospect wants from you at a specific time, increasing your revenue generating opportunities and boosting overall customer experience. You can also customise each message you send, helping to increase your engagement rates and develop long-term relationships to increase the value of every customer.

Automated communications can help facilitate the development of these relationships due to the fact that most of your interactions can be sent out automatically following specific customer interactions and behavioural patterns. Therefore, a strong digital communication strategy will enable you to create your own unique customer journeys for each individual customer type and send pre-emptive communications to capitalise on the next stage of an individual journey to increase revenue-generating opportunities.

 

Fig 2. Example vendor customer journey (subject to integration). Digital communications enable agents to use automation to
create specific customer journeys. Each automated message is triggered by a specific response from the customer after interacting
with a call-to-action contained within the email, SMS or digital newsletter.

Every interaction is measurable. So you can see exactly how each campaign is performing and which communication medium is working best. By tracking your interactions, you can quantify your returns in terms of direct financial benefit to your agency. Due to the fact that you are also able to get a much better understanding of customer behaviour, you can also quantify the overall success rates of your communications and use this information to influence the development of your marketing strategy for the future.

Fig 3. Here we can see how measurability of digital interactions plays a vital role in quantifying your returns.

Accessing real-time information regarding engagement with your contacts enables you to see which of your prospects show the greatest amount of interest in your campaigns. If they do not convert immediately, you can still use the information to design specific follow-up campaigns to ‘hot prospects’.

Individual interactions of every campaign can also be monitored. Clicking on the details button enables you to see when each campaign was opened by a contact, giving you detailed information regarding timing, enabling you to find out when the best time is to send out your campaigns and when they are most likely to engage with the content.

Multi-channel marketing makes the process of interaction easier than ever before. From emails to newsletters, SMS to direct mail, businesses are seeing the benefits of using multichannel communication mediums for highly targeted marketing campaigns. However, the online model highlights how the concept of business/ customer interaction has been enhanced. In terms of customer experience, the online model has invested in the process of mapping out individual customer journeys to convey the full value of their proposition.

Although still fundamentally important, interactions are now not entirely focused on conversion rates. This is due to the fact they have recognised the importance of making every single interaction with their brand count. They are also finding ways to meet the demands of influence that leads a prospect from awareness of a brand, to evaluation of use, to actual use of their services.

The rise in digital device usage has distorted the classic path to purchase. The fundamental principles remain the same but customer behaviour is no longer as predictable because of it. Customers now make ‘in the moment’ purchases at the touch of a button and are much more inclined to take advantage of an offer or service that is sent to them at just the right time. Therefore, we begin to see that success is now informed by:

  • Having a better understanding of individual customer needs.
  • Basing communications on individual customer preferences.
  • Pre-empting what services or products a customer will require next within their journey with a business.

Therefore, it is vital that agents implement a communications strategy that can accommodate various path-to-purchase routes. This is why analysis of customer interactions are so important to the continued success of a business, because knowing what individual customers want from you will help you increase your revenue and work efficiently.

Over the next few weeks, we will be looking at key areas of how your agency can use the BriefYourMarket.com system to implement a successful digital strategy. We will examine how to effectively utilise various digital and physical communication mediums, focus on specific instruction-winning campaigns and look at how to maximise individual customer value by mapping out individual digital customer journeys. Within our series of guides, we will demonstrate how you can apply the principles that we have discussed in the first part of our guide.

 

COMING SOON...

Part Two:
THE IMPORTANCE OF SENDING A MONTHLY DIGITAL NEWSLETTER
This will help you convey what is unique about your agency, raise your
brand awareness and showcase your properties, staff, services
and expertise.


Part Three:
HOW TO EFFECTIVELY UTILISE ‘HOT PROPERTY’ EMAILS
These will help you showcase your most desirable properties, sell more
properties, increase brand awareness and win more instructions.


Part Four:
HOW TO GENERATE MORE LEADS FROM YOUR WEBSITE
USING AN ONLINE VALUATION TOOL
This will demonstrate how you can entice prospects to your website to
request an online valuation before persuading them to arrange a
market appraisal.


Part Five:
THE SIGNIFICANCE OF SENDING A MONTHLY E-ZINE
These will help you remain at the forefront of your clients’ and prospects’
minds, increase your website traffic, boost your conversion rates, offer
more than your competitors and win more instructions.


Part Six:
HOW TO EFFECTIVELY UTILISE DIRECT MAIL AND CANVASSING
These will help increase brand awareness, raise your profile in a specific
area or postcode, and win more instructions.


Part Seven:
HOW TO EFFECTIVELY CREATE IN-BRANCH
& THIRD PARTY SERVICES CAMPAIGNS
These will help you generate more revenue, increase referrals and
maximise the value of every customer.
We look forward to our journey together. Thank you for your
continued interest in BriefYourMarket.com.

 

Continue reading
99 Hits
0 Comments

Planning Your Digital Marketing Strategy - Article 2

KEY AREAS FOR YOUR CONSIDERATION

The online model highlights three fundamental areas of how to capitalise on on-demand consumer behaviour, demonstrating:

• Does your whole proposition present both the tangible and intangible elements of your agency in ways that the on-demand customer requires?

• Does your agency show transparency in its processes and justification for its value? Are you able to communicate this effectively?

• Does your agency use physical and digital marketing mediums to communicate to customers and prospects that keeps your business at the forefront

  of their minds in order to capitalise on every business opportunity?

• Does your agency provide functional processes to streamline customer experience, both on your website and within your digital communication mediums?

• Does your agency encourage its staff to understand how technological processes are making the profession easier within the on-demand era?

In order to implement a successful digital communications strategy that will help secure the future of a business, agents must be receptive to the fact that customer behaviour is evolving, and that technology will continue to play a significant role in influencing that change. They must also recognise that the on-demand economy is not a passing fancy; it is here to stay. In the future, it is expected that customers will measure the true value of a business in terms of how easily they can interact with them and use their services from a digital point of view.

A successful agency must also understand the importance of being skilled marketers within their field. Long gone are the days when a window-display and an advert in the local paper was enough to entice prospects and win a proportionate market share of business. In today’s digital economy, it is a fundamental requirement for agents to look objectively at their business and market it accordingly in order to capitalise on changing consumer behaviour.

EVALUATION OF YOUR CURRENT POSITION

When considering how to implement a digital marketing strategy, we advise that agents consider the 5 Ps of marketing:

  • Product
  • Price
  • Promotion
  • Place
  • People

Focusing on these key areas will help you identify your existing strengths and weaknesses, help you build your brand in a consistent way, communicate your expertise and focus objectively on the ways that you are currently communicating to your customers and prospects.


PRICE

This relates to how you justify your commission structure, and in what mediums you are able to convey it to your customer base. The idea behind this concept is transparency. This is one of the key areas that the online model has used to their advantage. Pricing is clear, they make justifications for it, and they consistently communicate the concept to their target market. ‘The expertise of a local agent is worth paying for’; that is ultimately the key message for any traditional agent. However, if this message is not conveyed through the information on your website and within your communications, you run the risk of not providing enough incentive to choose your agency. Therefore, consider transparency as something that should be embraced as it will help instil trust in your brand and bolster your overall proposition.

PLACE

This relates to how you advertise your properties and services, both in digital and physical formats. It also relates to the functionality of how you provide your service, and the ways in which an individual can interact with them. Digital-age customers and prospect require hardly any personal interaction, preferring to take care of their business through online interactions. As a basic starting point, it is imperative that they can book an online valuation with you, that your website and communications are responsive and user-friendly, and that your agency can be contacted 24/7. If a member of staff cannot deal with an enquiry or interaction in real-time, automated communications are there to ensure that the customer receives a response and reassures them that your agency will be in contact shortly.

PRODUCT

This incorporates every element that your agency offers: your properties, your third-party and in-branch services, your overall customer experience and agency feel, your staff, etc. Therefore, your whole proposition relates to how you are presenting both the tangible and intangible elements of your agency for the on-demand experience. On-demand consumers will expect to find relevant information about these elements on your website and in the communications that you are sending them. They will also expect you to provide these areas of information in a pre-emptive fashion and ensure that they arrive at just the right time throughout their unique journey with you.

PROMOTION

This relates to your current promotional strategy. Examine the ways that you are currently communicating with your customers and prospects. Your strategy should certainly include using a range of physical and digital marketing mediums that help you to continuously stay at the forefront of your customers’ and prospects’ minds. When you market, you should be able to analyse customer behaviour through the use of a digital communication system. Getting to know what areas of your business each individual customer requires from you at a specific moment in their customer journey, and marketing to them accordingly, will help you increase your conversion rates, revenue and trust.


PEOPLE


This relates to the people within your business and also to your customers. Progressive agents are encouraging their staff to become more and more familiar with changing consumer behaviour and get to grips with the functionality of how certain technologies are assisting them to perform their jobs more effectively. From your customers’ prospective, it relates to how your agency is perceived and whether your on-demand implementation meets the necessary requirements.

Continue reading
103 Hits
0 Comments

What Is Your Marketing Strategy For The Future? - Article 1

What Is Your Marketing Strategy For The Future? - Article 1

 

KEY AREAS FOR YOUR CONSIDERATION

The online model highlights three fundamental areas of how to capitalise on on-demand consumer behaviour, demonstrating:

  • A forward-thinking approach to streamlining the communication process.
  • The importance of implementing flexible working practices in order to capitalise on business 24/7.
  • The necessity of creating a system of customer and prospect acquisition that is fundamentally
    based upon ease of use, focused on the digital experience of consumers, and provides a
    personalised experience that is informed by intelligently using data and customer behavioural patterns.

The rapid growth of ‘proptech’ over the last 20 years has served to dismantle the monopoly that, for so many years, was synonymous with the high street and traditionalism. It has also forged a distinct divide within the sector; one that encompasses two very absolute and resolute mindsets. Agents are now involuntarily being forced by digital-age consumers to demonstrate what their particular outlook is for the future of their agency within the technological era. Comparable to political preference, they are in effect being pressured to either identify themselves with conservatism and steadfastness or liberalism and amenability.

Numerous industry experts and commentators have voiced their opinion for both sides of the argument. Some pro-tech supporters have issued a staunch warning to traditionalists, clearly stating that antiquated working practices will have no place in the future, whilst anti-tech supporters continue to advocate the tried and tested approach that has sustained the industry long before ‘proptech’ was ever on the scene.

However, to reduce the issue to an argument that is merely one about a pro or anti sentiment only serves to miss the underlying principle that has arisen with the rise of ‘proptech’.

If one takes away the overlay of an industry or sector from a piece of technology or software, what we are left with is a set of objective digital functions and processes that are specifically designed to correspond and meet the demands and requirements of people living within a particular era. One thing that we can all agree on is that this philosophy is nothing new and history continues to demonstrate this concept time and time again.

In the twenty-first century, businesses are becoming increasingly attuned to the demands of the on-demand consumer; those that want their demands met via immediate access to, and convenient provisioning of, goods and services. Across all industries, there is an increasingly growing recognition and appreciation of the relationship between meeting these new demands and streamlining customer experience.

Therefore, as competition continues to grow, businesses are acknowledging that certain technological elements can help differentiate their business from their competitors. However, on a more pressing note, they are also quickly realising that if they do not implement certain technological essentials that are readily available to them – those that the on-demand consumer naturally now expects of a business – they are in serious danger of falling by the wayside in the future.

For many traditionalists, analysing the appeal of the online model raises several contentious issues. However, whatever subjective opinions you might have, the online business model does serve to illustrate a liberal and progressive approach to the new digital era; one that encapsulates how technology has been used to successfully tap into new consumer mindset and on-demand behaviour.

Online agents have invested heavily in technological advancements in order to meet the expectations made by the consumers of the on-demand era – what are, in terms of the property industry, the next generation of vendors, applicants, landlords and tenants. So, not only are they capitalising on the demands of the ‘here and now’ consumer, they are also pioneering a strategy that plans for longevity and seeks to anticipate how Generation Alpha will want to interact with their business in the future.

When one looks at what the on-demand generation wants, it is clear to see how their digital strategy reflects changing consumer behaviour:

 

ON-DEMAND REQUIREMENTS    ONLINE MODEL

 INTERACT ANYWHERE, ANYTIME
Immediate access to messaging, e-mail, media and other online functionality through smartphones and other digital devices has generated a sense of entitlement to fast, simple and efficient experiences.

   
  • They have streamlined the valuation and viewing process.
  • Customers and prospects are able to contact them 24/7. If they are not able to interact with a member of staff, they receive an automated acknowledgement of their enquiry at the very least.
  • Their websites are responsive and are optimised for all digital devices.
THE GREATEST AMOUNT OF VALUE
This should not be thought of in monetary terms alone. Overall value is now determined by the full experience offered by all areas of a business.
   
  • Customers and prospects benefit from transparency on a business’ website. At a glance they can see what types of services they offer and how they operate.
  • The ease of website navigation and usability adds to overall customer experience. Accessibility of information and ease of digital booking practices encourages conversion rates and reinforces trust in their brand.

PERSONAL AND RELEVANT
Data is utilised efficiently to market to customers and prospects based upon their preferences and interactions, ensuring they only receive relevant, valuable and personal communications. They also expect businesses to anticipate their requirements in advance and have a bespoke customer journey mapped for them.
 
  • They are efficiently mapping out each individual customer journey. From the moment they connect with a prospect, they spend time profiling them in order to get a better understanding of the kind of communications they want to receive.
  • They are using automated communications to continually stay at the forefront of their prospects’ and customers’ minds, cross and upsell their services and create brand ambassadors and ‘life-customers’.

USER-FRIENDLY
Evolving technologies are redesigning many complex user experiences. It is now an expectation that
businesses remove as much of the friction as possible associated with everyday tasks. Business models - and their established infrastructures - are now being forced to change the way they operate to maintain consumer confidence in their brand or service.

   
  • The majority of interaction is done digitally, satisfying the essential want of the on-demand consumer.
  • The processes for booking a valuation or viewing, buying and selling, has been streamlined and can be completed in minutes, without ever having to speak to a member of staff.
  • The digital proposition meets the on-demand expectation of how a modern business should function.


Many will argue that reduced commission fees have also played their part in attributing to the attraction of the online model. Whilst this is indeed true, the argument of reduced commission fees is one that will be countered by an argument of justification by traditionalists; one that will, in all probability, include the prescript of genuine local expertise and historical prestige. In other words, the intangible elements of a successful traditional agency that a prospect cannot put a price on.

However, although reduced commission fees have indeed been one of the main allures of the online proposition for a minority of vendors, the rise of the on-demand consumer asks a very different question:

Can traditionalism, prestige and history alone guarantee the future success
of a traditional agency in an era of technological change and shifting consumer mindset?

In just 20 years the property landscape has changed dramatically. So much so that it can be increasingly difficult to keep up with all of the innovation that continues to bombard the sector. From virtual reality to drones, one can only hazard a guess at what the future holds.

What we do know is that BriefYourMarket.com can help you prepare for the future.

BriefYourMarket.com believe that:

The argument is not about whether online agents are better agents. The fundamental reason that they have gained such traction
in such a short space of time is due to one dominant factor: they have embraced the way that digital age consumers want to interact
with a business and have used technological processes to successfully tap into the digital market.

In our new series of guides, we will demonstrate why these processes are important to your future success, and how you can effectively implement them to ensure that your agency capitalises on the new on-demand consumer mindset. We will help you develop and implement a strong communications strategy that will keep your brand at the forefront of your customers’ and prospects’ minds and ensure that your business is always there for them when they require your services - preventing the need for them to ever seek an alternative agent.

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Find out how Bradleys Estate Agents are increasing their enquiries and revenue...

Find out how Bradleys Estate Agents are increasing their enquiries and revenue...

Bradleys Estate Agents operate the largest independent estate agency in the West Country and pride themselves on their ability to provide their customers with the complete property service.

We spoke to Kai Logan, Marketing Manager at Bradleys, about the company’s experience using the BriefYourMarket.com system.

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