The two most crucial components of a business, that you must, at all times, keep in mind: Marketing and Sales operations. You know it. As a brand, marketing helps you communicate about your products and how they benefit your customers. On the other hand, your company sales have a direct impact on your revenue and growth.
Now the real estate industry is quite different from other verticals as it offers high-involvement products – lifetime assets for most people. Certainly, it compiles several intermediary stages making the sales cycle relatively lengthier. Marketing, therefore, becomes even more crucial as now you have to keep your prospects hooked to your website and social media. You see, these two components are interlinked with each other. You must strategically plan out and execute your marketing goals for driving more sales in the long run. One way to achieve this is customer segmentation.
An incredible marketing strategy will bring you thousands of leads. You will have a wide range of customers with unique interests and requirements. But you cannot market your properties with particular campaigns for different individuals. What you can do is segment your customers into different categories to engage them with targeted differentiation.
So, customer segmentation is the categorization or division of your large audience into several groups with similar preference and characteristics. Each of your customer segments represents shared buying behavior. They might even communicate through similar platforms as well. What your customers expect from you is hyper-personalization. So their decisions are shaped by your product, sales operations, and marketing or engagement. Report says that nearly 75% of customers are more likely to buy from businesses that implement a targeted marketing strategy. Personalization leaves a deep impact. Now these segments can be binary and wide. For instance, you can have homebuyers or commercial property buyers.
As I mentioned before, what your customers are seeking is hyper-personalization at this point. Segmenting your prospective buyers helps you personalize your communication tactics with better-targeted content with which they can engage more. For example, a customer looking for residential properties gets an invitation for a virtual tour of a commercial property. That becomes irrelevant for him/ her. But when you segment the two, your marketing content relevant to such customer requirements, creates a personalized interaction. Your marketing efforts become more effective and result in driving more sales.
Of course, the majority of your customers would not buy real estate properties every now and then. It is not possible. But what they can do is share their experience story with others. That’s an organic method called word-of-mouth marketing. But that happens only when you deliver an enhanced customer experience. It generates tremendous loyalty for your brand and you get easy recommendations from your clients.
Segmenting your customers majorly helps you with an in-depth understanding of the latter’s requirements and preferences. So that you can offer better recommendations and experiences. You can pay closer attention to their unique needs. You can interact with your clients with a better-personalized approach. Depending on their preferences or various metrics you can categorize them and leverage your data to add a personalized touch to your services.
A real estate sales pipeline contains multiple intermediary stages. Each of your team members has a different forte. For example, a particular sales rep has excellent pitching skills, so you can assign him/ her to a site visit task. You can create a segment on budgetary preferences, and assign your sales experts for people interested in those properties. Based on your clients’ urgency to purchase, you can delegate your best salespersons for the hottest leads to close the deals faster. This is how you can get the most out of your sales team and other resources as you can create and assign them specific activities.
Now this is a tricky task. You need to segment your clients with different metrics from a large data structure. Here’s how you can define your customer segments and apply filters for better outreach.
Your properties have different construction dynamics with different locations and approximate expenses. Analyzing all these metrics, you can gather the kind of audience you can target to attract and make deals. The more you analyze, the more in-depth understanding you will get about the unmet needs of your clients and attract them to your properties.
This is gold. Customer segmentation calls for characteristic specifications. Analyze which channels generate the most leads, who benefit the most from your services, social media interaction with the audience, and the most common queries you are getting. Are they liking or sharing your property pictures on social media? How long did they spend on your website? With all these data variables in hand, you can create an ideal buyer persona, and reconsider or strengthen your current marketing strategy to win more deals.
Structure the gathered data into various segments and compile them with the ideal buyer persona to pinpoint the relevant differentiating factors. You can organize these segments with purchasing characteristics – the boosters that most influence maximum sales among these groups and actionable elements that you can include in your marketing strategy.
Real Estate CRM does an incredible job of recording your customer’s current stage in your sales pipeline. You can segment your customers as ‘interested’, ‘contract out’, ‘offer’, or ‘deal won’, or any other stage they are in. Your approach to a customer who is currently in the negotiation-affirmation stage will always differ from that of a new prospect. So this helps you persuade your clients with strategic marketing or interaction flow with prioritization that ultimately leads to closing more deals.
With all of these data categories, you will have enormous opportunities to acquire new customers and more measurable survey questions to address for understanding micro-purchasing decisions. However, when you acquire a customer with so much effort, you wouldn’t want to lose him/ her for the latest ones. So it becomes imperative to focus on customer lifecycle value even in your post-sales stage.
Today, CRM applications are no longer limited as contact-management software. They come power-packed with a bevy of features that helps you manage all your business operations. However, when it comes to Real Estate CRM , you get a lot more in the bag. It is built on the award-winning Zoho platform with your industry-specific nomenclature. This means, it already comprises all features that you would prefer for business.
The multi-faceted features that this CRM comes with, optimize end-to-end activities of your business process to help in effective marketing, better sales, and revenue growth. It already comes with two broad categories of residential and commercial buyers. And you can add them serially with gathered data once you start understanding your customers to segment them for more efficiency.
The features of Real Estate CRM are abundant. Including a centralized database for your business, customizable reports, and dashboards for actionable insights and customer segregation to name a few. But the best part is the automated property recommendations for best-suited customers.
Say, for example, you have a new property enlisted in your system. As your system has all the client information documented, you can identify the matching leads/ contacts who could be interested in that particular property, with a single click.
Again when you capture new leads or have customer contacts with specific requirements of amenities, you only need to click on a button to identify the best-suited properties for your client. You can download your property recommendations in PDF format and market them directly to your clients via email.
Want to ensure that your business becomes a massive success? Start segmenting your customers. It becomes easier to improve lead generation rates and conversion methods by leveraging your CRM-stored data in every way possible. Marketing the right properties to the right people makes a world of difference for your business. Want to know more about Real Estate CRM? Our experts are here, ready to help!