Can you believe that there are still people in the world today that do not have high speed Internet? Imagine yourself as one of those people faced with this challenge. The inability to connect with friends and family with the ease and efficiency of high speed Internet would be devastating. Today, 85% of the world’s population has access to a mobile device that grants people the ability to connect to the Internet on the go. With constant technological advancements, more and more phone companies are trying to figure out a way to offer users a fast data speed with their mobile experiences.
We've all gotten used to the idea of using Twitter, Facebook, and even YouTube for marketing -- even if the platforms aren't always as brand-friendly as they could be. And why should they be? They started as social networks meant for people to talk to people, not companies to talk to consumers. But in the struggle for monetization, they've had to adapt and continue offering ways for brands to market and make money using social media.
If you've ever played a sport that regarded the 'assist' as an important statistic, you know how valuable it can be. I grew up playing soccer for most of my adolescence, and although I was never the highest scoring player, I was always one of the most regular contributors to making assists. And to be honest, setting my teammates up for success somehow felt even more rewarding than scoring goals myself.
From the results of its Marketing Automation Survey last year, Loopfuse released some interesting data about the adoption of advanced marketing automation features. Based on 361 respondents, Loopfuse showed that, while many users have adopted the basic features of its marketing automation tools, most haven't started using many of the more advanced features.
Sell to all your market segments
One size does not fit all – not in t-shirts, not in lattes and certainly not in real estate. As a result one of the biggest mistakes developers make is to use one brand statement to try to reach everybody. In the old advertising days they used to call it “Spray and Pray” because it involved blindly blanketing everyone with the same message, and hoping and praying it sticks to somebody.
Those days have been replaced by highly targeted, individual marketing where all of your prospective buyers receive a marketing message that is specifically targeted to them. If you have three different target groups, say investors, first time buyers and empty nesters, start with three different website addresses or URLs that focus the information on that particular group.
Investors generally do not care about the esthetics of the home, rather they want to know about the commissions, contracts and closings. The site should answer all of their financial questions about the rental market, typical resale value in the area and other relevant concerns.
First time buyers on the other hand want to know that the area is young, sexy and hip. Their website should focus on these details and fresh imagery that would get their attention.
The empty nesters are usually looking for a lot of floor space, storage and two or three car garages - they may want their pets to move in too. They will usually be less interested in financing as they will be selling another property at the same time and buying their new home with cash.
Some strategies to keep in mind:
When marketing to investors, use the imagery and the words they use to market financial services. Also talk about diversifying – if they own a lot of single-family homes, they may need more multi-family housing. If they own residential now, they should try looking into commercial.
When marketing to first time buyers stress the prestige of owning your home rather than renting, the wise financial decision of buying and the way in which this decision will help to create a much brighter future. Also focus on the hip and trendy lifestyle that awaits those who act now.
When speaking to boomers or empty nesters use physically attractive people with a touch of gray – or those that most empty nesters would aspire to look and act like.
Regardless of which market segment you are trying to reach, or which medium you are using, be sure to use testimonials – an incredibly powerful way for you to drive your message home.
Try targeting a specific market
And one last point about creating customized targeted niche marketing. You may not know this but I spent the early 1990’s as the one-man marketing machine behind the then unknown bands the Backstreet Boys and ‘N Sync, at a time when the Internet was just emerging as a marketing tool.
Back then we had absolutely no budget but we did have a very focused target audience of 13-year old girls. The decision to narrow our focus rested on some solid research that suggested this age group had the interest, the time, the disposable income and the influence to take our two previously unknown boy bands and promote their music, message and merchandise around the world. And it worked.
The Backstreet Boys as an example went from zero to $1 billion in sales in 27 months through the power of target marketing.
I bring all this up to remind developers that sometimes, focusing your marketing efforts on a niche audience can be a very wise decision. And whether you are speaking to a local, international or niche market, be sure to craft content that resonates with them specifically and makes them feel that this project was custom designed for them.
I just gave an insider point of view to the Toronto Sun and I thought you'd be interested in reading it before you go out condo shopping this weekend.
Scroll down for a text version of the article.
So what is the Sharing Revolution? (also known as collaborative consumption). According to our partners HubSpot, the sharing revolution refers to the shift away from an ownership economy to one in which people are happy to rent items from a larger group of people with whom they simply share access to those things.
4. Leverage the herd mentality
Two restaurants sit on opposite sides of the street. The cuisine and atmosphere of both are of equal quality and the menus are comparably priced. But when potential diners see a line of people waiting at one of the restaurants and not at the other, they assume the busy one is superior, and then they follow the crowd. It is a phenomenon known by many names - pack mentality, peer pressure, following the herd – and it plays an absolutely critical role in selling real estate.
Here is how you can make the herd mentality work for you:
To study people who are experts at drumming up urgency and creating momentum go to a timeshare presentation because they’re incredibly skilled at this. The idea is to bring together a group of qualified prospects interested in the same property, thus creating a sense of urgency.
When buyers compete for real estate, almost like in an auction setting, the fear of loss will often compel him or her to buy much faster than if no one was around and they and all the time in the world. However you do it, creating urgency creates a competitive environment that helps property sell.
If you’re considering having a launch party for your project think about hosting in a smaller venue than you might actually need, including having fewer parking spots available. That way potential buyers will feel the squeeze, both psychologically and physically, when surrounded by a group of people all interested in the same thing.
And don’t worry if some people only show up for the free food or festive ambiance. They still represent bodies in the room and the perception that more people are interested in your project works to your advantage.
Remember the perception of scarcity and the fear of loss are powerful motivators in human psychology – use them to your advantage and you will be amazed how a sense of urgency can help you sell in any market conditions.
99 Yorkville Avenue