According to Philip Kotler -the so called father of “modern marketing”-, “Marketing 3.0 is the stage when companies shift from consumer-centricity to human-centricity and where profitability is balanced with corporate responsibility”. From this message, we can extract many conclusions, but if we put this in Real Estate context, it mainly says that we do not have to put the focus on the house, but on the people that are going to live in that house, and thus, on their needs, likes and possibilities.
Therefore, while in a Marketing Plan 1.0 we talked about the 4 P´s (Product, Price, Placement and Promotion); now, in Marketing 3.0, we can say that a new “P” appeared and it stands for PEOPLE -in capitals-. This is the starting point where the rest of the plan is based, if we want to succeed with it.
So, starting from this premise, in the following we are going to detail what are the 5 main points in a Marketing Plan 3.0:
If we decide to start from a plan based on people, the first thing that we must do is to identify and determinate our target market. And thus, millennials who are 35 and looking for a house, is not the same than seniors in their 60´s.
Our mission here, it is to determinate the needs, likes and budget of those profiles, with the purpose of giving them just what they are looking for. Of course, offering them a life style in which they will identified with.
It is essential to make a SWOT Analysis knowing what Strengths, Weaknesses, Opportunities and Threats could appear with the commercialization of our product. Giving special importance over the competence study, that in this case are not the rest of Real Estate offices but the rest of properties that are in the market with the same technical characteristics. As it is still the same discipline, the goal for a marketing plan is always the differentiation.
In this part again, the home staging will be fundamental, using all the techniques that we have been already explained in previous articles, that I invite to the readers to review in the following link, with the purpose of not repeating.
Before making such an important decision, we need to study the similar properties existing in the area where the house is and the current conditions of the market; differentiating what is sold and not, analysing why it happens; and adapting the price to all these factors, going to the market with the maximum success guaranty. Because of that, this is always the most critical point on making the buying decision.
In this chapter we are going to set the channels through the position of the property in the market, starting with the digital media that is the one with the best results in terms of efficiency, but not refusing some of the traditional ways that are still very effective. For example, there are properties which target is a foreign investor, and where the best way to reach him, will be on fairs or through international intermediary platforms.
Once the product and the target market are defined, it will be easier to establish how to distribute or position it.
Cervantes said that: “some stories have their best interest in them, saying that, in the plot, and others are seen as they are narrated”. And this point is about that, knowing how to communicate through accurate storytelling, generating an emotional connection between the client and the house, creating an atmosphere that shows clearly the life style that he follows and making him to identify with it.
Surely, in a less philosophical way, we must achieve getting our target with the right communication tools. Of course, in a communication plan, the alma mater is the digital marketing, through its different channels, for obtaining the best results and in the most efficient way. Although other traditional media must not be undervalued, because they are still effective, like the sample of the typical sign and Open houses, among others.
Finally, as Peter Drucker said: ”If you can´t measure it, you can´t improve it”. So, this plan need to be evaluated periodically, analysing the accomplishment of the goals, -which is clearly the sale in our case, so it will be evident if it succeeds or not- and depending of that, continuing evolving until getting the finish line.