Project marketing needs to dig deeper than the surface
Last week Samantha Reece presented REIWA’s first Project Marketing Course.
Speaking to 30 sales professionals, who all had projects underway, Samantha spoke about a number of key activities that PropertyESP undertakes when conducting research , which we always do before creating a marketing strategy.
Firstly, we look at the demographics of an area, particularly looking at changes over time. This tells us how many of the residents own their homes outright; which age groups are earning the most income; whether the suburb is a young family area, or is undergoing transition with the influx of new residents; and how the occupational profile of the area is changing. All of this helps us determine the key customers for the project.
When we look at this kind of data over the past 11 years we can see trends. For example, the chart below shows the increase of professionals and managers in Success and Atwell, and at a greater rate than the increase in the Perth Greater Capital City Area, while the percentage of professionals and managers in Ellenbrook has stabilised. This data helps to identify which customers we will target in an area.
Next, PropertyESP looks at sales trends over time. We believe that if you look at data over 10-20 years you can see a trend in sales and capital gains.
For example, the chart below shows the capital growth for the Murdoch area suburbs, which is useful in determining what sorts of price points might be acceptable to buyers who are now looking to purchase in the area.
And then we look at the competition and often phantom shop other sales offices to determine what the sales agents are saying about their projects, so that we can then determine a point of difference for our client’s project.
It was evident from the presentation and resulting feedback, that many of the sales agents were not undertaking the full gamut of research before developing their project marketing strategy.
It is important that before you appoint a sales agency you determine:
Who are your potential customers? (ABS data)
What has happened in the market place to date and how will this affect your pricing? (REIWA sales data)
What is your competition offering? (Phantom shop/web search)
If you would like to discuss these points in more detail, before you launch your next project, then contact PropertyESP on 0452 067 117 or firstname.lastname@example.org.