Today’s consumers expect rich and relevant experiences. Real Estate Marketing and Sales professionals have to step up their personalization game to meet customer needs in today’s competitive market.
Personalization is the gold standard
In today’s business world, personalizing your customer experience is pretty standard practice. According to a report by Forrester, a whopping 89% of worldwide businesses are currently investing in personalization strategies.
In the past few decades, businesses have invested billions in personalization techniques using segmentation, demographic data, and batch analytics for outbound marketing and sales funnels. These techniques are based on routine behaviors, static data or fixed attributes (such as personal status, number of children or profession), as opposed to dynamic data.
The real estate market is lagging far behind the rest as far as personalization goes. Most sales and marketing campaigns in the field go for a one-size-fits-all approach, which simply doesn’t cut it in today’s competitive world. Despite being very frequent posters on social media, post engagement is extremely low – so real estate marketing and sales professionals definitely have to improve their approach if they want to achieve growth
Customers want you to get to know them
There is a very good reason behind that investment as well – customers expect it. In Accenture’s 2017 report on global consumers, they stated that 48% of customers expect personalized treatment for being a loyal customer. 33% went on to state that they have abandoned a brand when they felt that personalization was lacking. In today’s world of instant gratification – you need to personalize or be out of the game. Real estate marketing is no exception – building customer relationships is incredibly important in this field, and providing exceptional and personalized service is key to customer retention and business growth.
The problem is – consumers are already so familiar with standard marketing tactics that they see through them, and definitely don’t consider them particularly “personal”. Try to remember the last time you received a marketing email without your name incorporated in it. Can’t? Neither can I! Personalization is so common today that it really isn’t anything special. CEOs are aware of that too – according to Accenture, 73% of them acknowledge the need for products, services, and experiences that are more meaningful to their customers.
Standard personalization practices no longer distinguish a business from its competitors, and in order to offer a rich and superior experience, it is essential for businesses to look further, get creative and evolve their personalization strategies. With today’s connected devices, social media, mobile apps and the Internet of Things becoming so widespread, creating a dynamic real-time hyper-personalized experience for your customers is an achievable goal. Imagine being able to adapt the properties you show your clients in real-time, according to where they click or pause or what websites they are currently browsing instead of just basic demographics like female, 37, married with no children!
What is hyper-personalization and what it is good for?
Hyper-personalization is personalization version 2.0. It crosses classic personalization techniques with real-time data and analytics from connected devices. Predictive Analytics, Artificial Intelligence, and Machine Learning are incorporated so brands can reach new levels of insight on their customers in real-time and context – getting to know what they want and when they need it. Hyper-personalization is based on dynamic data, and takes all of the non-constants and changes in customers’ lives into account, so businesses can adapt to changing circumstances live.
For example – information obtained from hyper-personalization techniques can give you data on what rooms a potential client zooms into on your website, providing you tools needed to react in real-time to spark further interest. Hyper-personalized data can give you insight on the unexpected so you can quickly adapt accordingly to provide relevant information. This priceless data can help businesses get a deep understanding of the context in which customers make decisions, and adapt to the modern customer – improving customer relationships, engagement, and loyalty.
According to Forrester – customers are more than happy to share personal information with businesses if it means they will be receiving a more meaningful and tailor-made experience. Nearly one-third of customers expect companies to know more about them, and two-thirds are willing to share the information required to do so. Customers will reward brands that are constantly committed to meeting their needs and requirements with trust and loyalty. If you provide hyper-relevant properties to your customers, they will spread the word and recommend you to friends for sure.
Design workflows to revolve around the customer
But this loyalty is not to be taken for granted – it will be taken away in a heartbeat if you betray that trust. Therefore businesses have to redesign and restructure workflows to revolve around the customer. Brands have to be committed to meeting customer’s expectations and be able to answer when a customer needs them most. The technologies incorporated have to be agile and able to scale quickly to adapt to changing customer needs.
Customer data security is also very important and an inseparable part of the trust customers put in their favorite brands and businesses. Customers will stay away from a brand with questionable security processes. Businesses need to manage their data with the latest and most rigorous protocols to keep the image of trustworthiness.
To summarize, hyper-personalization is next-generation marketing practice beyond any doubt. If you want your business to thrive and scale in the age of instant gratification and connected devices you must adapt to the changing needs of customers. The real estate industry has a long way to go, but change is possible! Creating meaningful, deeply personal and valuable experiences is key to customer retention, engagement, and loyalty, and providing those will reward brands with the ultimate prize of trust and loyalty. At the end of the day, it is a win-win situation for everyone!