When prospects reach the consideration stage in their home buying journey, they have already made up their mind to go for a particular type of product available in the market, like a new flat or a villa. Their search for the perfect home takes shape at this stage.
Digital Marketing Approach: Aggressive Product Promotions
This is a stage where a prospect has started to give more attention to various direct and indirect product promotions happening in the market specific to a product type like an independent villa, gated community villa, etc. In addition to the passive listening of promotions, the prospect will also actively start engaging with various online channels to figure out a potential list of solution providers. A consideration stage is where today's prospects would think about getting in touch with a few representatives from the vendor side to acquire more details.
Prospects will spend much of time in comparing different vendors to shortlist few players to make a direct enquiry. Marketers have to quickly reach out to this audience who are in a critical stage of shortlisting potential vendors. The aim for marketer should not be intended to make the sales, but to be part of a short-list of three or four vendors. I have listed below top five channels that are suitable to target prospects who are in the consideration stage.
5 Digital Marketing Channels To Promote Real Estate
1) Paid Search Campaigns - Paid search campaigns or Search Engine Marketing are aimed at reaching people when they search for a particular product or service using major search engines such as Google, Bing, etc. Google has its Adwords platform and Microsoft operate the Bing Ads platform. There are many other search engines where we have opportunities to reach prospects depending on the market we operate. Both Adwords and Bing ads offer marketers sophisticated targeting capabilities to reach potential customers in a very cost-effective way when compared to traditional marketing tools.
2) Paid Social Campaigns - Paid social campaigns or social advertisements are one of the fastest growing platforms in the digital marketing ecosystem. Facebook operates its highly successful Facebook Ads platform along with additional capabilities to reach Instagram users, a network owned by Facebook. Marketers can also make use of Twitter Ads, Linkedin ads and many other social networks have launched their own ads platforms in the recent past. Paid social marketing lets us reach the audience based on broad categories of interest and demographics. Social ads are highly visual and have the power to persuade people to take action based on impulse.
3)Listings In Property Portals - Listing portals are very useful for people who are looking to narrow down their search for an abode based on particular locations with clear preferences. The wide variety of listings, filters for preferences makes it easy for home buyers to zero in on a particular product for consideration. A marketer has to make sure that they are present on all relevant property sites while prospects are building their short-list.
4) Display Advertising - Prospects will be much receptive to a visual presentation of solutions while in the process of shortlisting a small list of vendors to engage. For marketers, there are two types of options available at this stage. One option is to go with media websites relevant to their audience, for example news, entertainment, etc. Another option is using the display network of google and audience network of facebook to run targeted product promotions in visual formats.
5) Affiliate Marketing - Affiliates are partners who are running complementary businesses vertically supporting your business. In the case of real estate projects, Chartered Accountants and other financial advisors can send your offerings to potential clients who are looking for options to invest in real estate. Banks who offer loans can be the next option. When deciding to buy a home, people might look out for understanding their credit options in terms of bank loans or other financial assistance. Partnering with these institutions by offering a fee for each qualified lead can contribute a lot to your sales.
We have to understand that effective lead nurturing is the cornerstone of making a sale in the digital world. Prospects who are in the consideration stage are highly valued as there is a higher level of buyer intent. The sole purpose of marketing activities targeted at people in this stage should be aimed at moving leads from consideration stage to a stage of enquiry with your company.
To read my blogs on the ‘Awareness’ and ‘Discovery’ stage of a home buyer’s journey, click on the links below:
Hope you all enjoyed reading this blog on Understanding the ‘Consideration Stage’ of a Modern-Day Home Buyer. Feel free to share your thoughts and comments.