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http://UnlimitedWealthBuilder.info Realtors Use Beacon Technology To Sell More Homes. Why Realtors must not ignore the ‘Proximity’ factor. Beacon technology, with its ability to detect a customer’s proximity and collect data, empowers realtors with myriad opportunities to engage with prospective buyers better. It is no secret that realtors all over have doubled down on their proximity marketing efforts by incorporating beacons at various points of their buyers’ journey. However, some realtors and marketers are still wondering if the ‘proximity’ factor provides the right solution to their marketing challenges. Realtors need to realize that proximity marketing allows them to build a close connection with their buyers. It works as an effective tool to generate leads and deliver an experience at the real estate property. The renowned 4 Ps of McCarthy—Product, Price, Promotion, Place—have long been the foundation of the business tool known as marketing mix. The 4 P's form the levers of growth on which most businesses rely and accordingly manoeuvre marketing strategies depending upon changes in market equilibrium. In markets driven by mobile devices, however, the rhythm of innovation is so fast that four ‘Ps’ is not enough. We need the fifth P of marketing, the most critical in the digital era, which is Proximity.
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Realtors Use Beacon Technology To Sell More Homes www.UnlimitedWealthBuilder.info
Why Realtors must not ignore the ‘Proximity’ factor. Beacon technology, with its ability to detect a customer’s proximity and collect data, empowers realtors with myriad opportunities to engage with prospective buyers better.
It is no secret that realtors all over have doubled down on their proximity marketing efforts by incorporating beacons at various points of their buyers’ journey.
However, some realtors and marketers are still wondering if the ‘proximity’ factor provides the right solution to their marketing challenges. Realtors need to realize that proximity marketing allows them to build a close connection with their buyers.
It works as an effective tool to generate leads and deliver an experience at the real estate property. The renowned 4 Ps of McCarthy— Product, Price, Promotion, Place—have long been the foundation of the business tool known as marketing mix.
The 4 P's form the levers of growth on which most businesses rely and accordingly manoeuvre marketing strategies depending upon changes in market equilibrium.
In markets driven by mobile devices, however, the rhythm of innovation is so fast that four ‘Ps’ is not enough. We need the fifth P of marketing, the most critical in the digital era, which is Proximity.
Here are some reasons as to why Proximity is essential to the renowned 4 Ps for marketing effort:
1) Product: For real estate businesses, the product is the real estate property. Proximity Marketing is a culmination of marketing strategies with a set of technologies that rebuild the way we interact with products, which in this case is the property.
Technologies like Bluetooth beacons now allow businesses to offer personalized property-related content to the buyer when he/she is close or inside a property, right on his/her smartphone, to encourage specific behaviors, intensify the house hunting experience and facilitate the purchase decision.
Contextually property-related content enhances the interaction between the buyer and the property itself.
2) Price: With the high smartphone adoption rate and easy access to the internet, tech-savvy buyers now like to know well about the best deals in terms of the money they spend on the property.
For instance, 51% of the buyers find the house they buy on the internet, and just 8% of them buy the home they saw on a yard sign or an open house sign. That is because they get a chance to compare prices on the internet.
So, blurring the line between online and the offline properties is extremely important. Proximity Marketing via beacons allows realtors to generate more leads by pushing information related to price comparison of properties and other deals that catch a buyer’s attention.
3) Promotion: Traditional methods of property advertisement do not sway today’s buyers anymore. Buyers now expect unique and customized hunting experiences – be it being greeted with personalized welcome messages, receiving virtual tours of the property, or getting intelligent preference-based property recommendations.
This change in trend is due to the shift in the buyer persona. Millennials make up the largest group of first time home buyers at 66%, followed by Generation X at 26%.
4) Place: The aspect of a buyer’s location is essential to the house discovery experience and the facilities inside the house. Until recent years, major marketing efforts were aimed at reaching target segments of customers—with mostly one-fits-all content.
The idea of a marketing strategy based on proximity was out of reach, due to technological limitations. Now beacons are turning the idea of Proximity Marketing into reality.
The physical location of a property with respect to the customer is today linked to critical business strategies and marketing efforts. And, this in itself is turning out to be a huge business opportunity.
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