Applying the 7Ps of Marketing to Property
As any seasoned real estate agent knows, standing out in the property market requires strategies that are both unique and versatile.
A practical and valuable tool to frame your efforts is the time-tested seven Ps of the marketing mix theory, expanded upon by Bernhard H. Booms and Mary J. Bitner in 1981. So, let’s explore how each of these Ps can be practically applied to strengthen your real estate business.
As a real estate agent, the first P (Product) stands for both the properties you represent and the intangible services you offer. You’re not only listing and selling homes, but you’re also providing a service that guides and educates buyers and vendors throughout the transaction process.
To boost your real estate business, it’s a good idea to focus on these two levels of your product offering. Here are some actionable steps to do so:
Provide regular updates, including local property sales data
Research the local buyer’s market to understand who they are and what they want
Seek out properties that align with your target market’s preferences and needs.
The second P, Price, is a crucial determinant of a property’s appeal in the market. Inaccurately pricing a property can lead to longer listing times, despite any marketing efforts. That’s why it’s essential to develop a pricing strategy that reflects current market conditions, while also managing your vendor’s expectations.
Consider these actionable steps:
Stay updated with property valuation reports and different sets of property data
Regularly review sale prices of similar properties in your area
Educate your vendors about pricing trends and buyer behaviour.
Location, location, location – but not of the kind you think about. The third P, Place or Positioning, Positioning, refers to the location where your service is made available to the client. In other words, it’s about your brand’s presence and how it interacts with prospective clients.
Whether it’s a physical office location or a digital space, creating a strong and consistent brand image can help potential customers feel more connected and engaged with your service.
Here are some actions to optimise your brand’s positioning:
Ensure your online presence, like your website and social media profiles, aligns with your brand’s ethos and values
Create a welcoming, professional environment in your physical office location
Maintain consistent branding across all client touchpoints, from business cards to property listings
Be consistent with the key messages about your business
In our increasingly digital age, leveraging online and traditional advertising methods is crucial. Promotion, the fourth P, involves using different marketing channels to increase your service’s visibility and appeal to potential customers.
Read on for some actionable steps to consider:
Run targeted ad campaigns on popular social media platforms
Create engaging, informative content for your website’s blog
Invest in Search Engine Optimisation (SEO) to improve your online visibility
Add QR codes to your print material linking to your online presence
Learn which digital platforms your ideal customers typically use and leverage paid media across them.
The fifth P is People, which includes all individuals directly and indirectly involved in your business. Cultivating a positive workplace culture and offering regular training can help ensure that your team provides great services – ultimately strengthening your agency’s brand.
Consider these steps to boost your people strategy:
Provide regular training on new industry developments and marketing technologies
Host team meetings to foster a collaborative environment
Prioritise a positive culture to enhance staff retention and satisfaction.
Physical evidence, the sixth P, refers to any physical representation of your service in the interaction between you and the buyer – from property brochures to website design. Having consistent branding and messaging across all materials can reduce errors, streamline processes, and enhance brand perception.
Here are some practical actions to maximise this aspect:
Create a consistent style guide for all marketing materials
Develop templates for property descriptions, emails, and other communications
Use analytics to track the effectiveness of marketing efforts across different channels.
Finally, the seventh P – Process. This is all about the procedures and systems that your business employs to deliver its service. Ensuring effective communication and implementing mechanisms for customer feedback can strengthen relationships with clients and improve service delivery.
Read on for some key steps in this area:
Set up regular email newsletters to keep clients and prospects updated
Implement a Customer Relationship Management (CRM) system for personalised, timely client communications
Ensure client feedback mechanisms are in place and used to continually improve service.
Bonus P: Profit
Implementing the seven Ps in your property marketing strategy can result in more efficient marketing efforts and ultimately, increased profits. Remember, success in real estate comes from understanding and adapting to market trends, buyer preferences, and industry changes. The seven Ps provide a robust and flexible framework to guide these efforts and drive your real estate business to new heights.
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Disclaimer: Please note that the content provided in this article is intended as an overview and as general information only. While care is taken to ensure accuracy and reliability, the information provided is subject to continuous change and may not reflect current developments or address your situation. Before making any decisions based on the information provided in this article, please use your discretion and seek independent guidance