Using Data-Driven Campaigns to Combat a Slowing Market
The economic uncertainty brought about by Brexit has had an undeniable effect on the property market. With the growth of house prices slowing, stagnating and sometimes even falling, people are understandably more hesitant to move. But this doesn’t mean that people aren’t moving at all.
Many homeowners in the UK still need to relocate, and no amount of political upheaval will change this. Currently, around 10% of adults in the UK are engaged in a home move, either through buying or renting. This statistic is important as it’s been proven to defy hugely influential factors, from seasonal trends and economic influences to Brexit itself.
The fact that people are indeed still moving brings us to an important question: What can estate agents do to ensure the ongoing success of their businesses in these difficult times?
The results of years of uncertainty have made it harder for companies to succeed, but opportunities still remain for savvy firms willing to go the extra mile to outsmart the competition.
Take marketing, for example. Currently the vast majority of small to medium sized estate agencies rely heavily on direct mail campaigns as part of their marketing strategies. Leaflets, newsletters and printed collateral are sent to every household in a predetermined area - at significant expense. Whilst direct mail campaigns such as these do sometimes get results, their untargeted nature often means that they fail to deliver where ROI is concerned.
Instead of untargeted, blanket campaigns that are inevitably sent to huge numbers of uninterested parties, agents should be thinking more carefully about how to target buyers and sellers who might really be open to what they have to say. And it’s entirely possible to do so using data that’s already available.
Data-driven marketing can mean the difference between a company that thrives in a slowing market, and one that fails to flourish. In today’s digital world, there’s a huge amount of data out there just waiting to be put to good use by agents.
Software such as TwentyEA’s target property insight tool provide specific, intelligent home mover data for estate agents. The tool can accurately predict which homeowners are likely to sell within the next 12 months, and it even reveals which sellers are coming to the end of contracts with their current agents and are therefore likely to be on the hunt for a new agency.
The data provided by tools like this can be used to create targeted advertising campaigns, which invariably prove far more effective than blanket campaigns aimed at an entire region. Presenting a buyer with a solution to their problem at the very moment that they start considering options can be highly influential when it comes to determining which agent they partner with.
If a rival agency knows that a seller has failed to secure a deal with their current estate agency and they appear and offer another option just as that seller starts to lose faith it’s very likely that the seller will give the new agency a try.
Data-driven marketing is also more cost-effective, as agencies no longer need to pay to share their message with homeowners who are unlikely to be interested. That means a significant upsurge in ROI for campaigns, together with better results that drive sales forward.
In the current climate budgets are stretched, competition is fierce and agents need to go all out to ensure that they remain an important force in their local market. Data-driven insights are a real secret weapon for the industry, and they’re ready to be put to good use by agents.
To learn more about reaching the right audiences for your agency, talk to us. We have a wealth of data at our fingertips, and we’re on hand to show you exactly what this information could mean for your business. Get in touch with our team and we’ll let you in on a few secrets that could make a big difference.