Marketing & sales are the most crucial operations undertaken by any business. It is only through marketing that a brand can communicate information about itself and its product, and reach its target audience. Sales, on the other hand, are the primary source of revenue for a business, and essential for its survival.
The real estate sector has high-involvement products, which lengthens the buying cycle. Hence, marketing becomes even more important since consumers must be kept engaged and interested through this longer buying cycle. Real estate marketing must be strategically planned and executed in order to gain the best results from it and drive more sales. Customer segmentation is one of the best ways to achieve this. Let us explore how real estate segmentation enhances the scope of operations of the industry.
What is Segmentation:
In simple terms, it means bifurcating your leads and customers on the basis of various metrics such as:
- Property requirements etc.
Segmentation helps you manage your customer base more easily, since it is divided into separate factions. Understanding their requirements and meeting their demands is easier through segmentation. Your real estate marketing efforts can especially be enhanced through segmentation, as can create content that will specifically apply to the needs of your customers. 77% of marketing ROI has been shown to come through segmented and targeted campaigns. In turn, this will lead to an increased number of sales. Besides, there are a lot of other benefits associated with this process that can help optimize your real estate business.
How does Customer Segmentation enhance your Real Estate Marketing & Sales?
As mentioned above, studies have shown that marketing ROI increases through segmentation. Why exactly does this happen? And how does it contribute to boosting sales?
Here are all the ways in which customer segmentation benefits real estate operations:
It makes your marketing more targeted:
Real estate marketing can be made more targeted and personalized through segmentation. Customers value content that has been curated for them instead of receiving generic marketing content.
For example, by segmenting the customers who are looking for 2 BHK units, your marketing content related to such inventory can be specifically sent to them. Such a group will interact better with this type of content and will make your marketing more effective, as opposed to such content being sent to your entire customer base who may or may not find it relevant. Besides, your marketing will also reach the right set of audiences every time and will boost your sales.
Helps provide an enhanced customer experience:
Customers are the lifeline of all real estate businesses. Providing them with an enhanced customer experience is a sure shot way of generating loyalty in them with respect to your brand.
Here are the ways in which customer segmentation helps to provide an enhanced experience:
- It personalizes your approach and interaction while working with every client. You can bifurcate your customers based on various metrics and leverage this segmentation to add a personal touch to your services. 80% of customers prefer doing business with brands that offer a personalized experience.
- It helps you understand their requirements better and offer better solutions. It is no easy feat to gain a deep understanding of the demands of hundreds of customers. As a result, you will only be able to provide half-hearted solutions to them. However, if these hundreds of customers are divided into smaller groups, you can pay closer attention to their unique needs.
You can allocate your resources better:
The real estate sales process contains multiple aspects, for which different teams are required. Customer segmentation will help you get the most out of your sales team and other resources, since you can assign them specific work.
For example, if you segment your customers based on their budget for property, you can assign luxury real estate sales experts to the segment interested in such property. Similarly, by segmenting customers based on their urgency to purchase, you can delegate your best salespersons towards the hottest leads so that the deals can be closed faster.
Hence, customer segmenting will boost the efficiency and productivity of your teams.
You can sell the right inventory to the right customers:
Real estate businesses have diverse inventory. The biggest dealbreaker for sales is if you try pitching an inventory to a client whose requirements do not align with that inventory. However, customer segmentation will help you sell inventory more efficiently. You can pitch the right inventory to the right client every time, since you have a better understanding of their requirements.
How does CRM help in Customer Segmentation?
CRM is a software tool that allows you to manage and track the end-to-end interactions of your customers with your brand. It optimizes every aspect of your operations and makes your business more efficient and productive.
To be able to appropriately segment customers, data is extremely crucial. Data offers you all the information you need to understand your customers, and accordingly segment them. Once you have all the data, you can easily segregate your customers. However, how can vast quantities of data be stored and analyzed? Besides, how can you create the customer segments in a way that is easy to access and modify? The answer is CRM for real estate.
CRM helps in the process of customer segmentation by:
- Creating a unified database of all client information
- Analyzing the data to find usable insights
- Segregating customers based on the metrics of your choice
Customer segmentation is needed to ensure the success of real estate operations, and CRM is needed to efficiently segment customers. A robust CRM like Sell.Do, which is India’s only integrated real estate CRM solution can help you in this process and greatly scale your business.