The market has undoubtedly changed in recent years. Critically, so has the purchaser.
Written by Jessica White, CEO and Partner, Cassette - cassette.com.au
Where first home buyers were once categorised as mid-20s, low-to-middle income singles or couples with no dependents, they have evolved to capture an incredibly broad and segmented market.
It’s the same with upgraders. The longer it takes first home buyers to enter the market, the higher the average age of upgraders grows, which means their purchase requirements and motivations don’t echo what they did in years past. Even downsizers are following a different trajectory as a result of this evolved lifecycle.
Strategically identifying and deeply understanding these evolving market segments is the crucial first step towards crafting a modern – and more effective – marketing strategy.
The traditional approach of targeting prospective purchasers ‘lower down the funnel’ at a Domain or REA listing level needs to be remixed to instead understand where these evolved market segments are consuming media. A ‘full funnel’ strategy instead needs to be crafted to attract and convert them.
This opens the door to more consumer-centric marketing strategies, even taking learnings from other sectors such as retail, which does an excellent job of finding their purchaser within their own media ecosystems, rather than just at the point of purchase.
With a broadening of the media strategy comes a broadening of the content strategy. If we’re speaking to our purchasers in occasionally ‘non-property’ environments such as Google or META, the advertising content needs to fit those environments. Greater focus on direct-response content that will grab the attention of target purchasers is key. Utilising animation, motion graphics, video and non-traditional copywriting are examples of ways to meet and engage with our purchaser in a fresh and compelling way.
In taking a full-funnel approach to media, we also acknowledge that the journey may be longer from first impression to enquiry. By understanding our evolved market segments more accurately, we can develop lead nurturing programs that speak directly to their unique needs and aspirations.
What is required now is a more considered lead acquisition approach that is in stride with the target purchaser’s own pace. As an example, where detailed enquiry forms once worked to qualify a mass volume of leads for agents, these requirements in today’s market can create a barrier for buyers at the beginning their purchase journey. Providing flexibility around ‘required information’ allows buyers to determine the extent to which they submit personal details, from a simple email address through to a full buyer profile.
A strong understanding of your target market is essential as audiences today look very different to those a few years ago. A strong project brand and marketing strategy will not only acknowledge this; it will embrace it.
To learn more about Cassette’s remixed thinking on market segments and property marketing, please contact Jessica White jess@cassette.com.au