An Xpert Weighs In:
At Xpressdocs, we focus on powering our clients’ marketing efforts, so they can focus on their areas of expertise. We’re proud to support so many “Xperts” in industries from real estate to healthcare and beyond. Our new Xpert series on the blog will share tips, knowledge, and experiences from various Xpressdocs users and industry influencers. Today, we’re passing the mic off to one of our real estate Xperts, Anthony Gilbert. With over eight years of experience in real estate, Anthony has broken down his findings on how big data has changed the game of real estate marketing.
Here, big data refers to the overarching term for all the collected data points, gathered both inside and outside of an organization, that can be analyzed to better predict trends and behaviors.
Big data, with widespread access to all kinds of information, is changing the way buyers shop, but also the way marketers find buyers. Analytics provide real estate marketers with real-time data about common buyer demographics, predictive buyer behaviors, and even the future of real estate by region.
Years ago, marketers used to rely on surveys and focus groups to determine which kinds of products and services potential customers would find interesting or useful. While these methods are still in use, big data provides a far more accurate and intensive view into a buyer’s mind. Asking buyers to relate their experiences with real estate often creates an unnecessary step toward determining what types of content will reach the most buyers and draw them into the sales funnel. With big data, customers are put into certain demographic sets based on their:
• browsing history
• use of certain mobile apps and services
• expressed interest in certain types of properties
This offers real estate marketers an opportunity to target different types of content toward the consumers who are most likely to accept it.
Using Analytics to Predict Buyer Behaviors
The problem with old-school marketing techniques is that they seem trapped by past buyer preferences, always a behind the current actions and trends. With big data technology today, the ability to collect and process billions of data sets in a shorter amount of time allows real estate experts to keep abreast of buyer expectations. Big data makes it much easier to simulate buyer reactions toward a particular home upgrade, or the style of a new commercial or residential development. This could put builders, sellers, and real estate agents ahead of the game, giving them the ability to create a product that buyers in the community appreciate most.
Determining Efficacy of Marketing Campaigns
As big data becomes more accessible to smaller organizations, marketing is becoming much more of a science than an art. Without big data’s analytical tools, marketers are often left to their own devices — and math skills — to figure out which campaign created the most clicks and ultimately the highest amount of conversions. When real estate marketers take advantage of analytics on their social media accounts, pay-per-click (PPC) campaigns, and organic search engine optimization, they can receive very detailed information about the efficacy of every step they take.
There are few industries that rely on buyer financing as much as the real estate industry. Clicks, and even sales, might mean nothing if the buyers cannot obtain funding to close on the property. With big data, real estate marketers can analyze the demographics and other aspects of their potential customers and create a financial risk profile for each group. This information allows marketers to skew properties and homes toward the clients matching the financing options they’re more likely qualified for.
Forecasting Real Estate Trends
Ultimately, the goal of big data is to use various types of information to help target resources toward avenues that will generate the best return on investment. For real estate, knowledge about all kinds of buyer behaviors helps to drive speculation in the direction of success. A commercial real estate developer might use big data analytics to assess retail purchasing trends in a particular area, or to determine whether specific properties would be best suited for retail, office, or residential living. Similarly, the owner of a property could take advantage of updated analytics to pivot a plan that turns an existing retail space into an office space that is more in demand by commercial real estate investors.
Although big data may seem intimidating to people who are just learning how to manipulate it, this resource is a mine of valuable information that can help real estate professionals tailor their marketing efforts. Big data’s effects range from showing a home seller which marketing avenues reach more buyers, to helping commercial developments keep pace with current real estate trends.
Put big data behind all your marketing messages to give them a better foothold with your intended audience. Your next postcard or newsletter mailing — or even email or mobile ad campaign — can perform better when you use smart targeting tools to help refine your audiences.
As Anthony explained, “marketing is becoming much more of a science than an art.” If you’re looking for ways to harness the science behind big data to improve your marketing efforts and reach top prospects, look no further than our customized mailing lists. Created for your ideal geographic and demographic area, our mailing list tool aggregates data from various third party list services, providing you with access to a database of millions of qualified households and businesses. By using our targeting capabilities for your next digital or print effort, you can create a list of consumers most likely to respond and engage, meaning more prospects and, ultimately, more closings.