Discover the strategies to reach the 3% ready buyers and nurture the 97% in the competitive landscape of property marketing.
Author | Paul Skuse, Oakfield Design & Creation
In recent conversations with a seasoned developer, a common grievance emerged: marketing to prospective buyers in the world of property development can often feel like an unrelenting and arduous task.
It’s a sentiment that resonates with many in the industry. The reality is that the property market, like any other, operates on a spectrum of readiness. Studies consistently show that only about 3% of potential buyers are ready to make a purchase right now. The remaining 97% are in varying stages of consideration, from initial interest to future planning.
Understanding the 3% Rule
This stark statistic underscores the relentless nature of property marketing. In an industry where success hinges on converting interest into action, reaching and engaging with that critical 3% of ready buyers while nurturing the remaining 97% is both an art and a science. It demands a comprehensive strategy that combines creativity, precision, and persistence.
The 3% rule, often referred to as the “3% rule of buying,” is a well-known concept in the marketing world. It suggests that only a small fraction of your target audience is actively ready to buy at any given time. The rest are either not yet aware of their need, exploring their options, or waiting for the right moment. While it might sound daunting, understanding this principle is the first step toward developing an effective property marketing strategy.
The Relentless Pursuit of the 3%
The 3% of ready buyers are like precious gems in the vast landscape of potential customers. They are actively searching for properties, comparing options, and evaluating offers. Your goal as a property developer is to be at the forefront of their consideration. This means creating captivating marketing campaigns that not only grab their attention but also provide the information and assurance they need to make a purchase decision.
To reach this select group, developers must employ a mix of online and offline marketing channels. This includes everything from eye-catching websites, sales brochures, site branding to impactful CGI imagery and films, search engine optimisation manipulation via content marketing to social media advertising and email marketing campaigns. Every touchpoint with potential buyers should be carefully crafted to resonate with their needs and desires.
The Power of Nurturing Leads
However, the relentless pursuit of the 3% should not overshadow the importance of nurturing the other 97%. These individuals are not lost causes; they are future prospects. They may not be ready to buy today, but with the right approach, they can be converted into loyal customers tomorrow.
Nurturing leads involves maintaining a consistent presence in their journey, offering valuable content, and building trust. This can be achieved through interesting and informative social and blog posts, imparting sharp imagery and content that showcases the development as well as the lifestyle afforded in the scheme’s locality, and personalised email follow-ups. By providing relevant information and staying engaged, developers can keep their projects top of mind – and more importantly, ahead of the competition – for potential buyers when the time is right.
The Powerful Role of Content Marketing
Content marketing plays a pivotal role in the relentless world of property development marketing. Creating and sharing valuable content not only helps educate and engage your audience but also establishes your authority and expertise in the industry. From in-depth property guides to virtual property tours and expert insights on market trends, content marketing positions your brand as a trusted resource.
Moreover, content marketing helps bridge the gap between the 3% and the 97%. While the 3% may be actively searching for properties, the 97% are looking for information and guidance. By providing them with the information they need, you can gradually move them closer to making a purchase decision.
Building Trust and Delivering Value
In an industry where significant investments are at stake, trust is paramount. Building trust with potential buyers is a long-term and constant endeavour that requires consistency and transparency. It involves delivering on promises, showcasing past successes, and addressing concerns or questions proactively and quickly.
To truly excel in property development marketing, it’s essential to go beyond the transactional mindset and focus on delivering genuine value to your potential buyers. This can involve going the extra mile in customer service, offering innovative solutions, and staying attuned to the constant flux in today’s market trends.
Conclusion: The Relentless Path to Success
In the world of property development sales, marketing is indeed relentless, but very achievable. The 3% rule serves as a reminder that the road to success in selling new homes is not a sprint but a marathon, made up of sprints! It requires patience, persistence, and a deep understanding of your audience’s needs and behaviours. By embracing the 3% rule, nurturing leads, and consistently delivering value and telling the story of your build from planning stage through to PC, property developers can navigate this unrelenting landscape and achieve lasting success in a highly competitive market.
Ready to take the next step? Reach out today to discover how a cost-effective content marketing strategy can position you ahead of the competition and in the minds of your prospects, whether they’re the 3% or part of the 97% waiting to become the next 3%.