Get Blog Updates on your iGoogle homepage:
| Gaining the Power to Understand New Home Buyers |
| Written by Jonathan Smoke | |
| 04.28.2008 | |
|
Discuss this article on the forums. (0 posts) On Friday, I tried to explain the benefits of using data driven analysis for housing market research. As I said, the research should be focused on three critical actions: know your buyer, know your market, and know your competition. Most builders and developers get stuck trying to understand the buyers. The best way I know to understand your buyer is through detailed research using our Consumer Groups. With this information you can use the rich profile of the optimal consumer group to guide the design of the community, plans, standard features and options to offer. Leverage the lifestyle information to design the collateral, the model homes and the optimal promotional strategy. Need a prospect list for direct mail? Purchase a cost-effective, laser-guided list targeting the exact segments with good credit and the right income to afford your product. Then as you begin selling, leverage the consumer group information and household level information to easily track and analyze your traffic and sales. Are you getting your desired targets in your traffic? Are you converting them? How is that trending?  You can even survey prospects and buyers to understand what works and what could be improved in converting and then delighting your customers. When that community closes out, you now have a basis to repeat but also improve for your next opportunity.What I am describing is available to you today, no matter at what stage your community may be. Demand by consumer group and price point can be estimated for any location in the country. Profile information is available on each consumer group and underlying PRIZM NE segment for any market in the country. Don’t just guess what your buyers want, verify it. Traffic for existing communities can be analyzed within days if you have your customer information available electronically. Need to review promotional strategies? Find out if your target reads the Sunday newspaper or uses specific web sites or what radio station and what time of day offer the optimal reach. Or get a well qualified list to use in direct mail campaigns. One of our satisfied clients described me as a wizard when we helped them cull a prospect list down to the most qualified and optimal targets to direct their marketing budget. I took that as a compliment, but I am no wizard. We’re just leveraging the best possible information about consumers along with our experience in studying new home buyers. 
We're always looking for feedback from our readers.
|
| < Prev | Next > |
|---|
