There are two key ingredients to creating a successful marketing campaign: understanding who your target market is, and being able to reach the target market in the right place and at the right time.
To achieve this a marketer will need to take a really informed and educated approach when planning your project marketing campaign.
Domain recently commissioned a research piece to uncover what the path to purchase is for a new development buyer and what influences them within this journey.
The image below demonstrates the buyer journey for a new development buyer.
It was uncovered in this research piece that the buyer journey can be broken up into 4 stages: imagine, realise, explore and financial commitment.
The average time that it takes a new development buyer to complete this buyer journey is 14.5 months, with this time differing based on the type of buyer.
Imagine: The imagine stage is where buyers begin to think about buying. This is an information gathering stage and is especially prominent for a first home buyer.
In this stage a buyer will typically spend a lot of time researching the different housing options available to them.
Realise: The realise stage is when a buyer tends to get a little more serious. During this stage, the buyer will start looking at display suites, talking to agents and will be more specific with their search criteria.
Explore: The explore stage is where the buyer begins to prepare for financial commitment. By this stage the buyer will have shortlisted some properties, they will understand what they can afford within their budget and have decided on where they would like to live.
Financial commitment: This is the stage where the buyer makes a commitment and places a deposit on their new home.
Purchasing property is an emotive decision with a lot of personal investment involved. Often, in the case of property marketing, marketing campaigns can become depersonalised and can take a broad brush approach.
By informing a marketing campaign with data, marketers can learn who their target market is, what their reason for purchasing might be and potentially even what they are looking for in this purchase.
With access to information about your buyer demographic and your buyers considerations, marketers will have the ability to create a specific and personalised message within their marketing campaign.
In the instance of the new development buyer journey, a project marketer can use this information to create specific marketing messages for each stage of the journey.
For example, a buyer who has just begun the journey would be investing a lot of time searching for information about their possible future purchase.
This highlights an opportunity for project marketers to be noticed at the correct time. Here, a project marketer should educate the potential buyer about their development through educational content pieces and marketing messages.
To learn more about the research that Domain uncovered about the new development buyer journey contact firstname.lastname@example.org.
The Urban Developer is proud to partner with Domain Media to deliver this article to you. In doing so, we can continue to publish our free daily news, information, insights and opinion to you, our valued readers.