The pillars of marketing are these 7Ps. Once you have devised a marketing strategy you should visit and re-visit these 7Ps to re-evaluate your business activities. The market is highly dynamic and we as marketers need to keep a close eye on the ever changing nature of the same. These 7Ps act as an guide in our journey. Let us visit this 7Ps today from real estate marketing point.
Product : To create effective marketing communications understanding of the product is very important. You need to be well versed in the USPs of the product, the challenges, the differentiating factor etc. of your product. Based on your product knowledge you can devise your communication strategy. You should know which features of your product to highlight when to create a differentiating factor in the market.
Eg: Here in the below mentioned communication the USP is the the location of the product and then project status. Here, the headline speaks profoundly about the location advantages and 1000 happy families in the sub-headline speaks about the status of the project. The communication has been crafted well to communicate to the audience about the product.
Promotion : The second P is the promotional strategy of the product. You should know how to position your product in the mind of the consumers and how to market the same. Promotion is how you tell your customers about the product, create curiosity about the product and then market and sell it. The communication language in the product can work wonders for your product if they connect well with the audience. But, you should also remember what works for one product might not work for the other. So, you should be dynamic and need to be a keen observant of the market and the competition.
Eg: Check below three different ads from the same developer and their positioning depending on their product features. Each product has been placed in the mind of the consumers with the help of the communication, headlines and images used.
Price : The third P being the most crucial Pricing as it determines the product velocity in the market. Keep a close eye on the market conditions which will help you design your pricing strategy. Sometimes you need to lower the prices of the product and sometimes you need to increase the prices. Often schemes, offers and value ads help sell your product. Whenever you face challenges in selling the product, keep an open mind and re-visit your pricing strategy. Understand the market conditions and devise the strategy which would work best for your product.
Eg: At the onset of COVID developers across the nation had come up with various offers to accelerate the sale and liquidate the properties.
Place : The fourth P is the place where your product is sold actually. The place where your customers will meet your sales person or make the purchase decision.
Depending on the category of the product you are marketing you need to strategize your placement strategy. For eg: luxury products are primarily sold through Channels partners or consultants. While products in the value category witness traction through direct marketing. There are certain product category which responds well in digital channel, while others get good results through exhibitions or events. Also, there are certain markets where the channel partners will be able to distribute your product to a much larger target audience as compared to direct marketing.
Hence it is very important that you should understand the product you are selling and the market your are selling in, to devise the correct placement strategy for your product. This understanding will help you to meet your customers at their preferred location, connect with them and eventually help them to make their purchase decisions.
People : The right people at the right place is an essential key to marketing mix. The right people at the right place makes all the difference. The customer experience at the site is provided by the people present at site, the product positioning is created by the marketing manager, the product selling is done by the sales manager. If a customer , experiences a satisfactory service from enquiry to conversion he/she will become a loyal customer and even your brand ambassador. But for that to happen the placing the right people at the right touchpoint of the customer journey is very important.
Process : The flow of activities that take place when a customer interacts with the business. The flow of activities from awareness to consideration to purchase to post purchase experience should be well knit and seamless. This makes the customer comfortable and enhances the customer experience which eventually helps you in retaining customers and at the same time adding more to your list due to brand value and word of mouth in the market.
Physical Evidence : This part even comes as a part of customer experience, the site experience and the process by you showcase your produce once they come to site also plays a crucial role in the journey. When the customer visits the sales gallery and interacts with the sales person it is when the customer experiences the product for the first time. This first interaction of the target audience with the product should be made memorable and enjoyable for him, which eventually helps in conversion rate. Creating a positive atmosphere at site has helped in multiple cases to increase the conversion rate.
Above mentioned the 7 P’s of real estate marketing. Working upon all the 7ps and providing a seamless experience to the customer is the key to a successful marketing campaign or plan.
