At some point, we all struggle with how to go about attracting and retaining prospects in a constantly changing environment, in particular, the volatile real estate market. So what should smart agents know?
For starters, you must understand all of the new guidelines and policies that were put into place for you, as a Realtor, new and not-so-new technologies, and develop action plans around those things in order to find, serve and retain more customers.
Without customers (i.e., renters, home buyers, and other Realtors), your business will fail.
- You must understand customer behavior
- You must design your marketing strategies around customer's behaviors and needs
Without profits that are generated from your customers, your business will fail.
- The business' profits must be sustainable over a specific period of time (known as a lifecycle)
- The business must foresee, forecast and build a profit model that takes into consideration all possible contingencies
Real estate professionals must understand their customers’ behavior in order to influence, acquire and serve them effectively. When it comes to understanding your customers, there are some key steps that renters and home buyers will pass through, for example, and we are sharing 3 of the 5 today:
- Unaware prospect
- Trial customer
- Loyal customer
Many behavioral and marketing strategy studies, concerning increasing profitability, consistently note that businesses must gain a better understanding of their customers in order to be successful. Therefore, customer acquisition strategies need to take place before you can retain the customer and presumably be loyal to your product or brand.
Next time, we'll discuss the 6 key areas in which you can derive your customer acquisition strategies from.
The G Co Group Blog Team