How understanding your consumers can skyrocket your real estate sales growth

How understanding your consumers can skyrocket your real estate sales growth

Did you know that businesses that leverage consumer data outperform their competitors by over 85% in sales growth?

Yep, that’s a big mouthful of industry jargon to choke down so to make it easier, I’m going to go through how understanding your ideal clients in your real estate business makes it easier to market to them and get results.

Most realtors start with no real knowledge or training on how to build, manage, and grow a real estate business. It’s a shame. With more support and guidance, the industry’s failure rate (currently over 87%) might drop and give more agents a chance to make it through their first few years in business without having to throw in the towel.

The agents who succeed have one thing in common: They know who they serve and have a plan to make it happen.

Many factors influence how a home buyer or seller will perceive a marketing message. You need to understand how your consumers operate long before you put out a message to make sure you’re showing up in the right place, a place where they’ll notice and pay attention to what your real estate business has to offer. Imagine marketing to seniors on Snapchat. It just doesn’t work.

For example, the “Traditional” generation relies on cable television and print newspapers whereas a millennial is more inclined to use search engines and social media to connect with local businesses and seek information. Even slight demographic variance between different millennials can impact which social media platforms are best suited for your real estate business to have the biggest impact.

Using and collecting consumer data, in layman’s terms, means keeping track of your ideal client and how they interact with the world around them. Everything from their daily routine to their political affiliations can impact the success of your marketing.

When you start to build a marketing plan and put yourself out there, it’s important to keep track of both what works and what doesn’t so you know what messaging resonates best with your audience and can continue to deliver them exactly what they need exactly when they need it to build a relationship with your brand.

Before you get going, make sure you have a good understanding of your market, the type of audience you plan to serve, and how to get your marketing message in front of them at the right time. Crafting the right message only works if you put somewhere that the right person is going to see it and take notice.

Be one of the businesses that see 85% growth in sales by understanding your consumer.

Looking for help taking your business to the next level with a clearly defined marketing and business strategy? Let’s set up a 20-minute consultation and get you moving in the right direction. Click here and fill out the form to get started.

Marketing and selling to different decision making personality types

Marketing and selling to different decision making personality types

This week, two of my connections tried to sell me their services.

I was on the fence a bit with one, they have a phenomenal offer and it’d probably benefit my business greatly. As soon as they said “What if I told you you could grow your business 3x in two months?” it was over.

A ‘maybe’ that would’ve probably organically turned into a yes became a hard NO really fast.

It has nothing to do with their offer, it has entirely to do with my personality and their style of objection handling. I like facts, processes, and systems to support claims. Bold statements make me shudder.

For my type of person, “My program helps you by giving you a step-by-step process and an accountability partner” would’ve sealed the deal.

My money would’ve been gone faster than I could blink.

If you’re a salesperson or marketer, one of the most important skills you can develop is the ability to detect personality traits in your potential clients and respond to their needs. The majority of sales and marketing comes down to psychology and understanding how your target audience thinks, feels, and reacts.

If you don’t understand the people you’re trying to work with, you’re either going to push a lot of them out the door or not attract them to your service in the first place.

Here are four decision making personality types and how they impact your sales and marketing results.

Amiable

Amiable personalities value relationships and deeply personal interactions. They enjoy getting to know their salesperson the same way they’d get to know their closest friends and will often ask unrelated personal questions to build a relationship. Chances are they didn’t do a ton of research before walking into your store or stopping by your website and want you to explain it to them directly.

They want to know the results of your service and to have a vision of how their life may look with your help, hard facts and statistics mean very little to this personality type. Amiable people want to feel like they can trust you the same way they trust their best friend and appreciate being treated with the same personal interest.

Humanist

Humanists rely on their intuition and personal convictions to make a decision. Like amiables, they care deeply about personal relationships and want to feel that as a salesperson, you have their best interests in mind. They care deeply about the effect their actions will have on others, and even more how other people like them have benefited from your service/product.

Humanists speak in blanket statements as if they have all the facts, but are double checking to make sure their information is correct. They are often emotionally driven but have solid convictions and will stick to them at all costs. Facts and figures aren’t as important as the effect your service will have at furthering their personal goals. When speaking to a humanist, summarize after every long explanation. They appreciate the information but rely on simplicity.

Dominant

Dominant personalities are assertive, decisive, and know exactly what’s best for them. They expect information immediately with no dancing around the bush. It’s easy to identify a dominant personality based on the initial questions they ask. Instead of “How does your product solve XYZ problem?” they’ll say “I need to solve XYZ problem.” They don’t care about being your friend, rather how exactly your service can directly benefit them.

Give them information quickly to satisfy their need to make a quick decision. Dominants are confident and sure of their ability to make an informed decision, but enjoy learning about results. Dominant personalities are entirely faithful, if you deliver on your promises they’ll be your biggest advocates and keep coming back.

Analytic

Naturally, analytic personalities are curious and like to weigh all of the information before making a decision. They want to know facts and figures even if they’re entirely unrelated to their specific problem. Analytics often take a long time to make a decision while they weigh their options and analyze the information given to them. Don’t push an analytic person to make a decision, they will come to it on their own and run away if they feel pressure to decide faster. 

Chances are, they’re already well researched before they come to you. Give analytics facts to support your claims. If you say you can grow their business, they need to know exactly how. While most types care about the results, analytics care about the process and understanding how things work.

If you made it this far, you’re probably an analytic or dominant decision maker. The people who stopped shortly after my story ended are more likely humanist or amiable.

Learning to read how your clients make decisions will help you tailor your marketing and sales delivery to suit their personality and improve your results. The only way to learn is to practice. Listen to their needs and watch how they respond to what you put out.

Looking for help taking your business to the next level with a clearly defined marketing and business strategy? Let’s set up a 30-minute consultation and get you moving in the right direction. Click here and fill out the form to get started.