Most real estate agencies use referral marketing as their main sales strategy; but as a complement to other mechanisms. Is it possible to achieve success and renew customer traction using this interesting technique? In this article brought to you by the team of Nova City Islamabad, we will see how it works and if it is possible to achieve more real estate sales using it correctly.
Your success in sales… Can it be my success?
The digital age (in its 4.0 stage) has made the marketing strategy outbreak reach unimaginable levels. If you were to leaf through the most prestigious volumes on 20th century sales strategies, you would see that those old cogs (although they presented logical variations) generally revolved around similar concepts.
Today, near the end of the first quarter of the 21st century, the panorama is considerably different from that. This has been influenced by the digital age, substantially. In what refers then to digital marketing, the current options occupy a vast universe, between detailed specifications for each sector and general ones. The ABCs of marketing, within a few years, will be almost endless.
In this regard, we could say that any sales strategy called “digital marketing” is capable of achieving optimal results. But… Are they really mechanisms applicable to all sales sectors? Just by asking ourselves this question, we will conclude that any strategy is capable of achieving more real estate sales for an agency; however, it must be implemented in such a way that it fits into the business model that it proposes.
What is referral marketing?
The so-called referral marketing is one range among the many belonging to digital sales. And it is a fact that it can work wonders if, as we said, it agrees with the business model of your agency. This technique of marketing has been widely used by the sales team of Kingdom Valley and it has helped them with generating a number of sales for the past year.
As a technique in itself, it is simpler than you can imagine. Referral marketing is applied in a constant offer to the client of prizes, economic remuneration or benefits of some kind (always around discounts). It also touches those who refer the products or services offered by the company, in the famous raffle, contest or reward “without obligation to purchase”.
How is it implemented?
Although there are infinite ways to execute referral marketing, it is implemented mainly in two ways:
Among the customer base
Through your personalized real estate CRM, or email database or telephone contacts. There you will find and be able to differentiate between hundreds of clients who it is vital to invite them to take part in promotional raffles, promotional discounts or offer them great benefits; and on the other hand, who to invite to participate in other minor draws.
It is convenient to have clearly identified the different types of customers so as not to confuse them in their categories. Referral marketing considers key to know what to offer to whom. Would you offer the same discount on real estate advice to a client who has just sold their property through your agency, as to an unsuspecting contact person?
In this case, if your investment is lower and you decide to give away (for example) subscriptions to the agency’s newsletters, you will find in the contacts and in anyone who wants to intervene a probable lead, and even a future prospect.
The confusion with affiliate marketing
The strategies used in referral marketing, aimed at achieving more real estate sales, are often confused with those of affiliate marketing. While the “referrals” presents a more personalized and friendly message, the “affiliates” instead proposes a strategy more free from chance; Through the use of general or neutral banners, a specific service or product is promoted aimed at whoever sees it. In this way, anyone can access the same “prize”; both clients and total unknown by your agency.
How to know if our work model fits?
To know if the agency model (or any company in general), it is necessary to clearly know two points:
- What do you offer as discounts, promotions or services?
- What is your audience niche, former clients, current prospects, etc.
These two points are vital. But why? Well, because since our advertising launch will perhaps also reach contact contacts, perhaps the service or discount you offer does not impact on the indicated group or that could be considered as a “potential customer”.
This drawback, of course, does not occur to those who run affiliate marketers. Being an advertising message destined to fly through the air without a personalized factor as the main banner, when implementing it you will focus more on the number of places it can reach, than on the quality of an address programmed in advance.
What is the most important thing when implementing it?
The best thing about marketing in the digital age is that you can try different alternatives as many times as you want or within your reach. Thus, perhaps implementing referral marketing is another alternative, worthy of being evaluated by your sales department, or by you if you are an independent real estate agent.
If you have finally decided to incorporate it into your sales strategies, the most important thing will be to carry out a good prior field study. Define the clear objectives of your agency; what type of market is targeting (zonal, commercial, summer, youth rental, etc.); what is the budget you manage to face it; understand and have your receiving clients classified by age, preferences, solvency, etc .; Know to what extent your agency is willing to offer promotions and discounts without these signifying a significant loss.
As you can see, there are many previous measures to take into account before facing referral marketing in order to achieve more real estate sales. However, do not think that it is the only methodology that consumes time and energy. In fact, they all do. What is your experience in digital marketing strategies?
If you find yourself in a situation that you cannot solve on your own, do not hesitate to go to Skymarketing where a team of professionals will be at your disposal and will help you throughout the process.
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