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ASSESSMENT TASK 2: Marketing Opportunities Identification Project
Preparation:
Business Objectives, Customers and Strategies:
Titicus Realtors are providing their real estate services in southern Connecticut. The vision of Titicus is to build a reputation as THE real estate agent for the first time home buyers, resulting in the elimination of competition. The focus is on a niche market: first time homeowners looking for a residence in suburbs with a commuting distance to NYC. The objective of the company is to provide relief to the first home owners and eliminating the fear with the process. The caring interaction, simple language, essential information and down to earth attitude are the factors that differentiate agents of Titicus its competitors. The current marketing strategies set by the management to achieve their goals by shepherding first-time home buyers are the increase in qualified leads, decrease non-qualified leads, conversion of qualified leads to clients, decrease of client switching to competitors, increase the number of clients that buy a home successfully within a year of initial inquiry, and increase customer testimonial of successful home buyers.
Market Trends and Developments:
The latest trends in the realtor market are the VR and AR experiences where buyers see a 360-degree view of all the listings, virtual home tours are perfect for qualified leads by combining real life with the digital world. Mortgage Interest rates are on a high after being on a standstill for a long time. Lastly Drone technology is being used to inspect the parameters and surrounding of the unit, implementing the drone shots in the regular unit tour video can impact the conversion of leads greatly. Social media is slowly becoming the primary platform to generate leads in this market. Top competitors are Re/Max, Keller Williams Realty and Weichert Realtors. The growing interest of Millennial has changed the face of the housing market. According to a blog post by online real estate company Zillow, 47% of millennial homeowners prefer the suburbs as compared to the rural areas. And they’re progressively more hopping to the starter home and trading up to somewhat bigger and more luxurious.
Potential marketing opportunities
- Opening a branch in the San Francisco suburban area to capture the growing clientele of the millennial in the technology sector.
- Detailed Video home tours with drone shots focusing on all facilities, attraction and neighborhood view with an added option of AR and VR Home tours from our online website, by making a client create an account. Resulting in more lead conversions.
- Engaging customers in the social media platform and providing free real estate advice online to increase quality leads.
- Create a mobile application where a client can book a home tour and upon reaching the destination the app will unlock the home and tour will be continued via pre-recorded voice message in the APP. This technology embedded opportunity can create hype in the market and increase word to mouth referrals.
Handouts:
- Organization Objective
- The vision of the Organization
- Target Market
- Trends and Developments
- Marketing opportunities
- Marketing Strategies
- Question Sheet
Print the Handouts for the meeting.
Meeting:
Business Objective:
The objective of the company is to provide relief to the first home owners and eliminating the fear with the process.
Target Customer:
A married couple living in NYC aged between 30-35 years old with a child or expecting a child either on rent or has a place of their own with the household income of at least $125,000 annually, interested in living in southern Connecticut in a home with a neighborhood in a beautiful town.
Marketing Strategies:
Growth in qualified leads (first-time home buyers) by 50%
Reduction in non-qualified leads under 5% of total leads
Conversion of qualified leads to clients increasing to 30%
Reduction of client switching to other real estate agents to under 10%
Growth in clients that successfully buy a home within a year of inquiry to 75%
Customer testimonials by 75% of successful home buyers
Trends and Developments:
The latest trends in the realtor market are the VR and AR experiences where buyers see a 360-degree view of all the listings, virtual home tours are perfect for qualified leads by combining real life with the digital world. Development in the market is that mortgage Interest rates are on a high after being on a standstill for a long time. Lastly Drone technology is being used to inspect the parameters and surrounding of the unit.
New and Emerging Market:
The growing interest of Millennial has changed the face of the housing market. Social media is slowly becoming the primary platform to generate leads in this market.
Competitors:
Top competitors are Re/Max, Keller Williams Realty and Weichert Realtors.
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Marketing Opportunities
Expansion of business in San Francisco: The growth in the housing market is currently due to the millennial focusing on the suburban area like San Francisco will cater the market of the technology-driven entrepreneurs or linked to a technology business in Silicon Valley. As our current target market in southern Connecticut also focuses on the millennial of NYC, capturing the market of San Francisco could be a beneficial expansion for the company.
Digital Tours: Attaining the technology to provide detailed home tours in Virtual reality
or in augmented reality with a feature of drone shots to view the neighborhood and the facilities around the house. The technology adaption can be exclusive as none of the competitors are following this trend, with the increase of leads by signing up on the website to book these digital tours.
Social Media: Engaging customers in the social media platform and providing free real estate advice online to increase quality leads.
Mobile Applications: Create a mobile application where all the listings are present and where a client can book a home tour and upon reaching the destination the app will unlock the home and tour will be continued via pre-recorded voice message in the APP. This technology embedded opportunity can create hype in the market and increase word to mouth referrals.
Ideas:
Currently serving the niche market in the area of Southern Connecticut, the business has an opportunity to expand its service in the suburban area of the San Francisco, with the technological implementation the millennial of San Francisco can be targeted with the same level of focus given to the customer with transparent information.
I would like the management to share their feedback on my research and ideas, and present ideas of their own; collectively we can attain growth of the organization.
Ideas by team:
After careful analysis of the market opportunities, the team suggested some of their own ideas achieve these marketing opportunities successfully
- Research on the market of San Francisco, Focus on Top three suburban areas
- Create a Feasibility
- Invite a technological company team to understand how digital tours can work.
- Strategies to enhance social media communication
The team concluded that creating a mobile application would not be feasible in this current state as the matter of security will reflect high risk.
Most Viable marketing opportunities
- Expansion of business in San Francisco: This opportunity is best to align with our company objectives, with the same target market the expansion could result in capturing this emerging market.
- Digital Tours: The technology adaption can be exclusive as none of the competitors are following this trend, with the increase of leads by signing up on the website to book these digital tours.
- Social Media: Engaging customers in the social media platform and providing free real estate advice online to increase quality leads.
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