BSBMKG501 Marketing Opportunities Identification Project - Assignment Solution

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: