Research conducted in 2020 by the Property Marketing Strategists has surveyed marketing opinions and uses within the property sector. Responses came from marketers and senior leaders working in the private rental sector, including BTR, Co-Living and Purpose-Built Student Accommodation (PBSA).
Property is long-term, whether you’re selling or renting to know that that product will be around for years to come. Therefore, research is important for understanding changes in the industry and how to improve construction, development and technology in the future. However, 82% of those surveyed said that they believe not enough research is being done.
Research is vital during and post-COVID-19 for understanding how we can develop the property market and adapt to the changes taking place. This type of information is valuable for all property developers, businesses and property investors looking to make good and profitable choices. Understanding the customer or demographic and what they want is vital for any industry. As the property sector develops and grows, there are more opportunities to innovate and deliver exciting, new properties to stand out from competitors.
The research has also highlighted the importance of branding and defining what a brand is. The survey revealed that there is confusion in the property sector about what marketers and non-marketers believe is a brand and the level of importance a consumer places on a brand. 21% of non-marketers do not believe that brand is essential to their consumer, with 9% saying it was very important. However, 22% of marketers surveyed said the brand was very important to their consumers.
Brand and reputation are vital to the sustainability of any business. Branding is a long-term investment in the image of your business. When done correctly, consumers will relate your brand to high-quality property.
So what role does marketing have to play in the property market?
The research has found that marketing generally has a role to play across businesses when it comes to influence and engagement with consumers. 77% of those surveyed said marketing was important for operations, and 82% said it was high for involvement in sales. However, only 59% considered it essential for product design and 49% for acquisitions.
Property investors and property developers need to consider the impact marketing can have on creating products consumers want. By reaching out to consumers about your brand and asking for their opinions via comments, surveys or phone calls, you can start developing future products which are better suited to the consumer. Marketing is vital in this aspect for understanding the customer and the product, engaging with the real-world people potentially looking to purchase or rent your properties.
What has to be the most shocking statistic from this research is the 53% of senior board-level responders saying marketing was not a board-level position. Effective marketing strategies that impact your business are those where every department and member understands their role. Strategic marketing can benefit organisations, as without engagement and the ability to adapt your business to suit the consumer’s needs, then a marketing team cannot deliver to its full potential.