New home demand has cooled a little, but with median home prices up 10.3% nationally from this time last year, it’s still a seller’s market. Given the market conditions, many builders have dialed back their marketing budgets and focused on operational issues, but savvy builders are now refocusing on brand presence, customer experience and positioning for a successful Q1. Yes, already.
Driving brand awareness
As home appreciation has soared, many potential buyers found themselves priced out of a skyrocketing market, with wild bidding wars and record low inventory proving too much for them to continue their home searches. In fact, as recently as June, 64% of buyers believed it was a bad time to buy, and instead decided to rent or stay put. However, that does not mean their desire to buy has been permanently erased; this is still a very viable audience who likely are still conducting their own online searches to stay abreast of what’s available in their desired area.
Be present where future homebuyers spend their time. Online. Paid searches on Google and paid ads on relevant real estate websites and social media pages help keep you top of mind with potential buyers. You can also leverage the newest tools on social platforms, like Instagram Stories or Facebook Reels, for virtual home tours or to capture a community’s unique amenities or resident activities. No matter what organic or paid content you land on to get fresh leads, it’s usually about driving traffic back to your website. That means a potential site refresh if inventory isn’t up-to-date, graphics and copy need a facelift, or you’re missing opportunities because you aren’t telling a compelling and effective brand story that’s relevant to today’s buyers.
Staying competitive in a hot market
Demand for housing may still be outpacing available inventory, but you don’t want to ignore how your brand shows up. After all, maintaining an easy-to-find, salient presence online and offline is critical for staying ahead of the competition.
One important – and easy – way to differentiate your marketing strategy is to research your competitors. What platforms do they use, what’s their messaging and what audiences are they targeting? Are they mostly online, or do they leverage more traditional marketing like out-of-home or print ads? These insights may indicate where your competitors are not in the mix, and thus help you position your brand to stand out and drive engagement with your potential buyers.
Protecting your brand’s reputation
The market is still hot and there are downsides to this supercharged demand: home delivery delays, supply chain strain, strained affordability in most markets – all of which can potentially lead to less-than-favorable customer experiences. We’ve written before about negative reviews and how to handle them when they happen, but the market is at a juncture where builders can’t afford to let their reputation take a hit. Proactively addressing any potential sore spots with buyers through transparent messaging helps to set realistic expectations and preserve – if not elevate – your brand’s reputation.
Last year, Cottonelle addressed the toilet paper shortage head-on with its #ShareASquare campaign to discourage panic overbuying and spread some kindness. Partnering with United Way, they pledged to donate $1 million plus one million toilet paper rolls to United Way’s COVID-19 Community Response and Recovery Fund, and for each person who used the unique hashtag, the brand would donate an additional dollar to the fund. It was a creative and effective way to ease customer concerns and elevate public perception of the brand with strategic, well-timed marketing.
No matter how strong sales continue to be, smart builders will keep their marketing efforts fresh and meaningful to potential buyers. Not only does it put those brands ahead of the pack in a highly competitive market, it also drives engagement and awareness with new audiences and, ultimately, builds brand trust for the long haul.
If your brand could benefit from a fresh look at its marketing strategy, we can help. Connect with Barbara Wray at barbara@wickmarketing.com or (512) 479-9834.
