Assessing the real estate marketing activities of some real estate investment businesses today, most businesses have implemented marketing activities, but have not paid attention to the marketing management function. Marketing activities are conducted sporadically, there is no synchronization of activities leading to overlapping marketing activities and no department responsible for main marketing activities. There are businesses that have performed the function of marketing management but do not have the inspection and control of proposed marketing plans and strategies.
Stemming from the general marketing management process, the proposed real estate marketing management process is as follows
1.Analyze market opportunities
Enterprises operate marketing information systems to collect information about real estate in the market and competitors, thereby discovering real estate investment opportunities. At this stage, it is necessary to try to penetrate the market as soon as possible, from which to devise appropriate marketing strategies.
Network and market expansion analysis can be used to assess the advantages and limitations, as well as the prospects and deadlock of real estate products in the target market, and then from the results. that analysis formats the market opportunities for the product.
- Market penetration: attracting customers of competitors thanks to price reduction measures, increasing advertising budgets and improving promotional content …
- Market expansion: This is a strategy to deploy existing products to new market segments with the desire to reduce the amount of real estate inventories thanks to the promotion of new customers. To do this, marketers must analyze market segments according to the most basic characteristics, such as income, age, gender, buying behavior, usage purposes … to discover customers. potential and reach them with appropriate marketing solutions, to turn them into real customers of the business.
- Product development: To capture market share and increase purchasing power in the existing market, managers need to consider innovating existing products or offering new products to their customers. Marketers can advise customers on changing real estate products with higher quality, richer types, more aesthetics, perfect service, maximizing the use of the area or offering New products promise new benefits… all are aimed at directing customers to the company’s products.
- Diversifying products: Receiving feedback from customers about the real estate products of the business, thereby changing the design suitable for each customer, helping customers to be more flexible in choosing products. Products
Research the real estate market and select the target market
Market research is an activity that cannot be ignored in order to make appropriate marketing decisions in the current circumstances of the business. This is the first step in the marketing manager’s decision-making process. Basically, marketing research helps businesses find opportunities, threats, challenges from the market, and the marketing environment; assess the project’s likelihood of success or risk objectively, from which the enterprise will have a plan to adjust the marketing program to the most suitable. For each different real estate project, the marketing research objectives will be different, but in general, there are some basic marketing activities that are usually performed to support marketing decision-making such as:
- Market research: Identify advertising messages, effective means of advertising, market structure and growth rate, and determine market share.
- Research on the shopping behavior of users: Find out customers’ usage habits and adaptability to real estate products.
- Price research: Analyzing costs, competitive prices, price sensitivity of users
- Distribution research: Analyze existing commercial intermediaries, evaluate the performance of current distribution channels.
- Sales promotion research
Market segmentation and target market selection
Market segmentation is the process of dividing the overall market into different groups of customers according to certain criteria so that each group of customers has common characteristics, needs, and behaviors of using products. real estate products are the same. In the real estate business, customer segmentation is mainly based on the following factors:
- Geographic factors: geographical area, size, population characteristics, climate.
- Demographic factors: age, family size, family life cycle, average household income, occupation, education, ethnicity, nationality.
Lifestyle: social status, personality.
- Consumer behavior: reasons for buying, benefits seeking from products, brand loyalty …
After completing the market segmentation, it is necessary to define the target market for each group of real estate products. The selection of the target market should also be determined based on certain standards, including measurable, large enough, and able to do marketing. In general, target markets are selected mainly on the basis of the suitability of the current resources of the business, with high and solid growth rates and dependence on market demand.
Planning a marketing strategy
Based on the analysis in the above steps, based on business strategy, building and choosing the most appropriate marketing strategy to guide the entire marketing activities. For real estate products, it is advisable to choose a differentiated marketing strategy, which is to build and implement many marketing strategies with different measures on each market segment. From there, we can identify the differences between the market segments and each market segment applies its own strategy to maximize the ability to gain market share and expand business markets.
To build a system of marketing strategy, it is necessary to analyze the internal environment of the business to discover strengths, weaknesses, opportunities, and challenges. Using SWOT matrix as a tool for strategic analysis, review, and assessment of the position, direction for effective marketing activities
Set up marketing – mix
Marketing – the mix is a set of controllable marketing methods, coordinated using four policies: product policy; price policy; distribution policy; policy of communication, and promotion to provide the necessary response in your target market to achieve your marketing goals. At this stage, businesses can combine and adjust flexible policies according to changes in the real estate market.
In addition, real estate businesses also need to estimate marketing budgets, possibly according to sales targets, market share targets, according to the level of competition … and must distribute this budget for real estate products. distribution channels, means of sales promotion.
Organizing and controlling marketing activities
Organize the implementation of marketing activities
The new building marketing strategy is only in the draft form, showing the plans to be carried out in the future, so it is necessary to turn those plans into reality by organizing the marketing strategy in a useful way. brand.
Content of organizations implementing real estate marketing strategies include:
- Organize the marketing department appropriate to the size of the business: the marketing department must implement marketing strategies on the basis of the planning of the marketing managers and be directly managed by the enterprise’s board of directors.
- Develop specific marketing activities.
- Develop a system of rewards and decisions. Build a positive work environment that motivates the overall efforts of the marketing staff in general and corporate employees to work together in fulfilling their marketing goals.
- Developing human resources capable of implementing designed marketing programs.
- It is necessary to check marketing activities to ensure that the implementation is progressing according to the strategy, as well as make the necessary adjustments to achieve the goals.
Control marketing activities
The job of the marketing department is to plan and control marketing. No matter how perfectly designed a marketing plan, during the implementation process can still arise many problems that need to be resolved, so the marketing department must regularly monitor and control marketing activities. If the marketing control system works well, it will ensure that the marketing activities in particular and the business, in general, achieve their goals with high efficiency.
The clarification of the real estate marketing management process has a positive effect, can be applied to solving problems related to the organization and management of marketing activities of real estate investment businesses. The article has pointed out the importance of marketing management and the proposed real estate marketing management process, contributing to more convenience in implementing management functions for businesses.