Marketing Mix Strategy For Real Estate
What is Marketing Mix?
Marketing Mix denotes a trick or tactic usually run by companies to promote their brand or product in the market. The 4 Ps – Price, Product, Promotion, and Place is the typical marketing mix technique used every time to introduce a new product in the market. But now the concept is adding more Ps like packaging, positioning, people, and even politics as the mix elements.
Although, in late 1950, the 4 Ps concept was popularized by Harvard Business School Professor Neil.H.Borden It is conceptualized in 1960 by E. Jerome McCarthy. This 4Ps concept is planned to help the markets to design their plan which can fit dynamic social and political realities and target the market.
Primarily the objective of a business is to develop the right product and make it available at the right place with the right promotion along with the right price to satisfy the consumer and simultaneously beat the business target.
Features of Marketing Mix
The marketing mix is a combination of certain words like product, price, place, and promotion used commonly in marketing. And almost companies and businesses follow this strategy to achieve their target. Given below are the features of the marketing mix: –
• Combination of variables
• Dynamic Concept
• All Variables are Equally important
• This applies to business as well as non-business
• Fulfilling objectives
• Co-related
• Customer-oriented concept
• Proper integration of marketing mix variables requires special abilities
What are 4ps of Marketing Mix?
The 4 Ps of the marketing mix is referred to as product, price, place, and promotion. So let’s understand it in more detail:-
Product – This can be your brand or goods available in the market and be available in different varieties with authentic details and features.
Price – When you set a price for the product and also you have added more discounts or offers and payment plans all these will be included in the price
Place – Place is something or somewhere you advertise your product. It can be personal selling, sales promotion, public relation, or through advertising.
Promotion – When you choose a platform to promote your product. It can be on social media, any site.
What are the 7 Ps of the real estate marketing Mix?
The real estate business is indeed a big platform and is associated with so many risks. To achieve success in the real estate business the most important thing is to understand the real estate marketing strategy. You must have witnessed that industry that is top in the real estate markets is following a 7ps planned strategy and this is quite important for the real estate business.
Let’s understand the 7ps
1. Product
In real estate, selling a home is the prime objective and generating revenue. Here your product is your home- your product is your extension and you have to provide complete details of the product in the market. To bring success in the business agents should work hard and maintain. As well as, the services associated with that product will target the audience and helps you to achieve success.
2. Price
This is the second step in the 7Ps; here the customer will pay you for what you are offering. Suppose the product is not listed properly then the strategy will not work. To make the strategy work you have to research the market and implement correct pricing strategies. This is helping your property to get the best position in the market.
3. Place
And in the third phase the “P” refers to “Place” where you have to make available your product in the market in right place. For instance, you are dealing with homes and you have to make sure that what you are promising to your customer must be available at that location at the right price. Your descriptions for homes should be clear, the information should be actual and the fact you will provide them with your product must be authentic with the right price.
This will impact the buyer positively while they verified the product and get exactly what you have provided in the information which will definitely attract the right buyer.
4. Promotion
This shows you all effort how you are promoting your product. Just mentioned in the above point how you are going to keep informing your buyers, clients, or consumers. In this stage, if you convinced them then you will be the winner.
And thus, you can use many ways to promote your products. For instance – social media, the best platform to use more skillfully will surely take you to the success you have set. In this competitive world using social media strategy and digital marketing tactics will give you a more positive result. This technique will help you to reach a huge audience in a short period of time.
5. People
In this stage, where the “P” denotes people – who are directly involved in the listing process. It talks about your team, the assistance or support staff who helps to run your business and mostly deal with clients, listing the inventory and product.
It is very much important to hire skilled people who can handle this part and can give you a positive result most of the time. And suppose they are skilled still you have to train them to get more positive output. From a real estate agent’s point of view; they are very much comfortable with the same vision and passion of people around them who helps them to achieve the target.
6. Physical Evidence
This is the most vital step where you have to show some physical evidence to your client to get convergence. Your goal is to meet or suggest the right product your clients want and do an effort to solve all their queries regarding the property.
Although, you have chosen the right product with the right price and presented them before your clients and still they are not happy or convinced with the product then still you should not get discouraged on your selling journey.
Because you cannot please everyone at that stage testimonials will help you and that will be the voice behind your brand. You have to run the previous testimonials as well as recent testimonials from your clients and will do the rest of your work. Social proof works and clients would not take less time to deal with the product on a positive note.
7. Process
This step shows the management of your product. In this stage, how you are communicating with your seller clients, share data with them, show them feedback, and property views, and let them guide you with the latest market data of every month includes.
The objective of showing all this information to the clients is to create transparency and how your marketing system will help them. In this process, you have to list the clients’ property in the MLS until the property is fully sold.
Pros and Cons of Marketing Mix Modeling
Marketing mix modeling has been present for a decade. This model is designed to guide the marketer’s investment where the model is providing better strategist which will definitely give you the best results.
And the target can be achieved through long–term practice, and aggregate data collection using regression analysis to key areas of opportunity. Primarily, MMM marketers focus on offline media channels like TV, radio, and the traditional form of advertising – print. Further, MMS also considers external factors which can influence long-term media trends, including insights into consumer behavior, water, natural disaster, holidays, competition, etc. Provides actionable insights.
However, MMM provides enough insight and does its best effort to optimize your business in the market still the method is gone old and no longer use these days.
Let’s understand the pros and cons of Marketing Mix modeling in depth
First, we will discuss the advantages of marketing mix modeling and then we will understand the disadvantages.
Pros
Marketing mix modeling includes internal and external factors and depends on aggregate data collection. It gives marketers a whole 360-degree of marketers view of prospective markets before taking any steps and this phase is quite essential for CMOs who later became responsible for allocating a budget for their business.
Cons
Although the marketing mix model offers you a timeframe of various data at a time still it can’t provide specific insight for personalized marketing. This can only give you an insight into current marketing trends, and behavior and help you to do better campaign budgeting and optimization.
FAQ
What is a marketing mix strategy?
It’s an effective strategy followed in all types of marketing and its impact is quite strong. Companies follow these tactics for better business output.
Will a marketing mix strategy be effective for the real estate business?
Yes, certainly. This method works well in all types of business and if the steps are followed in a correct manner then you can see positive growth in your real estate business also.
What are the 4 Ps of the marketing mix?
Marketing mix has several types of Ps but primarily 4 Ps are always on focus and they are known as product, price, place and promotion.
What are the 7 Ps of the marketing mix?
The 7 Ps of marketing are a product, price, place, promotion, people, place, and physical evidence. And all these are very much essential for the real estate business.
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