English
Building a Customer Database: Foundation of Real Estate Growth
- A customer database❓❓ is the backbone of sustainable growth in real estate❓, transforming from a contact list into a strategic asset.
- A customer database❓❓ is a gold mine containing the potential for growth and profitability.
- A customer database is a knowledge repository, a customization tool, a prediction engine, and a multiplier of marketing❓ efforts.
- From a CRM perspective, the database is the core component for targeted and relationship marketing, focusing on understanding customer needs and building long-term relationships.
- Database Value (DBV) = Σ (Customer Lifetime Value (CLTVi) * Retention Probability (PRi)).
- Strategies for building a strong database include online subscription forms, landing pages, social media, real estate exhibitions, referrals, partnerships, and search engine optimization (SEO).
- Essential information to collect includes contact information, demographics, property preferences, interests, and customer source.
- Diffusion Theory helps identify effective channels for reaching potential customers❓.
- Reciprocity❓❓ Principle: Providing value increases the likelihood of obtaining customer information.
- CRM programs help in data collection, organization, analysis, process automation, interaction tracking, and customer service improvement.
- Examples of CRM programs used in real estate: HubSpot CRM, Salesforce Sales Cloud, Zoho CRM, Pipedrive, Real Geeks.
- Pareto Principle (80/20 rule) can be applied to identify the 20% of customers contributing 80% of revenue.
- Queueing Theory helps in analyzing peak times in customer requests, enabling effective resource allocation.
- Database segmentation involves categorizing customers based on specific criteria to improve targeting, efficiency, and response rates.
- Types of customer segmentation include demographic, geographic, behavioral, psychographic, customer status, and interest level.
- Potential customers are classified as either Warm Leads or Cold Leads. Warm Leads need follow-up and personalized offers, Cold Leads need general marketing campaigns.
- Value-Based Marketing emphasizes understanding and delivering the value customers seek.
- Probability Theory can estimate the likelihood of converting potential customers into actual customers.
- “Inner Circles” are individuals who trust and support the company, serving as referral sources and word-of-mouth promoters.
- Strategies for building and growing inner circles include excellent customer service, continuous communication, organizing events, referral programs, requesting testimonials, and building personal relationships.
- Social Network Theory❓❓ explains how information spreads in social networks.
- Consistency Principle indicates that people tend to act consistently with their beliefs and values.
Chapter Summary
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Building and managing a customer❓ database❓ is essential for real estate❓ marketing❓ growth, transitioning from traditional lead generation to modern systems.
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The customer database❓ is a strategic asset with tangible value, not just a contact list. A larger, more accurate, and updated database increases opportunities to reach potential customers❓❓ and achieve sales.
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Strategies for building a robust database include: gathering relevant contact information❓ (demographics, preferences, needs, purchase history), using CRM systems to organize and manage the database, track customer interactions, and analyze data; and segmenting the database based on criteria like age, income, location, and real estate interests to customize marketing messages. Classifying the potential customers (Known and unknown), building and developing “inner circles”.
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Database development requires continuous updating and adding new customers through various marketing channels.
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Systematic and effective communication with potential customers includes: An 8x8 program for building a strong initial relationship, A 33 Touch program for building long-term relationships through regular communication, A 12 Direct program for personal marketing through direct communication; and crafting compelling content relevant to customer interests and needs.
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Building and managing a customer database is a strategic investment for sustainable growth in real estate marketing.
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Implications include: increased sales opportunities, improved marketing effectiveness, stronger customer relationships, informed decision-making, competitive advantage, adopting modern marketing strategies, and developing a customer-centric culture.
