In the modern real estate business landscape, top companies are embracing relationship-focused marketing strategies that not only attract new customers but also nurture strong bonds with their current ones.
This approach is all about fostering loyalty through lasting connections.
And here's the interesting part – various studies have actually confirmed that cultivating these long-term customer relationships can significantly boost your profits.
Take Fundera's insights, for instance: they found that a considerable 65% of a company's business comes from its existing customers. Plus, around 43% of customers tend to spend more money with brands they've developed loyalty towards.
But let's be real – even though the benefits are crystal clear, some real estate companies are grappling with shifting toward a customer-centric mindset and consistently delivering those positive experiences.
Consequently, this situation often leads to customers jumping ship and seeking alternatives elsewhere. Therefore, real estate companies are trying to be customer-centric rather than being business oriented.
Now let's talk about the real game plan – how can you make sure your customers stick around and keep coming back for more?
It might be time to give your sales strategy a fresh look and tap into the potential of something called a relationship funnel.
While they may share a common objective, they're not quite the same thing.
A sales funnel revolves around the process of making a sale, aiming to attract both new and returning customers.
On the flip side, relationship funnels have a different game plan – they're all about nurturing trust, offering value, and ultimately forming those lasting connections with your customers.
Let's talk about why relationships hold such significance.
Just like in our personal lives, business connections thrive on mutual advantages and trust.
Now, when it comes to relationship funnels, the name speaks for itself – they prioritise relationships over selling.
This might seem a bit counterintuitive for your company's growth tactics, especially when sales often aim for speedy returns.
But remember, in the long run, it's those relationships that truly stand the test of time!
But here's the silver lining: people are naturally drawn to positive experiences, and they're more likely to make a purchase when they feel a genuine connection with a company.
Whether it's a flashy Facebook ad, a handy Google search result, or a friend's enthusiastic recommendation, the magic of customer relationships starts right from the moment someone finds out about your business.
Now, let's kick off the journey by crafting customer profiles.
These profiles are like your secret weapon. They're all about understanding the nitty-gritty details and special needs of your potential customers.
And trust me, they're a game-changer.
These profiles give your marketing, sales, and support teams a full 360-degree view of your customers. It's like capturing their essence in a nutshell – helps you tailor your approach perfectly
Here's a trick to make sure you've got all the details about your future and current customers – say hello to real estate Customer Relationship Management (CRM) systems.
These sophisticated tools provide the structure and capability to not only create and manage those essential customer profiles but also to holistically manage the entire lifecycle of customer interactions.
Real estate CRM systems aren't just about data storage; they empower your teams to drive proactive engagement. With automation and analytical features, you can identify trends, predict customer behaviour, and address concerns.
In essence, CRM systems elevate customer relationship management from a manual, segmented process to a holistic, intelligent strategy. They enable businesses to treat each customer as an individual, which not only leads to improved customer satisfaction but also enhances your brand's reputation.
Customers come and go – that's just how the real estate world works.
But the real magic happens when you not only attract customers but also keep them sticking around.
Here's a head-turner:
Grabbing a new customer can cost you five times more than hanging onto an existing one.
Let's not forget, boosting customer retention by just 5% could turbocharge profits by 25 to 95%
As customers roll into your sales pipeline, having a killer nurturing strategy can really amp up those relationships. But here's the twist: nurturing isn't about selling.
It's all about those win-win moments where both sides benefit – think giving something valuable, upping skills, or opening doors – all without a sneaky sales pitch.
Building and developing relationships might take some time, but with the right moves in your relationship playbook, you can guide more customers towards a lasting bond with your real estate business.
Check out these 3 smart strategies for nurturing relationships that you can put into play today
A customer-centric real estate CRM empowers agents to engage proactively, addressing concerns, following up on inquiries, and providing relevant information at crucial decision-making stages.
By understanding client timelines and preferences, agents can guide clients through a seamless journey, fostering trust and loyalty. In an industry built on relationships, a customer-centric approach within a real estate CRM system is the cornerstone of building enduring connections and creating a reputation for exceptional service.
Even though we're in a whirlwind of evolving communication methods like social media and mobile gadgets, good old email still holds its ground. In fact, 77% of folks choose email as their favourite way to chat.
And guess what?
It's a winner for business pros too. 80% think email marketing keeps customers coming back, and 59% say those marketing emails actually sway their buying choices.
Say goodbye to the old-school cold calls and demos – social selling the new kid in town. Instead of chasing leads, you're building connections on social networks. It's like catching up with pals.
Social selling lets potential customers naturally interact with your sales team.
The game plan?
Listen in to what folks are saying on their profiles and networks, then address their needs online. And when it clicks, a cool 31% of business pros say social selling deepened their customer connections.
Think about it this way – customer experience (CX) is like the total sum of every little interaction a customer has with your business.
It covers everything from their initial discovery to what happens after they've made a purchase.
Now, a customer experience strategy?
It's like your action plan for making sure each of these interactions is a delightful one.
As you journey through your relationship funnel, this strategy acts like a compass, steering your sales and marketing teams towards a shared mission: crafting memorable experiences and forming strong connections with customers.
Let's dive into a few key things that shape this experience:
Let's not forget the pinch of gold from McKinsey – they found that if you shift your organisational mindset to truly focus on the customer, along with some operational and tech upgrades, you could see customer satisfaction soar by 20% to 30%.
An ICLM comes in handy for achieving this strategy!
An integral component of achieving an exceptional customer experience strategy is the implementation of an Intelligent Customer Lifecycle Management (ICLM) approach.
ICLMs such as propflo serves as the cornerstone of coordinating every touchpoint a customer encounters throughout their journey with a business.
By seamlessly integrating marketing, sales, customer service, and post-purchase engagement, companies can ensure a consistent and personalised experience at every stage.
This entails leveraging data-driven insights to anticipate customer needs, tailor interactions, and provide timely solutions.
By implementing an ICLM strategy, companies can carefully craft a unified storyline that deeply connects with customers, spanning from their initial exploration to their interactions after making a purchase.
By aligning teams around a shared mission of customer-centricity, organisations can cultivate lasting relationships, enhance loyalty, and deliver the kind of seamless, enjoyable experiences that customers actively seek and value.
In the realm of real estate, adopting a customer-centric approach within a CRM system is pivotal to creating a successful and thriving business. By integrating a comprehensive real estate CRM, agents and agencies can capture not only the basic details of clients but also gain deeper insights into their preferences, needs, and aspirations.
This enables personalised communication and tailored property recommendations that resonate with individual clients, enhancing their overall experience.
A customer-centric real estate CRM empowers agents to engage proactively, addressing concerns, following up on inquiries, and providing relevant information at crucial decision-making stages.
By understanding client timelines and preferences, agents can guide clients through a seamless journey, fostering trust and loyalty. Furthermore, a well-implemented CRM system facilitates streamlined communication among team members, ensuring consistent and coordinated efforts in serving clients.
In an industry built on relationships, a customer-centric approach within a real estate CRM system is the cornerstone of building enduring connections and creating a reputation for exceptional service.
1.What is a relationship funnel?
The buying process that results in attracting new and returning clients is the focus of a sales funnel. Contrarily, connection funnels place a greater emphasis on fostering relationships with clients by providing value and fostering a culture of trust.
2.What is the purpose of customer centricity?
Customer centricity is a way of thinking that encourages the following behaviours in organisations by assisting them in making decisions based on a thorough grasp of how those actions will affect customers and end users: Putting the client first means directing the organisation's attention toward a few, selected user segments.
3.What is customer centricity and its elements?
According to PwC, customer-centricity is crucial for generating profits and is defined as proactively coordinating aspirations and making specific decisions about capabilities, systems, operating models, and cultures.
4.How do you build customer centricity?
You must commit to a set of principles and instill them across your entire organization if you want to create a business that is centered around the needs of its customers. It's not always simple, and it's not always natural. However, if you are successful, it will immediately and favorably affect your bottom line.
