In the world of real estate, businesses often struggle to maximize the lifetime value of their customers. Frustrations range from the inability to capture leads, fully and engage with customers throughout their lifecycle, and a lack of meaningful data and customer profiling. However, by adopting a person-centric approach, real estate organizations can transform how they interact with customers and increase their lifetime value.
In this article, we will explore the frustrations real estate-focused businesses face, the benefits of a person-centric approach, the three key wants of real estate leaders, mistakes to avoid in increasing lifetime customer value, and how Triggerfish's approach to implementing your digital experience platform (DXP) can solve these challenges.
Real estate-focused businesses face three key frustrations that limit their ability to increase lifetime customer value. First, agents cannot maximize the leads generated from the website and are often unmotivated to qualify and follow up because lead collections and distributions are manual, not central, and primarily managed by agents and separate franchises.
Moreover, there are missed opportunities to create a more holistic value offering to the entire customer base, as the business is focused on the property or transaction rather than the relationship of the customers (buyer/seller) with the company.
There is no meaningful data about the customer base because data is missing or siloed, making it impossible to do customer profiling and engage during the customer lifecycle stages.
A person-centric approach to real estate enables businesses to focus on the relationship with the customer rather than just the transaction. By understanding the customer's needs, wants, and motivations, companies can create a more personalized and engaging experience.
This approach also helps to build trust and establish long-term relationships, which increases the customer's lifetime value.
Real estate leaders and property-focused organizations want to avoid the frustrations of the traditional approach and embrace a person-centric system that generates more lifetime customer value. There are three key wants that real estate leaders and property-focused organizations have:
Through their DXP, central lead management identifies and qualifies meaningful leads to be distributed to their network.
A business focused on creating meaningful relationships and growing value during the entire customer lifecycle (as buyers, sellers, investors, or renters).
Rich customer lifecycle profiles that continuously update buying and selling intentions of customers.
It is essential to avoid making inevitable mistakes to achieve these key wants. The first mistake is placing the property at the center of the relationship between customers and their business. This creates a transactional relationship that ends when the transaction is over. Instead, real estate agencies should focus on building customer relationships throughout their entire lifecycle.
The second mistake is the franchise model that separates the corporate business lead management process from siloed data collection.
The third common mistake is neglecting to keep DXPs like Sitecore up-to-date. Without the most updated version of the platform, organisations struggle to maximize the features available to them, which can lead to a lack of understanding of where customers fit within the customer lifecycle and an inability to market to those customers to increase their lifetime value properly.
Triggerfish understands that real estate and property-focused organizations need an ongoing, digitally supported sales process focused on the customer, not just the property or singular transactions. Triggerfish provides an intelligent approach to DXP implementation that identifies sell/buy intention and readiness at any stage of the buying/selling lifecycle of the customer. Our approach is person-centric and generates more meaningful relationships, increasing lifetime customer value.
We will implement several key features that help real estate agencies achieve their needs and avoid common mistakes. The first is central lead management, identifying and qualifying meaningful leads to be distributed to your network.
This feature eliminates the manual, agent-managed lead collection and distribution process that can lead to missed opportunities.
Another key feature is the ability to create meaningful relationships with customers throughout their entire lifecycle through meaningful use of Sitecore personalization, segmentation and first party data collection and analysis.
A final excellent feature is the rich customer lifecycle profiles that continuously update buying and selling intentions of customers, allowing for more personalized and effective marketing.
The real estate industry faces unique lead and customer relationship management challenges. However, these challenges can be overcome by adopting a person-centric approach to real estate and using the right tools and features of your existing Sitecore DXP. By doing so, real estate leaders and property-focused organizations can increase lifetime customer value, create more meaningful relationships with their customers, and ultimately grow their businesses.
Triggerfish offers a range of skills to implement the features that enable real estate businesses to achieve these goals, including central lead management, rich customer lifecycle profiles, and personalized experiences for each customer. By providing a comprehensive view of each customer's journey, we can empower real estate businesses to engage with their customers more meaningfully, build trust, and create loyalty.
Real estate businesses prioritizing a person-centric approach and adopting the right tools will be better positioned to succeed in the competitive real estate and wider property market.