Over the last two decades, the real estate industry has grown exponentially, attracting new investors and developers in the field. An increase in key players means an increase in competition, with every realtor looking to score new leads and sell their services and properties.
However, to attract new clients, realtors need to show their prospects what sets them apart from their competition and why it is advantageous to work with them. The language you choose for your marketing strategy will help set the pace for you and even help with connecting and building relationships with both current and prospective clients.
As a developer, contractor, or real estate agent, one of the most important marketing statements you need to work on is your value proposition. Through this statement, you can communicate effectively to your target audience, presenting them with information on your products and services and highlighting the unique value you offer. Here is a guide on how you can build a befitting value proposition to help generate leads.
What is Value Proposition?
This is a statement that illustrates what your company is about to your customers. It basically tells your prospects why they need to do business with you and what differentiates you from your competitors.
A strong value proposition is usually specific, concise, and clear. The statement should be a few sentences long with a few bullet points where appropriate. It should be boldly featured on your website and other marketing platforms of your choice.
When coming up with a value proposition, you can draw from other marketing statements. However, your content should be guided by your vision statement and mission statement without repeating the concepts. The value proposition should support your mission and vision statement.
How to build a strong value proposition
Before getting down to create a value proposition, you need to work together with your team focusing on answering questions such as;
• What is different about your products and services?
• What do you do better than your competitors?
• Who are your rivals?
• What makes people happy about your products or services?
• Why should customers choose your products or services over those they are familiar with?
The answer to these questions varies from one business to another. However, they can act as a guide to building your value proposition. With that in mind, here are the keys to building a strong value proposition.
You need to make peace that you can’t be everything to everybody, especially when working on a limited budget. Focusing your statement is one of the most challenging parts when creating a value proposition since it may require you to review the scope of your business strategy.
There have been cases of firms who have made desperate efforts by displaying competing messages to sell multiple products and services to multiple audiences. In some cases, this may result in a short-term financial loss needing you to adjust your products and services for the long-term benefit.
It is advisable to concentrate your efforts on a given set of products and services, something you are well-knowledgeable about. An example is real estate with expertise in residential real estate, talking about commercial real estate.
It is advisable to concentrate on your efforts as a residential real estate firm unless you have a diverse portfolio covering both fields.
Having a unique selling point as well as standing out among your peers is important. However, this may not be enough to get your prospect’s attention and encourage them to do business with you. Remember, you intended to create a strong and compelling value proposition, focusing on value.
Your statement should highlight the value of your product or service to the customer, not just the uniqueness. When selling your products or services through your value proposition, you need to thinks about the future—something that speaks about it now and how it will add value to you in the near future.
Discipline and consistency
The market of today is highly competitive with your completion exploring new avenues to beat you. This means your target audience may be exposed to multiple marketing campaigns, advertising galore, and slogans.
This being the case, you have a very small window of opportunity to capture their attention and spike their interest to want to know more. In most cases, poor messaging, confusion, and clutter have forced leads to bail out without proceeding further.
When designing your value proposition, your primary focus is on creating a positive brand image for your prospective clients. However, poor messaging and confusion have a likelihood of scaring away any leads. Regardless of the platform, be it email campaigns, business cards, banner ads, landing pages, or trade show materials, you need to show consistency in your messaging.
Your internal culture speaks a lot about who you are
To succeed, the entire workforce needs to work together, adding value towards a common goal. You may have recruited the best individuals for the job, but this does not guarantee excellent performance at work.
However, having a team of professionals helps you achieve greatness, but your efforts may be derailed without clear goals, vision, and teamwork. By creating an exemplary internal structure, you will effectively reinforce your value proposition with every client you engage.
When creating a value proposition, most people tend to flow with the conventional train of thought within the industry. Of course, conventional wisdom is essential and can act as a guide.
However, you should not be limited to this wisdom since you may as well get trapped by its limitations. You need to remember that what works for another may necessarily not work for you.
Focus your marketing based on your target audience
Different generations respond differently to various marketing approaches. Canvasing may mean you’re are not effectively reaching your entire market audience.
For the older generation, it is advisable to go with handwritten letters or phone calls when engaging them. On the other hand, for the younger generation, it is best to work with blog posts, emails, and text messages.
Summarize your value proposition in one sentence
An effective value proposition needs to read in at least 5 seconds. You need to keep the content quick, reliable, and understandable. This is because most people tend to find lengthy texts boring. That’s the reason for driving your statement straight to the point.