As the frenzied pace of sales has slowed and hurdles such as elevated interest rates and economic uncertainties have emerged, the role of sales and marketing for builders is as important as ever. The right message can help entice buyers to enter the market as well as help differentiate companies as the builder of choice for prospective customers.
At the 2024 International Builders' Show (IBS) in Las Vegas, Denim Marketing founder and president Carol Morgan, Zonda principal Mollie Carmichael, and True Homes executive vice partner of sales and marketing Tracy Yeadon will share sales and marketing strategies to help navigate the challenges of a housing slowdown. “15 Secrets to Sales & Marketing Success in a Challenging Market,” which will be moderated by Milesbrand president and brand strategist Dave Miles, will touch on the importance of omnichannel strategies, product and research development strategies, and more.
BUILDER spoke with Morgan about marketing misconceptions, challenges presented by a market slowdown, and a full-funnel omnichannel approach to sales and marketing.
What are common misconceptions about marketing in the home building sector?
There are many misconceptions about home building marketing, including “if we build it, they will come,” social media isn’t necessary, print media is obsolete, and marketing is too expensive for small builders. These are all misconceptions. Building a brand and seeing its impact take time, and it isn’t a one-size-fits-all strategy for home builders. Marketing strategies must be customized based on each unique business and its target audience. Other considerations include whether the builder employs a full-funnel strategy or a low-funnel approach to lead conversation.
What difficulties are presented from a sales and marketing perspective in a housing downturn or slowdown?
The market has changed radically, leaving many salespeople who previously took orders for homes as fast as they could lacking basic selling skills. Home builders need to retrain salespeople for the current market, teaching them to overcome objections about mortgage rates, high home prices, down payment requirements, economic uncertainty, etc. There are fewer opportunities and more hurdles to getting a sale, which can be a big downer for sales agents. Now is the time to keep sales teams pumped up with leadership and sales training.
These same objections must be overcome in marketing. Why should a consumer buy versus rent? Are they making a good investment, etc.?
What are important strategies to implement to counter the challenges of the current housing market?
Home builders must find a way to differentiate products (homes and communities) and services. Transparency and communication during the home buying process are more important than ever. Financing buydown messaging doesn’t allow for much differentiation, so a good content strategy is crucial. Incorporate a strategy for creative promotions to set your marketing apart from the competition. Consider launching promotions announcing new communities, models, financing, etc. Utilize community activation strategies to drive foot traffic.
What is a full-funnel omnichannel strategy, and why is it important?
A full-funnel strategy looks at the buyer’s entire journey from awareness to interest and action. Start by applying marketing tactics to each stage in the buyer’s journey. An omnichannel strategy includes all digital channels—content, marketing, advertising, and social media—working together. Combining full-funnel with omnichannel creates a robust strategy to build awareness and convert browsers to buyers. This is a long-term strategy to keep your home building company and community on the radar to attract buyers and move them through the funnel.
What can attendees expect to take away from attending "15 Secrets to Sales & Marketing Success in a Challenging Market"?
Learn research and product development strategies to gain a competitive advantage, including establishing your desired monthly sales pace and looking for product development opportunities. Discover secrets to building a world-class sales team, including utilizing an internet sales team, role-playing, and cultural alignment. Learn the five critical pieces of a full-funnel marketing strategy from the first click to the last sale.
Morgan, Miles, Yeadon, and Carmichael will cover additional sales and marketing strategies and approaches during the “15 Secrets to Sales & Marketing Success in a Challenging Market.” The session will be offered twice during the show, at 10:15 AM and again at 12:15 PM on Feb. 27.
