Figuring out what your home building company’s strengths are will allow you to compete in a certain market segment successfully, but focusing on a specific tier of home doesn’t come without its challenges. The largest marketing challenge for home builders looking to narrow their focus and segment potential home buyers, is to reach home buyers without wasting marketing dollars on the wrong audience. To solve this problem, home builders need to develop buyer personas. To learn more about buyer personas and how they can improve your home building company’s focus, read below!
What is a buyer persona? A buyer persona is a semi-fictional representation of your ideal customer based on market research and real data about your existing customers (Hubspot). Creating buyer personas will save your home building company time and money. Once you have properly created your buyer personas and are targeting them when creating all of your advertising content, you will begin to see an improvement in the types of leads or inquiries your home building company receives. No longer will you meet with potential home buyers only to find they are looking for something that your company doesn’t offer.
To create a buyer persona, it is first necessary figure out a number of things about your potential home buyers. Remember, it is a great idea to develop multiple buyer personas. We understand that your potential home buyers are just as diverse as the market in which you live! Once you have created the buyer persona, give them fun and memorable names. This will help you discuss them with ease around the office or workplace.
Necessary Buyer Persona Information Includes the Following:
- Detail their household income, where they live, number of children, and how old they are.
Job Level and Seniority
- This will help you determine how busy your potential home buyer may be. Someone with a high level corporate job may not have time to be heavily involved with the home building process and will be trusting your company to deliver a great home without much feedback throughout construction.
- Dissect what types of media your buyer personas take in on a daily basis. This will help you figure out how to best reach them in the future and tell you a little bit about what they like to do. Working all of these topics into your initial conversation with the potential clients is extremely helpful in developing a comfortable relationship.
- Pain points are the reasons why your potential home buyers are seeking a new home and a contractor or building company to go along with it. They may have had a bad experience in the past or simply have a growing family that they need to make room for.
- Does your buyer persona want a home that is full of luxury that reminds them of their success on a daily basis, or do they simply need a functional home? Detailing the type of experience your clients are looking for when inside the home will help you better market your services to them.
The home building industry is unique. Just because your company is a “home building company,” doesn’t mean you build with the same level of customization or materials as other home builders. Your homes may be completely different than other home builders in your local market, and that is a wonderful thing. That means there is a place in the market where each of you can exist and find home buyers who are looking for your product at the current market price in which they are offered. If every home builder in your area built the exact type of home (i.e. modular, prefabricated, custom, or luxury) then competition would increase dramatically. Use these tips above to develop your buyer personas and reach them successfully to thrive in an often saturated market!