For any start-up business, it is absolutely VITAL you take the time to understand your market. As a builder, it may not be the first thing on your mind, but you should definitely take the time to learn about different markets. As a local builder, you’ll have an advantage as you already have a thorough understanding of your local community, however, you will still need to do your research.
The market your dealing with will dictate how you advertise and market to the public. If you are building in a metro area, you would focus on designs that suit narrow blocks or knockdown/rebuilds. If there are new developments popping up in your area that are affordable, you might want to target first home buyers. This is why your market research is paramount.
Looking beyond home designs themselves, you will need to consider the language and messages you’re sending out in an effort to actually reach potential clients. If you’re targeting first home buyers who are aged between 25-35 years, then you may want to create information and flyers that focus on things like obtaining finance or the build process itself.
If you’re putting irrelevant information in front of your audience, they’re not going to connect with it, therefore they won’t connect with your business and you can kiss the sale goodbye.
What should you be looking for?
What is the land availability like in the area?
- Is it empty land with developments coming soon?
- Is it built-up and predominately knockdown/rebuilds?
Consider the community
- Are you in a coastal town where retirees are moving to?
- Is the area reasonably priced for first or second home buyers?
- Are you in a ‘dream’ suburb?
What are they interested in?
- What information is going to be relevant?
- Are there a lot of families in the areas?
What are their needs?
If you can easily identify what your clients are looking for in a home, then you can address it through the products you promote and the service you offer. This ultimately provides your potential clients with a solution to their ‘problems’.
While it may take some time to get there, the research you put into your market will bring significant value to your business later down the track. As time moves on, your market will change and so too should your advertising and messaging, but if you get into the habit of market research early, you’ll have nothing to worry about!
At Hotondo Homes, the marketing team are continuously looking at what our clients want and expect from us. Our Business Development Managers also work with each individual franchise in gaining a greater understanding of their local market. By working together and sharing information, we’re able to ensure we’re reaching the right people with the right messages.
Interested in franchising with Hotondo Homes but want to know more? Get in contact with us now by clicking here.