Focus on the consumers’ changing needs

Lifestyle branding and marketing is changing the way many successful companies do business, according to Rick Gregory, vice president of business development and operations at Better Homes and Gardens Real Estate.

“Your business should always be about your consumers,” said Gregory, who spoke at the Inman Agent Reboot in Cherry Hill, NJ. “Consumers are changing every single day. Many of us are in a different age range than our clients and we want to sell like we buy. Fundamentally, we have to work with clients on how they want to buy.”

Gregory used Blockbuster as an example of a company that’s failed to change with consumers’ changing desires. Blockbuster continued to make customers walk into a physical store, instead of following market trends. “They stopped paying attention to consumers,” he said. He compared them to Netflix, which has focused on changing demographics and providing products and services that make sense for today’s consumers.

Gregory said traditional real estate brands have focused on price, products and lifestyle. In today’s market, lifestyle features benefit and have a greater impact on the consumer.

“For a long time, we were in control,” he said. “Now consumers are in control. They have access to all the information they want. They have information overload, so they need Realtors® to help them figure out what best meets their needs.”

Gregory said it’s important when working with buyers and sellers to communicate with consumers in the manner in which they want to communicate.

“I worked with a Realtor® who only checked her e-mail once a day,” he said. “I’m used to texting and people responding right away.” He said 84 percent of today’s consumers text from their cell phones, 78 percent use social media, 66 percent use mobile web, 57 percent use mobile apps and 86 percent will pay more if they like the product.

“It’s time to leave the past behind and listen to what clients want,” he said. “Today’s consumer doesn’t care about you being the number one agent. He wants to know how you will meet his needs.”

Today’s real estate business should be focused on always delighting and surprising clients, exceeding their expectations and selling ideas rather than a product.

He used Apple as an example of a brand that attracts consumers. “What I like most is the Apple experience is cool and not just because it’s new,” Gregory said. “The sale experience is unique. You don’t have to go back to the register, sales associates can help you where they are. Apple has focused on what its consumers’ needs are.”

“Lifestyle branding is in,” he added. “It’s not about selling an updated kitchen as a feature. It’s about a place for the family to spend time together, holidays, and a gathering place for parties. You have to paint pictures in the client’s mind. This is what’s important to the client.”