A Strong Housing Market Demands Strong Marketing Efforts
With the housing market in a strong position, as evidenced by a surge in new home sales, now is the time to re-engage your brand’s marketing efforts and take market share. In spite of the lulls seen in other industries as a result of the current economic downturn, the housing market remains a bright spot, with numbers continuing to head upwards due to such factors as supply and demand (especially in the low-density suburbs and exurbs) and historically low interest rates.
As reported in August, according to Lawrence Yun, NAR’s chief economist, “The housing market is well past the recovery phase and is now booming with higher home sales compared to the pre-pandemic days. With the sizable shift in remote work, current homeowners are looking for larger homes, and this will lead to a secondary level of demand even into 2021.”
Here are five great reads on the strong housing market:
This is encouraging news for our industry and an opportunity to reach your customers at a time when your brand’s unique voice can penetrate and truly make a difference. Experts argue, in fact, that marketing during a recession is not only prudent but downright imperative. Builders who may be dealing with their own insecurities in light of these uncertain times will be looking for inspiration and solutions. Harvard Business Review, for instance, advises that at times when most firms are cutting back on their brand advertising, a firm’s “share of voice increases if it can maintain or increase its advertising budget.”
Getting the Message Out
Finding the right vehicles to get your message out will be a critical factor in your quest to leverage brand awareness during a time where there is both an overall recession as well as overarching strength in the housing arena.
Include among the many options B2B advertising through a trusted partner utilizing such media as print, digital, video, social and educational webinars. Even tried-and-true email campaigns, if targeted to the right audience with the right tone—sent at the right time—can be an effective tool to connect with customers.
What to Do Now
Leveraging the strong housing market to build your brand and stay visible to your customers is smart business—even (and as the experts agree, especially) with the economy as a whole on uncertain ground.
Given the recent housing market trends—new home sales have reached a 13-year high, a sudden “reawakening among buyers who are in search of more space” in the suburbs, to name a few—the building community needs to stay informed and continue reaching out to its customer base through a variety of targeted media.
As the nation’s leading diversified media, content, marketing, data and events company serving the residential and commercial design and construction markets, SGC Horizon is here to help you navigate this terrain.