Don’t Be Afraid of Data-Driven Marketing! (Plus, Resources to Help You Get Started)
The use of aptly named “big data” to drive marketing has become the de facto approach over the past 25 years as more information about consumer buying behavior has become available. In fact, there is so much data now that many experts suggest only Artificial Intelligence (AI) will be able to help us make sense and best utilize it.
Until then, the National Association of REALTORS® offers an incredible amount of valuable data under the heading Research & Statistics on their website. Many of the reports are available in-full as PDFs, while others must be purchased. If you’re not willing to make the purchase, overviews or executive summaries are often available to preview.
Mark Your Calendar
When it comes to focusing your marketing dollars as a REALTOR®, you really don’t have time to sift through a myriad of data sources or, for that matter, wait for AI. The NAR offers a range of Research Reports and Housing Statistics. There is also Commercial Research, and Presentation Slides shared by leading experts from various conferences and expos across the country.
Most importantly, there’s the Statistical News Release Schedule that lists the date when these the timely reports become available. Taking a few minutes to add these dates to your calendar will ensure you stay up-to-date on pending home sales, existing home sales, and quarterly metro home prices. You may also access these report releases, as well as other research and sales data, by clicking on Housing Statistics.
The NAR sorts their research into ten different categories. Residential REALTORS® will want to focus primarily on:
- Consumer Opinion
- Home Buyers and Sellers
- Market Data for current market conditions and trends
For a deeper dive into consumer issues and opinions, you’ll want to look at:
- Financing and Homeownership/Home Features
And, for industry trends, check out:
- NAR Member Information and Technology
Looking at just current reports under Consumer Opinion, you’ll find Aspiring Home Owners Profile and the result of the Housing Opportunities and Market Experience Survey. The first looks at the “consumer preferences of non-homeowners, defined as those that rent and those that live with others rent-free.” While the second is a “quarterly report (that) reflects consumer feelings about the housing market… housing as a good financial investment, … if now is a good time to buy or sell a home, and perception of home price changes.” Both reports provide current data that will help you better understand the customer’s perspective on the home buying experience, their concerns about the market, and their expectations about your role in helping them buy or sell a home.
Don’t wait for AI to help you make the most of all this data. Allot some of your marketing time to review these reports and utilize these statistics. They can help you shape your marketing campaigns and refine your marketing message to better target prospective clients and turn them into future referrals.