By Lianne McOuat
McOuat Partnership
In a climate where every new development struggles for attention, reliance on outdated marketing techniques is akin to playing a losing hand in poker. The truth I’ve discovered after being in the new home marketing industry since 1992 is that trends may come and go, but one thing remains constant: The importance of building strong, positive brand engagement through referrals. However, it has to be done right.
Traditional referral methods are not merely ineffective, they’re a disservice to your brand. So why do most builders cling to past methods? It’s time to challenge the status quo and rethink how to encourage satisfied customers to “make a friend your neighbour” and effectively double successful home sales.
Ditch the dreadful: Why conventional referrals are failing you
Let’s set the record straight: If your referral program resembles a punch card from the 1980s, it’s time to scrap it. Today’s buyers are busy and they expect convenience at their fingertips, not a process that feels like a chore. The key to creating a successful referral program lies in making it streamlined, engaging and hassle-free.
Why continue wasting marketing efforts on a system that feels cold, impersonal and outdated? A typical manual referral process can lead to frustration and cripple the very relationships you are trying to build. The question is, how can we flip the script and turn referrals into a vibrant, rewarding avenue for brand engagement?
Revolutionizing referral programs: Digital solutions for modern builders
When I learned how companies such as Locorum are streamlining the referral and reward process through an online platform – one that lets you customize it to your branding – I knew it was a win/win. The beauty of this kind of technology is its capacity to transform customer experiences from a mundane referral program into an exciting journey for your clients that allows for customization and instant engagement.
Imagine deploying a simple, branded link – a click that leads to rewards directly tied to your brand, all while your customers share their positive experiences. Platforms offering digital incentives, such as prepaid Mastercards for referrals or newsletter sign-ups, create great opportunities for customers. Who wouldn’t want to share a chance to earn rewards for themselves and their friends?
From budget drain to budget gain: Maximizing your marketing efficiency
Let’s face it: Marketing budgets can be tight, and every dollar counts. So why drain resources on extravagant commissions to brokers that yield minimal returns, when you can create enticing referral incentives for your loyal clients?
With digital solutions, achieving impressive ROI is possible by simply embedding referral links or featuring QR codes in existing sales materials, email signatures and signage. Getting the word out about your incentives can be almost effortless. This approach maximizes your marketing channels without the steep costs associated with extensive campaigns. A smartly placed branded referral link could spark conversations that lead to sales; it’s mind-boggling that more companies don’t adopt this simple strategy.
Loyalty over commissions: The new broker game
For too long, builders have viewed real estate brokers through a transactional lens – basing relationships on commission percentages. Let’s break the mold. What if we treated brokers as valued allies, rewarding them not with steep commissions but with innovative incentives that spark loyalty?
Creating a referral program that resonates with brokers and offers valuable rewards can cultivate a network of positive advocacy. A branded incentive tied to genuine partnership can yield profound results. Every time brokers pull out that branded Mastercard to redeem their rewards, it serves as a reminder of your collaboration.
Empowering employee engagement: The untapped resource
Your internal team can be some of your most enthusiastic advocates. Recognizing their contributions doesn’t have to be burdensome. Using platforms such as Locorum, you can set up automatic rewards, significantly elevating morale.
Imagine delivering small tokens of appreciation – such as gift cards or experience rewards – without adding substantial workload to your operations. It’s not just about financial incentives; it’s about fostering a culture of appreciation that transforms the workplace into a thriving ecosystem. Happy employees lead to happy customers, ultimately enhancing your brand reputation.
Unlocking the golden circle: Understanding your audience
What if you could transform customer engagement simply by knowing your audience better? Implementing strategies – such as monthly giveaways tied to consumer insights – can turn passive followers into active participants.
You may see these giveaways as trivial, but consider the potential for genuine relationships with your clientele. Engaging customers based on their interests isn’t just smart, it’s revolutionary. Hosting creative events – such as crafting contests based on customer preferences – means you’re cultivating community, not just marketing.
In today’s landscape dominated by digital interactions, building human connections can make all the difference. Clients want authenticity. They want to feel valued and appreciated. By leveraging sophisticated digital yet user-friendly referral programs that build relationships, you can create authentic experiences that elevate your brand above the competition.
To learn more about Locorum, visit locorum.io.
Lianne McOuat is Vice-President, Strategy, at McOuat Partnership, with builder/developer clients including in lowrise, midrise, highrise, master-planned, adult lifestyle, resort/recreational, retirement, commercial, industrial and multi-family leasing. mcouatpartnership.com.
