Three ways to encourage repeat purchases from previous buyers
The relationship between developers and buyers has never been more important than now as the housing market declines. Re-engaging your past buyers could be your most effective tool. In today’s market, buyers are smarter and have more time to consider all the important factors such as price, location, growth, developer credibility, etc. Therefore the way you communicate, connect and engage your database will play a major role in securing purchases over the next few years.
Connect and Communication
The way you communicate with buyers throughout the settlement process will determine whether they buy from you again on future projects. Starting to communicate early will allow you to support them throughout the entire process. Having the ability to provide high-end customer service and guide purchasers through a dedicated inbound phone line and email allows them to reach you for any questions or concerns, whenever they arise.
Communication is key when connecting with buyers, it allows you to anticipate any settlement risk, build trust and cement long-term relationships. The success of building this connection with buyers will be determined with how well your team is trained and managed by your settlements manager and the priority they place on customer service. Therefore the way you plan out this service will have a major impact on any future communication, getting this stage correct is imperative to creating a positive buying experience.
Some investors and owner occupiers may have problems settling due to a number of reasons. Allowing your settlements team to have empathy, put themselves in their shoes when communicating, allow them to be supportive. If you started the process early you will have ample time to find the right solution and build positive relationships. Your buyers will always remember how you handled their personal situation and if handled with dignity and respect they will likely buy from you again and sing your praises.
Reengage your database
Once a purchaser has settled on a property, it’s time to focus on your repeat buyer strategy. Taking advantage of your existing database is a cost-effective tool. Capturing the attention of new buyer’s costs you more, in fact, it can cost you up to five times more to get new buyers on board.
Repeat buyers will promote your business like the best brand ambassadors you can ever ask for. By focusing on re-engaging your buyers you can create a group of loyal customers that will happily sing your praises. Repeat customers also refer 50% more people than one-time buyers.
Providing a sense of exclusivity, whether this is through a VIP buyer club or some type of buyer loyalty program could be a key driver to attracting repeat purchases in 2019 and beyond. Investing in your repeat purchaser programme now in today's market can cost you less and make you more in the long run.
The Customer Experience
Developers must consider the experience each and every buyer is having with their brand from marketing, exchange, construction updates, through to settlement and beyond. Investing your resources in this type of highly engaged settlement process may provide you with far more sales from within your own pool of buyers than you ever expected.
From the start to finish, a company should be paying attention to the complete, end-to-end experience customers have with an organisation from their perspective. To receive repeat purchases buyers need to feel appreciated and valued. One of the best ways to do this is through celebrating the end of the settlement journey with a gala style event. Not only do these types of occasions provide for investors, owner-occupiers, project partners and staff an opportunity to celebrate momentous occasions but it also provides for a perfect time to network and continue buyer engagement strategies which can convert to further lead generation.
If you would like to learn more about developing a repeat purchaser strategy get in touch today.