Cambodia’s Real Estate market is active with various investment activities from both local and foreign investors. The nation has seen steady economic growth, with comparatively low impact even in times of COVID-19. With a forecast from the World Bank stating that the economy will grow by 4.5% in 2022, investment activities do not seem to be slowing down.
Even though the market is constantly busy, marketing to everyone would be a waste of resources, since not everyone will be buying from you. No matter how much you spend on marketing, it’s very unlikely that you can sell a penthouse to a middle-class family.
With this in mind, how can you identify the right target audience and how can strategically setting up a marketing plan with the right target audience in mind benefit your overall brand image and brand positioning?
Cambodia’s Real Estate: Approach The Right Target Audiences
Spend Efficiently, Identify your Target Audience in Cambodia’s Real Estate Sector
You’ve heard the phrase “know your audience” countless times, and you are probably aware of the effect that marketing towards the right people can benefit your return on investment, but how do you identify a target audience in the Cambodian real estate market?
Location in Real Estate is a must!
Identify who would want to purchase property in this area. A shophouse in a busy district would be an ideal investment for business people, and houses located next to the school district would be the most suitable option for families who has kids. Location can also translate to security.
Living in a safe area might just be a perk that certain groups of people are willing to pay extra to have.
Besides the design and location, price is an important factor in identifying the right target audience. It might even be the most important indicator in identifying who you can market to. Understanding the price range, limitations, and desires of your audience would prove to be helpful in how you decide to position your brand.
Keep in mind that a majority of the Cambodian population is middle class, so extensive luxurious housing might not be suitable for the majority of home-seekers but can be the perfect choice for the right few people.
Size of the property
Size and location will significantly contribute to the price of your property, but it also helps you clearly narrow down the target audience that each property is most suitable for. A one-bedroom apartment is most in-demand for young professionals while a 5-bedroom villa might just be the dream home for a big family.
Most property buyers would want the legalities to be effortless and transparent. Marketing these aspects would serve as an extension of reliability and a showcase of the cutting-edge service that your agency can provide.
Reach your target audience, Strategically!
Establish digital presence:
Just like a physical location, your digital brand presence can directly translate to who you are marketed towards. When targeting high-end investors, it is essential to set up a digital presence via a website and use SEO and SEM to target them directly. Websites can also host various insightful blogs and detailed information about the company or agency. This can assist the brand in being perceived as reliable and trustworthy while showcasing all the products and services in one place. Websites like R&F City are built with these factors in mind, by including all the information any high-end investors would ever need in one place that is easily accessible.
When targeting the average property buyers, however, they might be more interested in seeing content on social media and be exposed to new investment opportunities on the platform. You can also capitalize on this by crafting a social media strategy that covers all aspects of the sales funnel and implementing various strategic approaches ranging from creating interesting content to running targeted ads on social media for better reach and lead generation and collaboration with KOLs for better credibility.
Leverage Social Media Influencers or KOL in Real Estate Niche
One of the most reliable ways in spreading your brand message, especially for the real estate industry, is to have the right social media influencers or KOLs represent your brand. Social media influencers or KOLs often have an established following. The existing audiences will serve as potential target audiences that your brand can appeal to. This relationship goes both ways. When a real estate agency chooses KOLs to work with or to be the brand ambassadors, it also sends a message regarding the brand’s positioning and to who they want to appeal. Hence, this is why choosing the right KOL not only impacts the business sale, but also the brand image and who you appeal to as a whole. A KOL known for its luxurious lifestyle and curated taste might just be what your brand is missing in order to complete impeccable branding.
Creating Social Media content that fits the audience
Contents on social media can speak directly to the audience. Your social media content and the general vibe it radiates are part of the crucial branding. Social media content can be a demonstration of how you adhere to your brand voice and tone and your brand mission.
Real estate brands such as Urbanland use social media not only to spread important messages but also to strengthen their brand identity with a unique design that stands out among the crowd and content that resonate with the audience who seeks peaceful living.
By setting up social media content that resonates with your target audience, your brand can send a positive message that you understand the audience. The tip is to explore the profile of your target customers and craft a content strategy that will appeal to them!
Crafting the right ads strategy
In the digital world, advertisement strategy can make or break a business! With digital ads on both web pages in the form of SEO and SEM and the presence of social media marketing, digital ads might be one of the most widely-utilized practices for cost-effective lead generation.
Targeted ads will also allow you to divide your target audience into segments. Your real estate company might offer more than one product, and digital ads will allow for audience segmentations that will allow for highly effective use of those ad budgets. A single project located at the exact same location can appeal to different customers, and audience segmentation would be highly effective in running specialized ads. You might want to run ads for a one-bedroom condominium for young professionals while ads for a 3-bedroom condominium would be much more effective for a small family. Using different keywords and testing out different strategies, combined with creative ads media will allow for a noticeable change in your lead generation process.
In approaching the right target audience, it is essential not only to know what type of customers is suitable for the real estate property but also their psychology and desire. With these factors in mind, your marketing strategy can result in a recognizable increase in effectiveness like never seen before. The key takeaway is to be where your audience is, and let them find you!
Start experimenting with an audience-centric strategy and see better results today. Stand out in the crowd in the best way possible!