Let’s face it, the market is tough right now—especially for new developments.
Having worked in the new home marketing industry since 1992, I’ve seen trends come and go and market conditions change overnight. But if there’s one thing that stays the same, it’s the importance of building strong, positive brand engagement.
Referral programs have always been an industry staple for this reason. By encouraging satisfied customers to “Make a Friend Your Neighbour,” you have the opportunity to double up on successful home sales.
Having worked alongside hundreds of different developers and builders, I’ve seen how a great concept can easily be wasted through poor execution. Clunky manual referral processes often feel like more of a chore for the homeowner than an actual incentive, and the brand winds up coming off as cold and impersonal.
So, how do we turn that into an engaging, rewarding incentive program?
Streamlining Your Processes
The biggest thing that buyers are looking for these days is convenience. Nobody wants to fill out a coupon and send it over in the mail. When I learned about the way Locorum streamlined 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 for the industry.
Get More Mileage From Your Marketing
When you’re trying to make the most of your budget, it’s essential to find innovative new ways to reach your clients without breaking the bank. There’s no need to design an entire marketing campaign out of a referral program.
Using a system like Locorum, the digital nature of the incentive means that you can get a lot of mileage out of a single link. Whether you add it to your email signature, feature a QR code in your sales office or on signage, or even just add it to your standard advertisements, getting the word out about your awesome incentives can be almost completely effortless.
With Locorum, you can even build your brand and your client base by offering a $10 reward (through a branded virtual Mastercard) for signing up for your mailing list or newsletter without even needing to do the work yourself.
Let Locorum do the Legwork
Through a really unique partnership with Mastercard, Locorum has the ability to provide prepaid credit cards designed with your branding. They come in both digital and physical formats, and the great part about them is the constant reminder and positive association with your brand when making a purchase, playing into the important role of psychology in branding.
Reward Buyer Loyalty
Making buyers feel appreciated is especially important in new home sales and marketing. It’s a deeply personal purchase, after all! These rewards can come in a wide variety of formats for both pre-and post-purchase incentives.
The “Make a Friend Your Neighbour”-style referral bonus we mentioned is a great one, but Locorum’s flexibility makes it easier than ever to implement more great incentives like providing credit towards blinds and appliances, upgrades, installation, and more. Not only does it build positive feedback and cultivate a positive brand image, but your buyers are much more likely to refer a friend to your product in any capacity when they’ve had such a great experience.
Building Broker Relations
In real estate, Agents/Brokers can be seen as a critical target of your marketing. It’s common to see builders and developers offering big commission bonuses to Brokers who sell any of their homes—an expense which takes up a huge portion of the budget. Since the trend began in the early 2010s, I’ve been cautioning my clients away from this route—after all, we can do the lead generation ourselves!
But that doesn’t mean that Brokers can be overlooked as an important asset. Instead of viewing them on the same level as buyers, I like to tell my clients that “they are your army, and you have to be the general.” Rewarding them through Locorum is a great way to encourage them to work with you without losing so much of your budget on huge commissions. And as a bonus, every time they pull out their branded Mastercard, they’ll be thinking of how rewarding it is to work alongside you.
Benefits Aren’t Just for Buyers and Brokers
Sometimes, your own team deserves a reward for all the hard work they do. While it may seem like a bit of a hassle to a busy company to organize rewards or compensation to your employees outside of their salary, the Locorum program is flexible enough that it allows you to set up rewards for your staff that can be sent automatically. Getting a $25 gift card from your boss on your birthday or work-iversary is a huge morale booster! And happy employees are half the battle to building a positive reputation for your business.
Get to Know Your Network
While it might sound crazy at first, getting to know the people who follow your brand is actually one of your biggest assets. The “question of the month” strategy helps build a more in-depth database on your audience, and can be a lot more simple than it sounds. By running a monthly giveaway for a branded gift card (it can even be as simple as $50!), you can have members of your database answer questions about their interests.
Favourite holidays, sports teams, restaurants, and so forth may seem like a trivial thing to know about your followers, but let’s look at an example:
If 100 people have shared that Halloween is their favourite holiday, hosting something as simple as a social media pumpkin-carving contest means that you already have 100 people willing to engage. And you even have the chance to have your sales team call them up and invite them personally to join in, which has several benefits. The first is a pleasant surprise that you remember things about their interests, and the second is making contact that doesn’t feel like a sales push.
And that’s where the engagement really comes in. With the rise of businesses on social media and the prevalence of digital advertising, people have gotten used to a faceless brand trying to interact with them. But what buyers really want is real human connection, brought to them in a natural and rewarding manner.
Programs like Locorum are so great for this reason—not only do they build positive associations in an organic, subtle manner, but they bring a personal touch and show real appreciation to those who are really responsible for making your business a success.
Lianne McOuat
VP Strategy and Principal
McOuat Partnership
McOuat Partnership is a Markham-based member marketing and advertising firm specializing in pre-construction real estate. As Principal and Partner, Lianne is a veteran of over 1,000 real estate projects and is a passionate believer in using strategic thinking to maximize value and profits for her clients.