Executive Summary
This paper offers a marketing plan for Homesnap by evaluating the market, goals, target markets, and objectives. The paper provides a combination of economic growth, businesses, and consumer strategies which are essential in building a company for a brighter future. In this, we outline the existing Homesnap features and possible opportunities that the company can venture into. The opportunity identified is the use of on-time notification messages to consumers as a way to widen the customer share.
Marketing Plan for Homesnap
Homesnap is an existing online real estate platform that utilizes an intuitive map-based function. We decided to capture more customers by adding an On-Time notification via messages to all our customers when a new property is available. In the future, we aim at maintaining an age-diverse customer base.
Current Marketing Situation
The use of technology on a global scale has increased tremendously, influencing how people buy and live. The real estate market has also shifted to online platforms, which is how we have managed to capture our customers. Homesnap has an existing website and user-friendly mobile app, but this has made our customer base to be filled with youths, leaving out the old. Introducing the On-Time notification via messages will help us target older populations, especially, age 50 -70.
Market Description
Most of our customers will be new but retired population. The target market will be age 25-70, particularly age 50-70 in the US. Our services will reach out to this special group through on-time message notifications.
Product Review
Homesnap agent’s product allows customers to view properties via their website and mobile app. Moreover, the market is dynamic since most buyers view properties via websites and mobile app. On the other hand, the new product will render information to people who may not have all-time access to the mobile app and frequent website visitors. On-time messages will be sent to the customers with the location of the property and a link to view the property.
Competitive Review
Our market is filled with giant companies. Our key competitors include the Zillow Group, Neighbourhoodscout, and realtor.com. While some may have a competitive advantage over online existence, some companies have focused on stopping our growth rather than being innovative.
Channels and Logistics Review
Real estate customers are well equipped with mobile phones, laptops, and social media platforms to explore the home buying experience. In the long run, our focus has been on providing customers with a better home buying experience via our website and mobile app. To increase our customer reach, we will focus on message notifications to our customers to provide them with links, thus increasing our customer base.
SWOT
Our strengths include easy-to-use website and mobile apps, unlimited growth potential, and profitability. Our weaknesses include weak reputation and lack of international marketing experience. Opportunities include an increase in sales, market growth, and creating a reputation for our name. Threats include rivalrous competition, bugs and viruses, and government regulations.
Objectives and Issues
Marketing goals indicate the broad direction for any firm. Through proper analysis, managers evaluate the goals and seek solutions to support the goals (McIntosh, 2016).
First Year Objective: Increase our customer registration on the site by 90%
Second Year Objective: Ensure that at least 60% of our customers have rendered their personal information, especially phone numbers, for on-time notification.
Issues
The anticipated issues include competing companies having similar information as our website and mobile app. Our site can affect by bugs and viruses.
Marketing Strategy
Homesnap’s marketing strategy will focus on positioning on outdoing its competitors with on-time notifications. The product strategy will focus on how property ads will be communicated. The new product will target all consumers who do not have full-time access to our mobile app or website.
Positioning
We will be positioned on a dynamism of our customer’s value position. This will help us build our reputation and grow our market share.
Product Strategy
Our product strategy ensures that we reach out to all our customers even when they are offline. This new product will convey on-time message notifications to our customers when a new property is available. Messages will contain links for customers to view the listings.
Pricing
Our strategy estimates that for every $1 put into the agency, one can obtain around $3 back in commissions. Our prices will be determined by the number of times an ad will view and the zip codes.
Marketing Communication Strategy
Homesnap utilizes online and mobile marketing. Our communication strategy will have an additional feature; on-time messages to our customers and the respective ad links for viewing the listings. This will help reach out to more customer traffic to the website.
Action Programs
July: Our representatives will reach out to our existing customers, including agents and brokers, for training.
August: Intensive website branding and social network campaign will be done.
September: Dissemination of information to customers on how the new product will improve their buying experience.
Budgets
The company has a first-year product sale goal of $12 million with a unit price of $600 per every 20000 customers. The average return on investment in the market should be 2.5x the price for each unit price. Thus, the company will generate profit and end with a $12 million gain.
Controls
Controls are made to eliminate any Homesnap mistake. These mistakes are eliminated by monitoring brand image, product quality, and customer service (Root, 2015). Monitoring plans in progress aid in maximizing return on the marketing plan.
Conclusion
Pricing, customer participation, strategies, and completion have a great impact on the growth of the company, particularly Homesnap. Economic growth, proper branding advertising, and market analysis are important for healthy Homesnap -customer relationships. A comprehensive marketing plan is vital before investing.
References
McIntosh, K. A. (2016, January 13). The Differences Between Marketing Goals & Objectives. Retrieved from http://smallbusiness.chron.com/differences-between- marketing-goals-objectives25421.html
Root, G. N., III. (2015). Examples of Controls in a Marketing Plan. Retrieved from http://smallbusiness.chron.com/examples-controls-marketing-plan-11575.html
