Loyalty programs are the ‘go-to’ customer engagement method for every industry, whether you look at lifestyle brands or FMCG products. In fact, even in real estate, these programs have become a pivot point for better sales and a more personal form of engagement. Today, a loyalty program can improve positive brand value of a real estate company significantly.
However, loyalty in real estate has two different aspects. Unlike other industries where the company looks to engage just the consumer, real estate has a 3rd stakeholder – the channel partner.
Channel partners are one of the two main pillars on which the success of any real estate loyalty program rests!
What is the importance of the brand image in a loyalty program?
Every loyalty program shares its success with the brand image of the company. It is the idea or perception of the target audience that builds the trust and guides it towards accomplishment. This is how a loyalty program can improve positive brand value of a real estate developer.
To build a healthy brand image, any loyalty program will first need to identify its target market and analyze their values. According to Harvard Business Review, 77% of customers are generally not interested in any loyalty program! The only way to attract such an audience is through shared values.
Understanding brand value and its role in real estate
Statistics reveal that 64% customers are more likely to be brand loyal when they identify shared values. Projecting a positive value system for your brand and by extension, your real estate loyalty program can help you connect better to customers and channel partners alike.
Now, let us take a look at how it can improve your loyalty program and boost sales.
By creating a shared familiarity
Familiarity can be a very useful marketing tool, especially when it comes to loyalty programs. For example, a channel partner loyalty program that promises ‘growth beyond the glass ceiling’ will be able to attract the attention of real estate channel partners and inspire them.
On the other hand, a customer loyalty program that is built on the pillars of community and prosperity are much likely to connect with homebuyers. It is these little things that developers often miss out on, but when it comes to boosting sales, familiarity has a lot of potentials!
By gaining the trust of customers and channel partners
A positive brand value also helps your loyalty program gain the trust of its target, be it customers or channel partners. People love to associate themselves with positivity and good values. In fact, it instills a sense of security in them; makes it easier to associate with your loyalty program.
Just working on rewards and incentives may not be enough for long term loyalty!
By appealing to the Indian market
There are two aspects of the Indian market:
The value-seeker aspect (one that looks for the best deals)
The emotional aspect (one that forms an unspoken bond with a brand)
If you notice the marketing strategies of top brands, they appeal to the audience’s emotions. If you are only looking to engage the value-seeking Indian market, then your loyalty program will eventually fall short.
However, approaching the audience emotionally has proved more effective. With a shared value system and use of rewards, activations, and recognition as positive reinforcement, you successfully use both tools together and create a better impression!
These are just some of the ways in which positive brand values help improve your real estate loyalty program. To gain a deeper insight into the matter, visit Loyalie now!