– Carlos Muñoz 4S
Chief Knowledge Officer, Grupo 4S
Sean Ellis recently coined the term “growth hacker” to refer to a complete new mindset that aims to transform marketing. As Ryan Holiday explains, a growth hacker is someone who “has thrown out the playbook of traditional marketing and has replaced it with only what is testable, trackable and saciable”. This new approach has gained a lot of traction in the startup world where budgets for marketing are scarce (and sometimes even non-existent). Ultimately, growth hacking is the science of achieving incredible growth with non traditional strategies.
In real estate projects it’s hard to use traditional positioning strategies because of their cost and lack of accountability. Although real estate has seen a shift on digital marketing, growth hacking is much further down the road. Our consulting group (Grupo 4S) has started exploring much broader implications of growth hacking into the real estate marketing practice.
These are some of the areas where we are currently working on:
- Disruptive niche products for a stronger market fit
The single worst marketing decision you can make is starting with a product nobody wants or needs. And although there is much customization and constant improvements in real estate products, consumers are hard to surprise. Creating stronger products for specific segments creates a very different starting point. On that end, we have imagined products for very specific psychographic segments as sporties, chefs and starter families.
- Alternative launch strategies
Whereas traditional marketing starts the same way with a news story and/or an advertising campaign, growth hacking requires creativity and technical expertise to create a unique launch platform –based on a multitude of ways-. On that end, we’ve innovated with an invitation only program, we have created secret investor societies and even launched through social gatherings with invited bloggers. Starting out strong also creates a beneficial inertial sales operation for any project.
- Viral approach to content
I’ve heard it more than one time, “we want to go viral with this project”. Everyone wants it, but in real estate there is very little content worth sharing. Plus incentives have been poorly designed on that end. Think of dropbox giving away their service completely for referrals; what are we doing as strong as that? Thousands of projects are launched daily throughout the world, how can we really stand out? It seems that we are not setting the standard of content as high as it should be for it to go viral. Projects intended for growth hacking put a strong emphasis on aggressive content.
- Experiments for optimization
In the heart of growth hacking are A/B experiments. Everything that is used is always tested with the market on at least two scenarios. Results are then used to optimize the customer acquisition strategy. With this mindset, projects need to understand that markets will play a major role on design, marketing and art direction.
These are only a few of the implications of growth hacking. We believe that there are enormous opportunities to further develop ideas that can improve results for real estate projects. If you wish to know more about growth hacking, look at the following links:
- What is Growth Hacking?
- Growth Hackers
- The Definitive Guide to Growth Hacking
- What is Growth Hacking?
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