Tuesday, May 14, 2024
I’ve been thinking about consumer engagement. More specifically, about how difficult it can be for a title and settlement company to build lasting bonds with future homebuyers and sellers. It’s something I’ve been wrestling with on and off for nearly 30 years, and over that time I’m not proud to admit that I’ve been on every side of the argument. How do you get a buyer or seller to ask for your company by name?
There’s no single magic recipe, that’s for sure. But I’ve always believed in education as a vital ingredient of any successful marketing program. Back in the olden times, that used to mean joining up with a real estate agent and maybe a lender in presenting a prospective homebuyer educational seminar. The seminar would walk interested consumers through the home selection, financing and acquisition process, which I still believe is a good component of a plan for today.
How might you modernize the educational component of your marketing tactics? Let’s look at some things we know about younger consumers. Media outlets and the young adults themselves report a problematic dearth of practical life skills education these days. Our kids are smarter than ever in certain subjects, but life skills training has become nearly non-existent for this cohort. Currently, Scott Galloway’s best-selling book The Algebra of Wealth: A Simple Formula for Financial Security is recommended for young people to help them master basic financial literacy, among other things.
In a recent interview, Galloway shared that many young people don’t know how to manage basic household finances, obtain a car loan, embark on simple investing, or navigate the land of taxation. So, if we wanted to update the old educational seminar approach, how could we apply our knowledge of what younger consumers need? Could we help fill a void of practical life tips by building a coalition of experts to help them learn?
Could you create a “Life U” course with other professionals in your market to teach some of these life tips? Think of it as a coalition of life-skills mentors, for students who need it. The group could meet live, at certain intervals, with curriculum handling a new topic at each session. After each meeting’s prepared content concludes, maybe you could offer live 1:1 expert counseling and mentoring in the topics each student needs individual assistance with.
Maybe at some point the course check-ins and follow-ups would move to a virtual environment. Perhaps some of your “graduates” would then agree to come back and mentor students in future classes. Or give testimonials for your advertising and promotions for the next round.
Perhaps you want to offer an online version? It is possible to geo-fence your advertising so that it targets consumers in a specific area or radius. Maybe you would offer it in conjunction with your local community college. Or perhaps an after-school activity club for high schoolers.
If I were going to put together a Life U course for my area, I would consider inviting a P&C insurance agent, a banker, a car salesperson, an accountant, an investment advisor, and a realtor at minimum. If I wanted to branch out or otherwise get a little jazzy, I might add in a doctor, dentist, auto-mechanic and/or mortician (yep!). I would approach it like a series of TikTok videos, bite-sized walk-thrus of practical instruction of How To subjects dedicated to what the kids call “adulting.” Heck, I might even call the course Adulting 101.
In that program I would be sure to include topics of How To Know If You’re Ready to Buy a Home, How to Shop For a Home, How to Negotiate a Fair Price, How to Successfully Close on Your Home, How to Protect Your Home and Investment, and Navigating Ongoing Homeownership Challenges. Each section would have a healthy dose of “what to expect” during each scenario. And always a “who to call if you need help” offer. I’d have them put me in the cell phone contact list flagged either as Life Advice or Home Help (or the program name if you develop a catchy one). I’d strive to become a resource for them in adulting and encourage them to reach out for years to come.
Granted, building out a program like this would take an investment of time. As well as a commitment to keep it going. If you’re considering it, ask some of your friends who have kids in their teens and 20s if they think their kids need these life lessons. Think about service providers of some of the other topics and gauge their interest in joining you.
It won’t be the perfect idea for every market, or every provider. But I encourage you to play with the concept and other new fresh ideas. Because finding your way to drive more repeat consumer-driven business could be a game changer, and we’ve all learned it usually requires more than giving them your best service after they’ve been referred in by someone else.
Until next time,
Mary Schuster
Chief Knowledge Officer
October Research, LLC