Researching a product or service is so easy in today's landscape. Consumers have access to large swaths of information and can make a detailed decision about a brand before even interacting with them. Therefore, it's key to understand their mindset and curate a service ready to meet their needs.
That's where market research comes in, and it plays a vital role in better aligning with your audience. But if you're a letting agent, how do you conduct useful market research that will ultimately help grow your stock, attracting more landlords and renters in the process?
In this guide, we're looking at how you can perform market research if you're a letting agent. So read on and find out how to adapt your marketing strategy to factor in the way today's landlords and renters research, view, and rent or let.
What is market research?
Having information about how your audience thinks and acts is vital to being successful. And market research helps you gather details about your brand's buyer personas, target audience and customers to conclude how likely they are to want to use your service.
Undertaking market research at your letting agency is necessary not only to understand your customers better, but it also helps you realise where your company fits in the wider spectrum of lettings.
By understanding the pain points of your audience, you can better shape your service to meet their needs. You'll learn things like where your target audience conducts their own research, necessary information about your competitors, trending topics in your industry from a landlord and renter's perspective and the general challenges in the market.
Key elements to think about before doing market research
Before conducting any type of market research, you need to know who your target audience is. On the surface, that might seem relatively simple: landlords and renters. However, it's more nuanced than that, as there are several types of landlords and renters.
Think about things like whether your agency caters to portfolio landlords or if it has been historically more successful with single-property and accidental landlords. It's also important to think about the kind of property in your area, as the homes available dictate the clients coming through your doors (or clicking on your website).
How to conduct market research
Ok, so you know what market research entails, but how about putting theory into practice? Fortunately, there are many ways you can perform market research to garner a better understanding of your audience. These include:
- Interviews – face-to-face discussions with potential customers
- Campaign research – looking at where past campaigns have been strong and what you can improve
- Focus groups – a handful of carefully selected people who test your service
- Brand awareness research – understanding how people currently view your brand and the perception they have
- Service use research – insight into why an audience uses your service to get a better idea of usability
- Customer satisfaction research – a look at how to create repeat business through loyalty
- Observation-based research – watch your target audience use your service in real-time and observe their behaviour
- Competitive analysis research – a deep dive into understanding how your competitors work
- Buyer persona research – a realistic look into who makes up your target audience
- Pricing research – provides a better idea of what other agents charge in your patch
- Market segmentation research – categorise your target audience into different groups (eg, landlords and renters) to better understand their behaviours.
Understanding your findings
You should keep a record of everything you find when conducting market research. This will help reshape your marketing strategy and allow you to tweak things where needed. We recommended keeping your findings in an Excel doc or Google Sheet, updating it when required.
Once you've done all the research you feel is necessary, study your findings. What you'll discover are valuable insights and a better understanding of what makes your audience tick. You can then use those results to craft your offering to landlords and renters.
Doing the research
Market research can take time and sometimes feel slightly laborious. But it's an essential component to understand your audience better and become a smarter letting agency that meets its client's needs. The result of that will be increased success and better bottom lines.