Exploring the Media of the Prime Real Estate Market - Edition 3
Consumers' diverse lifestyles and behaviours significantly influence the ever-dynamic and complex real estate market.
Understanding these nuances is crucial, particularly in the prime real estate sector. I've previously explored the audience (https://bydesignhomes.lifesycle.co.uk/blogs/premium-property-marketing-masterclass-edition-1), and the message (https://bydesignhomes.lifesycle.co.uk/blogs/tailoring-your-property-marketing-messages-to-three-distinct-prime-audiences) - this is the prime's media.
Geodemographics really 'Enter Stage Right here', offering valuable media insights into different consumer segments.
The Urban Elite, Ambitious Professionals, and Rural Dream groups stand out for their distinct preferences and impacts on the prime market. These three groups represent 18% of the population, but 85% of the properties above £700,000, and a whopping 100% above £2m.
The Urban Elite represent the zenith of urban sophistication and success. This group comprises affluent individuals who seek properties that mirror their high status and refined tastes - they are often global citizens with global tastes.
These consumers are typically drawn to luxurious apartments and exclusive residences in premium city locations. Their choices reflect a desire for comfort, elegance, and properties that signify their achievements and societal standing. Real estate for this group is more than a home; it symbolises their prosperous life journey.
The Ambitious Professionals capture a demographic climbing the ladder of success. These are educated, career-oriented individuals with a keen eye for style and innovation.
They prefer real estate that aligns with their dynamic and ambitious lifestyles, often opting for modern, sleek apartments in urban centres. This group values connectivity, convenience, and a touch of luxury. Their real estate choices are often extensions of their personal and professional aspirations.
This group contains one of my favourite names in segmentation - the HENRYs - High Earning, Not Rich Yet. These people with very high incomes have yet to accumulate wealth but will.
The Rural Dream represents the quintessential affluent suburban dream. This segment predominantly comprises middle-class families and individuals seeking a harmonious blend of comfort, community, and tranquillity.
Their real estate preferences lean towards spacious homes in serene, green settings. Safety, proximity to good schools, and community drive their choices. Homes in this segment are structures and sanctuaries where families can grow and thrive away from the urban hustle.
In prime real estate, understanding the specific needs and desires of City Prosperity, Prestige Positions, and Country Living groups is invaluable for developers, realtors, and investors.
Each group brings its unique perspective and demands to the market, influencing current trends and future directions. For those navigating the prime real estate market, a deep understanding of these groups' preferences is not just advantageous; it's essential.
Media Choices for Building Brand Awareness and Sales Activation Across Diverse Consumer Groups
In today's fast-paced market, reaching diverse consumer groups like the Urban Elite, Ambitious Professionals, and Rural Dream requires a nuanced understanding of media choices. Brands looking to build awareness and activate sales must strategically leverage a mix of traditional and digital media platforms to connect with these groups effectively.
Building Brand Awareness
We build bespoke media schedules for our clients, but treating this 18% of affluent and wealthy people as a unified group, the channels to use to increase brand awareness are printed newspapers, direct mail (Flyers, letters, coupon envelopes, etc.), radio, television adverts, in-store promotions and online (e.g. apps, social networks, websites, on-demand TV services, etc.).
Sales Activation Media
For driving leads and transactions, newspaper advertising or inserts come top, followed by direct mail, online newsletters, e-mails, television advertisements and offers via social media (e.g. Facebook, Twitter, etc.), in that order.
As good old newspapers have reared their heads in brand awareness and sales activation for this wealthiest part of the population, it's worth looking at the titles of the prime audience. At the top of the newspaper pile are The Sunday Times, The Times, the London Evening Standard, The Mail on Sunday, the Daily Mail, and The Daily Telegraph.
Local newspapers of note with above average numbers of one or more of these profiles are The Herald/Sunday Herald (Scotland), the Press & Journal (Aberdeen), The Courier (Dundee), the Eastern Daily Press (Norfolk, northern parts of Suffolk and eastern Cambridgeshire), The Sentinel (Stoke), the Yorkshire Post, the Evening Express (Aberdeen), Southern Daily Echo (Southampton), the Kent Messenger, the Edinburgh Evening News and the Liverpool Echo. You have a local media advantage if you operate in any of these areas.
Social Media Strategy
The best channel for the prime market is LinkedIn, which takes the social media crown, followed by Twitter/X, Facebook, Instagram, and Youtube.
A multi-channel media strategy that combines traditional and digital platforms is crucial for brands looking to effectively reach and engage with the diverse consumer groups of the Urban Elite, Ambitious Professionals, and Rural Dream. Understanding the media consumption habits of these groups is critical to crafting messages that resonate and drive brand loyalty and sales.
As the market evolves, staying attuned to the changing preferences of these critical consumer segments will be crucial for success in the competitive and ever-changing world of prime real estate.
Simon Leadbetter.
Simon has worked with industry giants like Fidelity, Emap, Prudential, AXA, Autotrader, Barclaycard, Abbey National, Daily Telegraph, and Northcliffe Media. In addition to his corporate roles, he has ventured into entrepreneurial projects, founding startups such as AffinityIQ, Untopia, and Blue & Green Tomorrow, a leading UK-based online magazine focused on sustainable investment. Simon has held significant leadership positions, including Group Marketing Director for Countrywide Plc and Global Head of Marketing and Partner for Knight Frank LLP. He has also been the interim CMO of Keller Williams UK and the Global CEO of Fine & Country. Simon now helms unchained.marketing, a specialised marketing consultancy that delivers data-informed strategies to its clientele.
