Loyalty Marketing in Real Estate
By Victor Lund on the WAV Group blog
Posted by: RET Staff
An innovative concept known as loyalty marketing was heralded by the launch of American Airlines AAdvantage in the early 80s and has since evolved to become a competitive table stakes as loyalty programs have saturated the business landscape. It is curious that an industry like real estate, powered by 80 percent repeat and referral business has missed the mark on loyalty marketing.
Real estate is not the only industry getting it wrong. It's safe to say that the majority of programs consumers experience today have been designed "by Boomers for Boomers," all while fundamental shifts in consumer purchase behavior demand that new models emerge to capture the attention of digitally connected consumers. For real estate to do it right, we need to focus on extending loyalty programs to new forms of media right out of the gate.