REA Group, under REA we all aware of well know property site realestate.com.au, a multinational digital media business specialising in Property.
From the humble beginning back in 1995 started from Doncaster garage in the Eastern Suburbs of Melbourne, to be the market leader in Australia for residential and commercial property online advertising.
Realesste.com.au site provides access to Real Estate Agents throughout Australia to advertise residential and commercial properties for sale or lease.
Marketing Strategy and Plan of REA Group
Earlier days REA Groups main focus was going after Real Estate Agents as their target market who signed up a listing authority from the property owners to sell their property or to lease their property in both Commercial and Residential sectors.
By offering better enhanced and easy to use product and collaborating with the property industry and it’s professionals Real Estate.Com.Au site captured larger number of visitors to its site and set ahead of the competition.
This was quickly been picked up the estate agents and use Real Estate.Com.Au site as their primary media to position the agents listings to wider audience throughout Australia and overseas.
Estate Agents being REA Group main consumer, company kept its marketing strategy and plan simple by offering one marketing mix for its target market and price point being agents pay for subscription to advertise properties through Real Estate.Com.Au site.
Change in Strategy for the Target Market
Whats has changed now ? a lot, dynamic world of technology and increasing competition one would think after 21 years in the business and being the market leader, the company has mastered its Marketing strategy and Plan; not according to REA Group.
Company has adopted new strategies in the past decade and more frequent strategical changes in the past 6 months.
Some changes from the past allowing third parties that provides property related services such as; banks, mortgage brokers, utility provides to advertise on its site and place consumer can turn to all things in property.
This focus was a strategical approach on segmenting and targeting Real Estate.Com.Au consumer from outside the scope of traditional estate agents market.
As per 2015 REA Group annual report strategy for the future based on providing software and website development for property developers and estate agents who uses Real Estate.Com.Au site to advertise.
Also providing third parties with digital products and services to help mange their data.
Due to this strategic shift company has adopted multiple target markets and separate marketing mix to go with each target markets.
Strategical Change for Marketing Plan
As per REA data the company claims, out of 6 million visitors per month 20% of visitors to its site not looking to buy or sell properties. Due to this findings company has shift its strategy to go beyond being a utility offering to full content offering site.
If you visit realesate.com.au you might wonder if the site is offering properties or cars. Well this is where the new content offering comes in to play allowing other brands from the telecommunications, automotive and travel brands to use realesate.com.au platform to position their products and services.
In order to collaborate other brands into the site realesate.com.au has transformed its product from being a basic product that was targeted purely for estate agents to more of an augmented product with a personality to fit for every one of it’s market segments.
Strategy in price and providing core services shifting has helped Real Estate.Com.Au drive success from changes to traditional paid in subscription to list properties, to providing more depth product where agents pay more to feature more details of a particular property. Another factor taken into pricing strategy is based on the location of the property.
When you visit RealEstate.Com.Au next time you will discover the marketing strategy and plans by browsing through its website and if you can recall your memory back from the old site to current site it will explain how RealEstate.Com.au has adopted new marketing strategies and plans..
Published By Gerard Samarasinghe 212545757 (Gerry Sam)
AdNews, 13th July 2016, Realestate.com.au bolsters content offering; relaunches news site, retrieved 21 July 2016, http://www.adnews.com.au/news/realestate-com-au-bolsters-content-offering-relaunches-news-site.
RealEstate.com.Au, retrieved 20 July 2016, https://www.realestate.com.au/sold
REA Group, retrived 20th July 2016, https://www.rea-group.com/irm/content/our-story.aspx?RID=319
REA Group 2015 Annual Report, reterived 2oth July 2016