Go-to-market strategies for proptech companies

Thu 22 June 2023

Are you a proptech company looking to reach your target audience? It can be a challenge to penetrate the tech landscape and get your message out there. However, with the right strategies in place, you can create an effective go-to-market plan that will make sure your message is heard loud and clear. In this blog post, we'll outline the necessary steps to take for proptech companies to effectively reach their target audiences. We'll cover understanding the proptech landscape, developing target audience personas, creating a go-to-market plan using building permits, choosing the right technologies for your proptech company, and measuring and optimizing your go-to-market success.

Read on to learn more about how you can maximize your success with these strategies and tools! And don't forget to read our API docs and check out our article on contech GTM strategies!

Understanding the proptech landscape

Proptech, or property technology, is revolutionizing the real estate industry. By leveraging cutting-edge technologies such as big data, cloud computing, the Internet of Things (IoT), and artificial intelligence (AI), proptech companies are creating innovative products and services that are transforming how people live and work with an emphasis on property data. In this section, we will discuss what proptech is and its different categories, the impact of proptech on the real estate industry, highlight some of the most successful proptech companies and their strategies, and share examples of how proptech is transforming how people live and work with an emphasis on property data including building permits.

At its core, proptech consists of software solutions developed to improve efficiency in real estate transactions. It can be divided into three categories; product/service innovation – aimed at improving customer experiences; process automation – aimed at streamlining internal processes; and data-driven analytics – focused on gaining insights from a large amount of data to improve operations. These categories are helping to drive efficiency in both residential and commercial markets across the world.

The impact of proptech has been far-reaching in the real estate industry. From streamlining processes for tenants to providing more detailed insights into market trends for buyers - these technological solutions have enabled businesses to make better decisions faster than ever before. Additionally, they have allowed them to provide their customers with a better experience by utilizing tools such as virtual reality tours or digital payment options.

Some of the most successful proptech companies include Zillow, WeWork, Compass, Redfin, OpenDoor, Divvy, and Reonomy to name a few. Each company has its own unique strategy for success but all have leveraged technology to create products that make it easier for consumers to access information about properties or facilitate transactions quickly and conveniently online.

In addition to providing convenience for consumers searching for properties or looking to close a transaction quickly, proptech solutions like building permits also benefit businesses by giving them access to up-to-date information about local regulations quickly so they can avoid compliance issues or costly delays during development projects. For example, Accela's govtech permit module enables users to easily search for permits within their city or county in order to view detailed information about each permit including who applied for it when it was filed and when it was granted or denied. This not only saves time but also helps developers stay informed about local rules while planning new projects.

Overall, proptech offers tremendous potential both for consumers who are looking for more convenient ways of accessing information about properties or closing a transaction quickly, as well as businesses who need access up -to -date information quickly in order stay compliant with local regulations while planning projects. By leveraging these technologies, proptech companies can create effective go-to-market strategies that will help them reach their target audiences effectively.

Developing target audience personas

Developing target audience personas is an important step for proptech companies to reach their customers. Personas define the characteristics of a customer segment, allowing businesses to create marketing strategies that are tailored to the specific needs and desires of that group. By understanding their target audience, proptech companies can craft effective messaging that resonates with them and helps them achieve their goals.

Developing target audience personas should be done during the planning phase of any go-to-market strategy as it will inform all subsequent decisions about how best to reach those customers. It’s also important for a proptech company to analyze customer behavior in order to determine what types of messaging they respond most positively towards. For example, understanding which channels they use most frequently and what types of content they consume can help inform which methods would be most effective for reaching them.

Building permits are another key tool for understanding when a persona is in the market for a proptech purchase. Building permits offer insight into when people are ready or likely to invest in property technology products or services such as automated home energy monitors, smart security systems, or heat pump HVAC systems. By leveraging this data, businesses can customize their go-to-market plan accordingly and ensure that their message reaches potential customers at the right time with maximum impact.

By taking these steps, proptech companies can create effective marketing strategies tailored towards their desired audiences that will help them maximize success and reach their goals. Developing comprehensive target audience personas is key for any business looking to make an impact with its go-to-market strategy, and especially so for those operating within the ever-evolving proptech landscape.

Creating a go-to-market plan using building permits

Creating a go-to-market plan using building permits is an important step for just about every proptech company. Building permits are documents that allow businesses to carry out construction or renovation projects, and they provide valuable information on who the target market is for a particular proptech product or service.

There are two main types of building permits: residential and commercial. Residential building permits refer to those issued for homes, such as single-family residences or duplexes, while commercial building permits refer to those issued for large-scale projects, such as multi-family dwellings or retail stores. Understanding these permit types can help proptech companies determine which types of customers will benefit most from their products or services.

For example, if a proptech company is offering a smart home energy management system, they might look for recently approved residential building permits in order to identify potential buyers who would be interested in the product. On the other hand, if the proptech company offers a cloud-based property management system suitable for large buildings with multiple tenants, then they may look at recently approved commercial building permits in order to find potential customers.

Fortunately, there's a tool available that makes it easier to quickly find homeowners and contractors who have recently submitted or completed a building permit: Shovels. With Shovels, proptech companies can use advanced search tools and filters to narrow down potential customers based on criteria such as location and type of project (residential vs. commercial). This allows them to create targeted marketing strategies tailored specifically towards their target audiences more efficiently than traditional methods like cold calling.

By leveraging the right technologies like Shovels and understanding how building permits work as part of their go-to-market strategy, proptech companies can reach their target customers more effectively and maximize their success in this rapidly growing industry.

Choosing the right technologies for your proptech company

Choosing the right technologies for your proptech company is essential for reaching out to your target audiences and maximizing success. The technologies you choose should be tailored to the needs of your business, so it’s important to take the time to research what’s available and understand how they can work for you.

One of the most effective ways to reach out to potential customers is through direct mail. Lob is a valuable tool for proptech companies, as it allows them to send out direct mail pieces with a home address on them. This helps build trust between potential customers and your brand, as it shows that you’re willing to put in the extra effort when communicating with them, especially when using building permits to reach out at the right time.

Another way of reaching out via phone or email is by using a homeowner phone and email database. These databases allow you to access contact information for potential customers, allowing you to connect directly with personalized messages that speak to their specific projects. You can also use these databases to track customer behavior over time, giving you a better understanding of who your target audience is and how best to reach them.

Finally, hiring a software consultant or using your engineering team can help stitch APIs together and automate processes such as data collection and analysis. This means that all the data collected from different sources will be automatically compiled into one place, allowing you to make more informed decisions about which technologies are best suited for your business goals.

By selecting the right technologies for your proptech company, you can create an effective go-to-market strategy that will help you reach your target audiences and maximize success in this rapidly growing industry.

Measuring and optimizing your go-to-market success

Measuring and optimizing your go-to-market success is essential for proptech companies that want to maximize their return on investment. Proptech companies can use a variety of strategies to measure and optimize their success, such as regularly analyzing data, conducting A/B tests, and taking customer feedback into account.

Analyzing data regularly is one of the most important strategies for measuring and optimizing your go-to-market success. By looking at data trends over time, proptech companies can better understand how their marketing efforts are performing in terms of website visits, conversions, customer satisfaction scores, etc., as well as identify any potential issues or anomalies. This allows them to make informed decisions about how to tweak campaigns or products in order to maximize performance.

A/B testing is another powerful tool that proptech companies can use to measure the effectiveness of changes they have made to their marketing efforts. A/B testing involves creating two versions of a piece of content (e.g., an email) and then testing both versions on different audiences in order to determine which one performs better. This technique enables proptech companies to experiment with different approaches without having to guess what will work best for their target customers.

Finally, taking customer feedback into account is essential when it comes to measuring and optimizing your go-to-market success. By asking customers questions about their experience with your product or service after they’ve used it, you can gain valuable insights into what works and what doesn’t work from a user’s perspective – information which you can then use to improve campaigns or products accordingly. In addition, using surveys or focus groups provides another way for proptech companies to gain insights into what would improve the customer experience and increase engagement rates with their offerings.

By leveraging the right technologies and following these strategies for measuring and optimizing your go-to-market success, proptech companies can ensure that they reach the right audiences with the right message at the right time - helping them maximize their return on investment in this rapidly growing industry.