A New Go of New Home Sales!
with John and Anya
Episode 53, December 27, 2022
New Home Technology Predictions for 2023 and Beyond
Last few years, tech companies have been building the online infrastructure: Like laying foundation of an house first. Cloud databases, APIs, CDPs (Customer Data Platforms) and AI. Everything is built to support data collection and flow. Data is gold in an increasingly online world. Next, working on the framing to house the data and then, electrical and plumbing to facilitate data flow for functionality across different systems and steps in customer journey. Then, work on facade and finishes with better UI and UX.
Traditionally, digital marketing was more about form than function. MarTech is flipping that around, function first and then form. Mainly because with online shopping,
Marketing is moving further down the sales funnel. Marketing is no longer just attracting audience, capturing a lead and then going back to attract more traffic. Marketing is now also engaging prospects with interactive content to usher online shoppers down personal sales funnels and launching personalized re-targeting campaigns.
Requires Marketing to become more analytical – using technology. Hence, MarTech. MarTech not just on front-end, but backend.
Meanwhile, instead of Sales just being the catcher of Marketing’s hand-offs, Sales can now meet buyers where they are at online and starting the Sales process before a handshake. Bringing Sales online is the start of SalesTech.
Evolve from manual single channel to collaborative omnichannel to AI-automation. Like 1-way switch to turn on outside lights, to 3-way switch to turn on lights from many places to motion-sensor lights. Added features, not necessarily, replacement upgrades.
PropTech Evolution: started over a decade ago with large portals like Trulia, Zillow, Redfin, Realtor, etc. Content is king. Started with MLS-feeds and consolidation of data. Mostly focused on existing home side, advertising platform or supporting/consolidating brokerage services. Lately, moved toward iBuying, power buyers, fractional ownership, transactions, and consumer services like Zillow’s Super App. Tech was focused on improving the customer experience.
New Home PropTech Disruption: At macro-level, like used homes, New Homes is moving towards a portal destination or marketplace like Amazon. Today, emergence of New Construction-focused portals: NewHomeSource, Livabl, Anewgo. Content creation or access is critical.
Larger builders (like larger big box retailers and brokerages may not initially participate, but smaller builders, particularly custom and BOYL builders, may migrate to a marketplace platform).
Specific-function Apps > Enterprise App Ecosystem
MarTech Evolution: Presentation>Personalization>Customization>Experiential>Collaborative>Conversational>Predictive/Recommendation Marketing. MarTech Disruption: AI
Content Evolution: Static>Interactive, Dumb>Smart, Renderer-generated>Buyer-generated>AI-generated (data-driven content for text and visualizations: ChatGPT, DALL-E-2, Point-E).
VizTech Evolution: Gaming Engine (personalized, immersive, educational, save/resume). Follow evolution of rendering content. Online group tours. Collaborative design tours.
VizTech Disruption: VR>MR. Metaverse. Moves from 2D screens to immersive 3D environments. Content comes into your environment whether kitchen table or vacant lot, instead of viewing in set environment.
Channels Evolution: Single>Omnichannel, Static>Interactive, SWYLO (start Where You Left-Off), Online>Offline>Hybrid,
Channels Disruption: Buyer Portals become main channel. Guided by personal AI assistant and selected collaborators. Already happening with generative-AI. Shift from product-centric DMPs (Data Management Platforms) to customer-centric CDPs (Customer Data Platforms) is reflecting this evolution. Explain in more detail in Episode 8’s “Data is Gold” podcast.
SalesTech Evolution: Seller-centric >Buyer-centric of who controls when, where and how, Onsite>Online, Manual>Digital. Major facets: online data storage, communication and analytics.
FinTech Evolution: subset of SalesTech. Buy/Reserve Now, Homestretch, Post close. Reserve Online (Inventory, Homesites, Unbuilt Design) to Buy Online to Close Online
FinTech Disruption: Web3 (Blockchain, NFTs, Cryptocurrency)
MarTech/SalesTech convergence: MarTech>SalesTech>E-commerce
Seeing this happening with agencies, consultants and conferences.
Instead of moving buyers down a traditional top to bottom sales funnel, Marketing and Sales converge on the buyer. The buyer is center of attention. Marketing and Sales efforts revolve around each buyer. Marketing and Sales become a Sales cycle instead of one-directional bucket-brigade handoffs.
Led by OSCs. Marketing can continue to engage beyond lead-gen with AI-guided and automated personalized Marketing campaigns. Sales can engage with Buyers online across different channels and using different communication mediums (social media, live guided tours, instant messaging, collaborative design)
Manual Searches>Smart Filters>AI Match and Notify
ii. Solo Design>Collaborative Design. Solo Shopping>Collaborative Shopping>Co-buyer Buy Online.
Out-of App communications>In-App (not just native, but web app) instant ratings and messaging. Hybrid AI/Manual Chats (AI may start conversation or field more general or initial inquiries).
Channel convergence. Marketing: SEM>Social>AI – Marketing and Sales convergence. Ad platforms (Alphabet, Amazon, Meta, TikTok) will each build and combine search engines, social, e-commerce and AI. Anewgo will do the same. Leads to personalized conversational marketing and commerce. Everyone gets online concierge service via Buyers’ portals.
Single channel>Omnichannel Analytics, Lead Gen, Re-targeting (Cohort Analysis and Marketing Automation)
2023 will be the Year of Change, where some of the technology that has been under-construction will be completed. This will accelerate an evolution of Marketing and Sales changes into
Revolution of Disruptive processes that will improve both the customer experience and the sales and profitability of those builders who embrace change. Happy New Year!
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