Real Estate Marketing vs Promotion
Due to the common confusion in the difference between real estate marketing and real estate promotion as many believe that both of them have the same meaning and that there are no differences between them. So, Murabahat decided to get rid of such confusion by clarifying the difference between them. Therefore, let’s first define the marketing mix the (4Ps) which has been identified by professor Jerome in 1960:
- Product or (Service): Here, we are talking about “real estate”. Also, this item should contain some information about the product such as:
- The project name,
- The brand,
- How will this project satisfy customers’ needs?,
- How does it look like?,
- How much does this project differ from the competitors’ projects?.
- Place: It includes
- Where will you market your project (on the internet, media, or creating catalogues)?
- Where will your customers find you?
- Promotion:It includes:
- Defining the suitable way for promoting whether via the internet, in the press, or radio or others,
- Defining the proper time for launching this promotion and whether if there’s specific time for promoting such project or not,
- Analyze the competitors’ way of promoting.
- Price: It includes
- The project price,
- Defining the discounts and offers that would be proper for your project,
- Comparison between your prices and the prices of the competitors.
So, from the above lines, we conclude that “Promotion” is one of the items of “Marketing” which is so important in marketing any project.
In this article, Murabahat has clarified the differences between promotion and marketing and that both of them differ in the strategy and the results.