brand strategy & competitor analysis · among 16 different features offered by the real estate...

BRAND STRATEGY & COMPETITOR ANALYSIS

March 2015

Contents

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Research Objectives p. 3

Methodology p. 4

Executive Summary p. 6

Findings & Analysis p. 10

Recommendations p. 43

Objectives: In order to accomplish this, Discovery Research Group designed a study to address the following questions:

1. What improvements should be made to the UtahRealEstate.com website in order to make it the “go to” site? Specifically:

a. What features are important that are missing from the website that will help accomplish this objective?

b. What do competing sites have that UtahRealEstate.com does not have that people like?

c. Are there things people do not like about UtahRealEstate.com that should be eliminated?

2. Where are the best sources to spend marketing dollars? Where are people looking for information in order to help them in their search for a new home?

3. What are the demographics associated with Utah homebuyers?4. How can UtahRealEstate.com strengthen its brand position in the market?5. What are the emotional aspects associated with the home buying experience that can

be leveraged in the development of better advertisements and a better brand.

Objectives: In order to accomplish this, Discovery Research Group designed a study to address the following questions:

1. What improvements should be made to the UtahRealEstate.com website in order to make it the “go to” site? Specifically:

a. What features are important that are missing from the website that will help accomplish this objective?

b. What do competing sites have that UtahRealEstate.com does not have that people like?

c. Are there things people do not like about UtahRealEstate.com that should be eliminated?

2. Where are the best sources to spend marketing dollars? Where are people looking for information in order to help them in their search for a new home?

3. What are the demographics associated with Utah homebuyers?4. How can UtahRealEstate.com strengthen its brand position in the market?5. What are the emotional aspects associated with the home buying experience that can

be leveraged in the development of better advertisements and a better brand.

Research Objectives

The primary aim of this research was to:

Develop a brand based strategy that will position UtahRealEstate.com as the website of choice for people searching for a home within the state of Utah.

3(800) 678-3748 [email protected] www.DiscoveryResearchGroup.com.

Research Methodology


This survey is the second part of a two pronged approach designed at accomplishing the stated objectives. The first part of this research consisted of two focus groups that were conducted in February of 2015. The objective of these focus groups were to provide initial insight into the objectives and to aid in the development of the online survey.

Participants: After completion of the focus groups, the survey was developed by Discovery Research Group and approved by UtahRealEstate.com. Participants were sourced from three panels:

• Research Now• Toluna• Opinion Share (Discovery Research Group)

This is a screen shot of one of the two online focus groups.

Screening: The opening question on the survey asked participants if they were planning to search for and purchase a home in Utah within the next six months. Only those who answered “yes” were allowed to proceed with the survey. Within the survey, additional quality control measures were implemented in order to ensure that those who participated in the survey were qualified respondents.

Sample Validity: A total of 380 people completed the survey. This equates to a margin of error of 4.9% at the 95% confidence level. It should be noted that this 4.9% margin of error applies to questions that were answered by all 380 participants. Some questions, such as follow-up questions, were asked of smaller sub-groups and consequently have a higher margin of error.

The findings and analysis has been divided into four main sections based off of the objectives: 1) Search Habits & Emotional Analysis 2) Feature Analysis 3) Brand Analysis 4) Homebuyer Profile

Research Methodology


Executive Summary1. Site Improvement: The most important factors in determining why someone favors one site over another in order of priority are:

• Search results• Ease of use/friendliness• The search feature• Appearance• Familiarity/trust• Site navigation• Photos

UtahRealEstate is regarded as providing good search results, and is considered fairly easy to use. The site is also considered to have a decent search feature (filtering options, etc.). However, UtahRealEstate lags behind most competitors with regard to familiarity/trust and site navigation.

When asked what makes UtahRealEstate different or unique, a total of 26% indicated that it was their accurate and detailed search results. Other factors that make UtahRealEstate unique are their “ease of use” (14%), “layout” (14%), “searching ability” (13%), and “local focus” (6%). A total of 17% indicated that they did not feel that there was anything that made UtahRealEstate unique in relation to the other sites.

Among 16 different features offered by the real estate websites that were examined, the five features that are considered the most important are (in order of importance):

1. The ability to estimate the value of a home2. Information about crime in the area3. Market comparison information4. Historical information about a home5. Information about neighborhood demographics

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Executive Summary

The table below is a summary of some of the Strengths and Weaknesses that were identified by the survey for each of the five sites:


S T R E N G T H S

Brand Recognition Advice Search Feature Ease of Use Familiarity

Market Leader Reliability Appearance Familiarity/Trust Search Results

Search Results Photos Crime Map Local Reliable

Map Feature Cool Appearance Search Feature Trusted

Innovative Accurate Results

Cool Authoritative

Home Value Estimator Tool Search Feature

Market Comparison Info Information

Home Information

Neighborhood Information

W E A K N E S S E S

Inaccurate Information Navigation Low Reliability Search Results Low Usage

Lack of Support Map Feature Poor Results No Map Poor Organization

Too Many Ads Map Feature Not Innovative Not Innovative

Technical Difficulties Forced To Create An Account Appearance Appearance

Forced To Create An Account Technical Difficulties Poor Navigation

Too Many Ads Too Many Ads

2. Site Discovery: When asked how people found out about a particular home search site, the majority mentioned that they found the site as a result of conducting an online search or came across an online advertisement. Finding sites as a result of traditional advertising (TV, radio, direct mail, outdoor) was found to account for significantly smallerpercentages than online sources. A notable percentage (30%) were directed to a site as the result of simple talking to someone.

Of the five sites that were examined (Zillow.com, Trulia.com, Realtor.com, KSL/homes.com, UtahRealEstate.com), Zillow scored the highest with regard to all of these features with the exception of “information about crime in the area,” where Trulia notched the highest score.

Executive Summary3. Homebuyer Profile & Demographics: Approximately 50% of people searching for a new home are looking to buy a home that is one to ten years old. Roughly the same percentage (52%), are currently in a situation where they are renting or leasing. With regard to home type, a total of 80% of potential homebuyers are searching for a detached single family home. When asked for a reason as to why they want to purchase a home, the top three reasons are (in order of priority):

1. Desire to live in a better home than the one in which they currently live2. Desire to stop renting or leasing3. Desire to live in a better area than where they live currently.

With regard to demographics, a total of 76% are under the age of 54 with 40% between the ages of 25 and 34. A total of 80% are married and 58% have children under the age of 18. A total of 84% make $50,000 a year or more, and 34% make over $100,000 a year.

4. Brand Position: When asked to list “websites that come to mind that are designed to help people search online for homes to purchase” Zillow.com was the top-of-mind site that was mentioned by 40% of participants. Zillow was followed by Realtor at 27%, Trulia at 21%, KSL/homes at 21% and UtahRealEstate at 19%. Zillow was also found to be the most used site of the five and UtahRealEstate the fourth most used site of the five. However, when asked to rank the websites they have used in order from the one they like the most to the one they like the least, UtahRealEstatecame in as the second most liked site behind Zillow.

With regard to brand values, “delivers results” was found to be the single most important value followed by “reliable.” Delivers results is related directly to the brand promise, and “reliable” is related directly to the strength and focus of the brand.

UtahRealEstate scored well with regard to delivering results, and is the top brand from among the five with respect to that brand value. UtahRealEstate is also considered to be the most “authoritative” of any of the brands. With regard to reliability, UtahRealEstate also scored high, but is positioned behind both Zillow and Realtor. UtahRealEstate trails most of the other brands with regard to being “innovative” and “cool.”


Executive Summary5. Emotional Analysis: When asked “What words best describe the emotions you feel when you think about searching for a home to purchase?” The top response is “excited.” Additionally people also indicated that they feel “happy” when they think about searching for a new home. However, several negative emotions were also frequently mentioned. Most notable are “nervous,” “anxious,” “stressed,” “scared,” “anxiety,” and “overwhelmed.”



Search Habits & Emotional Analysis

OBJECTIVE: Where are the best sources to spend marketing dollars? Where are people looking for information in order to help them in their search for a new home?

OBJECTIVE: What are the emotional aspects associated with the home buying experience that can be leveraged in the development of better advertisements and a better brand.

11

Findings: Search Habits

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Which of the following categories best describes your reason for purchasing a home (Select all that apply)?

The top three categories all have to do with “desires,” while the bottom two are related to other factors that may be “compelling” people to move.

A few of the more frequently mentioned reasons under “other” are:

» Want to purchase a home as an investment property.

» Want to rent out their current home.

» Want to move closer to family.

49%

39%

37%

29%

20%

8%

0%

Desire to live in a better home than the one inwhich I currently live

Desire to stop renting or leasing

Desire to live in a better area than where I livecurrently

Change in family situation

Relocating for work related or commute relatedreasons

Other

Prefer not to answer

.

12



How do you plan to conduct your search for a home to purchase? (Select all that apply)

Although there may be some sample bias present due to the fact that this is an online survey, when it comes to searching for a home, desktop and laptop computers dominate.

Drilling deeper into the data we find that 71% of those who plan to use their desktop or laptop to search also stated that they will use a tablet or smart phone to search.

A total of 15% plan to use their smart phone or tablet but DO NOT plan to use their desktop or laptop computer.

89%

54%

53%

53%

49%

42%

30%

24%

0%

0%

Searching online using a desktop or laptopcomputer

Searching online using a tablet

Driving neighborhoods

Using an agent

Searching online using a smart phone

Talking to friends or family directly (not throughsocial media)

Searching newspaper listings

Reaching out to your social media network

Other


..

13



Do you already have a specific website in mind that you are planning to use, or are already using, as you conduct your search for a new home? ____________

Yes52%

No48%

Zillow30%

UtahRealEstate22%

Trulia13%

Realtor8%

KSL8%

Other19%

[If “yes”] What website is that? If you have more than one site in mind, please enter only the site you believe that you will use most often, or currently use most often. ____________

Zillow is king, but at 22%UtahRealEstate.com isn’t far behind. Even though Zillow is number one, it doesn’t overwhelm the market space considering that more than two-thirds chose something else. Additionally nearly half don’t have a website in mind, indicating significant opportunity to gain market share.

Although “other” makes up 19%, it was found to be an assorted collection of real estate and homebuilder sites receiving, at the most, only one or two mentions each.

n=199

14



How did you find out about this website? (Select all that apply)

The most common path people took in finding their preferred website was to conduct an online search for homes. The second was encountering an online or search advertisement. Both are likely related to Google organic and Google AdWords search results. It is clear that this is where UtahRealEstate.com should focus their advertising efforts.

Speaking to a friend or relative directly (not through social media) accounts for the third highest percentage. This is an indication of how important it is that users have a positive experience in order to create word-of-mouth.

49%

44%

30%

28%

19%

16%

16%

15%

14%

10%

10%

9%

5%

Search online for home sites

Online or search advertisement

Spoke to friend or relative directly (not through social media)

Search online for realtors

Mobile app

Social media advertisement

Reached out to my social media network

Television advertisement

Outdoor advertising

Direct mail/Received information about where to look via mail

Radio advertisement

Don’t remember/not sure

Other ________________

n=199

..

15



When it comes to the time you spend searching for a home for purchase, what percent of your time is spent using each of the following methods? If you have not yet started searching for a new home, please enter the percent of your time that you believe you will spend searching for a new home. (Total must equal 100%)

0

10

20

30

40

50

60

70

80

90

100

Desktop or Laptop Search

0

10

20

30

40

50

60

70

80

90

100

Tablet Search

0

10

20

30

40

50

60

70

80

90

100

Use Agent

0

10

20

30

40

50

60

70

80

90

100

Smart Phone Search

0

10

20

30

40

50

60

70

80

90

100

Drive Neighborhoods

0

10

20

30

40

50

60

70

80

90

100

Talk to Family/Friends

0

10

20

30

40

50

60

70

80

90

100

Search Newspaper

0

10

20

30

40

50

60

70

80

90

100

Social Media Network

Average = 32.6%

Average = 13.4%

Average = 13.4%

Average = 10.3%

Average = 9.4%

Average = 6.7%

Average = 4.4%

Average = 3.8%

16



With regard to top-of-mind awareness, Zillow occupies the “top” spot at 40%. At 19%, UtahRealEstate has the lowest unaided top-of-mind awareness among the five brands. However, this is close to that of KSL and Trulia. Top “other” sites mentioned include: Google (6%), Homes.com (6%), UtahHomes.com (4%), ColdwellBanker.com (3%), Century21.com (3%), and Remax.com (2%).

Please tell us which websites come to mind that are designed to help people search online for homes to purchase? ____________

Other, 38%

UtahRealEstate,

19%

KSL, 21%

Trulia, 21%

Realtor, 27%

Zillow, 40%

17

Findings: Emotional Analysis


What three words best describe the emotions you feel when you think about searching for a home to purchase? ____________ ____________ ____________

As identified in the word cloud below, two positive emotions are mentioned most often: “excited/exciting/excitement” and “happy.” Negative emotions of “nervous,” “anxious,” “stressed/stressful,” “scared,” “anxiety,” and “overwhelmed” are also mentioned frequently.


Feature Analysis

OBJECTIVE: What improvements should be made to the UtahRealEstate.com website in order to make it the “go to” site? Specifically:

• What features are important that are missing from the website that will help accomplish this objective?

• What do competing sites have that UtahRealEstate.com does not have that people like? • Are there things people do not like about UtahRealEstate.com that should be

eliminated?

83%

73%

67%

76%

75%

1%

59%

48%

44%

39%

36%

2%

Zillow

KSL

Realtor

UtahRealEstate

Trulia

Other

Aware of Have used

19

Findings: Feature Analysis


Listed below are several websites that are designed to help people search online for homes to purchase. Please select which of these websites you are aware of.

A total of 83% of survey participants are aware of Zillow and 59% have used Zillow. Zillow has only a 24 percentage point difference between awareness and usage, the lowest of any of the sites.

At 76% UtahRealEstate’s “aided” awareness is very high. However, the gap between awareness and usage is 37 percentage points, the largest of all the sites except Trulia.

Please indicate which of the websites listed below you have used in the past six months.

.

2.05

2.26

2.33

2.52

2.69

2.91

1.95

2.03

2.33

2.32

2.34

2.60

Zillow

UtahRealEstate

Other

KSL

Realtor

Trulia

Aware of Have Used

20



Please rank the websites below from the one you like the most to the one you like the least by dragging and dropping them in order in the box on the right. Place the one you like the most at the top and the one you like the least at the bottom.

With an average score of 2.1, Zillow is the top ranked site among those that are aware of the website (as determined by a previous question). Zillow is followed by UtahRealEstatewith a score of 2.7. At 2.9, Trulia is the least liked site.

Looking only at the scores of those who indicated they “have used” the website, all sites show improvement. This may be an indication that, in general, once a site is visited the user experience slightly exceeds expectations.

NOTE: Participants were only allowed to rank websites that they indicated they were aware of or have used in the previous question.

Zillow Trulia Realtor KSL UtahRealEstate

TOTAL n =

>>

107 38 56 76 90

Search Results 38% 48% 37% 45% 20% 40%

Ease of Use/Friendliness 34% 37% 29% 29% 41% 30%

Search Filters 14% 10% 21% 11% 18% 14%

Appearance/Appeal 11% 6% 16% 13% 9% 14%

Familiar with/Trust 6% 2% 0% 9% 17% 3%

Navigation 6% 8% 3% 5% 5% 6%

Photos 5% 7% 3% 9% 3% 6%

Organization 5% 7% 0% 7% 7% 3%

General Positive Comment 5% 5% 5% 7% 0% 8%

Map 5% 9% 3% 2% 0% 6%

Local Company 3% 0% 0% 0% 12% 1%

No Technical Difficulties 2% 0% 3% 2% 3% 4%

Mobile App 2% 3% 0% 4% 3% 0%

Expert Advice 2% 1% 3% 9% 0% 0%

Mortgage Calculator 1% 2% 3% 2% 0% 0%

21



Why would you say that www.website.com is your favorite? ____________

Search results are the single most important factor in determining why a site is someone's favorite, and nearly half (48%) of those who rated Zillow as their top site said it was because of the search results. For UtahRealEstate, 40% indicated that search results were the top reason they liked the site. At 20%, KSL lags considerably behind in this category.

The second leading factor is “Ease of use/friendliness.” At 37% Zillow also scores well in this category, but KSL with 41% is considered the most easy to use. UtahRealEstate lags slightly behind at 30%.

“Searching,” meaning the search feature on the website, was the third most important factor. KSL and Trulia are the strongest two in this category.

KSL is rated high with regard to familiar with/trust and being a local company. By comparison, UtahRealEstate was low in these two categories.

..

22



For this next part of the survey we are going to ask you to visit www.website.com. You can click on this link or simply type the URL into your browser window. As you visit the site click around on things that you find interesting or useful. Feel free to use the search feature to search for a home. The next few questions will be about what you like and don’t like about www.website.com. You can spend as much time as you want on www.website.com but you should spend at least a few minutes familiarizing yourself with the site.

What are some of the things you liked or found useful about www.website.com? ____________What are some of the things you did not like or found useless about www.website.com? ____________

Zillown = 95

Trulian = 95

Realtorn = 95

KSLn = 95

UtahRealEstaten = 380

Liked/Found Useful

Appearance/Appeal 15% 17% 16% 11% 10%

Ease of Use/Friendliness 26% 31% 25% 21% 25%

Expert Advice 4% 2% 5% 2% 0%

Map 18% 7% 3% 0% 6%

Navigation 8% 7% 4% 5% 6%

Photos 11% 13% 9% 11% 8%

Search Results 41% 40% 32% 27% 31%

Search Filters 19% 22% 33% 40% 31%

Did Not Like/Found Useless

Appearance/Appeal 6% 0% 7% 9% 11%


Need Support 5% 0% 0% 0% 0%

Nothing/Positive Comment 40% 46% 34% 34% 42%

Search Results 21% 15% 16% 22% 14%

Search Filters 10% 9% 8% 9% 10%

NET (“Liked” – “Did Not Like” for shared attributes)

Appearance/Appeal 9% 17% 9% 2% -1%


Search Results 21% 25% 16% 5% 17%

Search Filters 8% 13% 25% 31% 21%

Comparing all five sites side-by-side we see that with regard to search results, Trulia is the winner and KSL is the loser, when looking at the net percentage. However, while the search results for KSL are regarded as poor, the search filters are considered the best.

For UtahRealEstate the Search filters are considered about average as are the search results, when compared to the other sites. UtahRealEstate’sbiggest weaknesses are its appearance and navigation (site functionality).

...

23



SELECTED COMMENTS: APPEARANCE/APPEAL

• This look makes the site seem less credible.

• I don't like the layout of the website, it's ugly.

• Seemed crowded, I had my browser full screen and it stayed tiny in the middle with lots of empty space on the sides.

• Layout was confusing and unattractive; “next" button for navigation all the way back up at the top of the page.

• Lack of drop down menus, site said there were ten listings in my parameters and only showed me two

• Old fashioned.

• Wasn't a very welcoming home page. Very business like, not homey and inviting.

• There is so much on the pages that there's not enough rooms to initially see the picture of the homes. The pages are very busy and would need more time to look at what you want.

• Page looks a bit busy - lots of information all over the place.

• Not enough pics. It gets daunting to look at 10 different homes, all at $250k, with nothing but numbers. There's no personality to any of them. Pictures, pictures, pictures.

• The pictures are really small, hard to see. When I use it longer than 45 minutes it stops uploading pictures. Super annoying.

• Too much info. Feels cluttered. At the bottom of the page there is no Next Page". I had to scroll back up to the top to get to the next page.“

• Messy and unorganized.

• Too busy, too much info all at once.

• The pictures are not as big and clear as other sites.

• The website feels so busy, there are so many buttons you get lost.

• Quality of Photos are lack luster.

• Not so user friendly, just felt clunky I guess and not very pretty.

• The color of the website is not cool.

• I don't like that when houses are right next to each other, it's very hard to click on the right one you want.

...

What are some of the things you did not like or found useless about www.utahrealestate.com? ____________

24



SELECTED COMMENTS: SEARCH RESULTS & SEARCH FILTERS

• Could not select a mile radius around my search city.

• When there are multiple pages of results the tool bar to go to the next page is only at the top, it would be useful to be at the bottom as well.

• I feel like clicking on the address should open up the same way that clicking on property details does. It's a different color, so people would generally assume that's where you click to see more detail, not a small tab.

• I'd like the ability to pop out selections into a new tab so I can easily compare selections and choices without losing my spot" in line.“

• Can not search by most recent homes listed on the market. This makes it much harder for someone who looks daily to sort through homes.

• I would be nice to be able to narrow my search down by school district or to even look at more than one area without have to look at all of the county.

• I would like to have a way to input what I like and have them notify me through text or email when a new house becomes available that meets my requirements that way we can get in and see it asap.

• Sometimes the parameters eliminated possible other properties that were close to what I was looking for. So the specs needed to be made increasingly generous to see any properties that were close.

• The list or map button was very small and more difficult to find. On the map screen, it was necessary to click on each highlighted home and received too much info. Would rather have a larger picture of the home.

• It seemed a little cumbersome. Like I tried to click on a listing without losing all of the other listings, and it took me to the map instead. It just doesn't seem very user-friendly. Certainly not as easy as other sites I frequently use.

• I would like to be able to save favorites and my favorite site lets me know when the price changes.

• I liked how KSL popped up properties on the launch page to look at, utahrealestate launch page is not good looking. Also, not as many filters as KSL.

• I didn't like that I couldn't get more detailed information on the home and neighborhood.

• Once in map view, when I would zoom in, it wouldn't narrow down the results, it would still list everything in North Ogden.

• Don’t like that you can’t put in an address and have the home pull up.

...

What are some of the things you did not like or found useless about www.utahrealestate.com? ____________

25



What makes UtahRealEstate.com different or unique when compared to the other website you visited? ____________

Accurate and detailed results, i.e. “information,” is the number one thing that sets UtahRealEstate apart from the other competing sites. However a noteworthy percentage (17%) were unable to mention anything that they felt made UtahRealEstate unique.

Accurate/Detailed Results 26%

Nothing/About the Same 17%

Easy to Use 14%

Website Layout 14%

Search Filters 13%

Local Focus 6%

Professional/Trusted 4%

Fast 3%

Map Search/View 3%

Just Better Than Others 3%

Customizable/Flexibility/Options 3%

Poor Search Results 3%

Pictures 2%

26



0

2

4

6

Zillow

Average = 5.7

0

2

4

6

Trulia

Average = 5.5

0

2

4

6

Realtor

Average = 5.3

0

2

4

6

KSL

Average = 5.2

0

2

4

6

UtahRealEstate

Average = 5.3

Zillow was ranked the highest by those that visited the site followed by Trulia. UtahRealEstate and Realtor were ranked the same at 5.3 and KSL last at 5.2

Please rate www.website.com on a scale from 1-7 where 1 means poor and 7 means excellent.

IMPORTANCE SCORE

EXCELLENT VS. POOR SCORE

Zillow Trulia Realtor KSLUtahReal-

Estate

n = 95 n = 95 n = 95 n = 95 n = 380

TOP FIVE (HIGH IMPORTANCE)

The estimated value of a home (not listing price) 5.99 5.87 5.37 5.21 4.67 5.13

Information about crime in the area 5.93 5.37 5.56 5.02 4.71 5.11

Market comparison information 5.80 5.67 5.28 5.16 4.76 5.32

Historical information about a home such as when it was last sold, tax history, etc. 5.79 5.65 5.22 5.27 4.80 5.26

Information about neighborhood demographics 5.77 5.56 5.36 5.19 4.64 5.25

MEDIUM IMPORTANCE

Calculators to help you determine how much a new home will cost, rent vs buy, and how much home you can afford

5.63 5.66 5.36 5.30 4.82 5.42

A search feature that will help you search open houses the same way you search for listings

5.54 5.46 5.27 5.13 4.88 5.45

Information about schools in the area such as location and rating 5.43 5.64 5.45 5.31 4.78 5.46

Information about what your existing home is worth 5.39 5.49 5.33 5.04 4.58 5.11

Information about mortgage rates and lenders 5.21 5.67 5.48 5.13 4.81 5.30

LOW IMPORTANCE

Information about real estate agents 5.09 5.45 5.35 5.01 4.64 5.31

Information about financial assistance 5.02 5.29 5.27 5.06 4.68 5.22

A search tool for finding a realtor 4.98 5.39 5.33 5.25 4.64 5.33

Advice from experts about buying a home 4.97 5.25 5.27 4.98 4.47 5.11

Interactive support such as a chat features 4.45 5.04 5.04 4.97 4.31 5.08

Ideas for decorating, remodeling, and renovating a home 4.37 5.12 4.86 4.56 4.46 4.94

27



On a scale from 1 to 7 where 1 is “Not at all Important” and 7 is “Extremely Important”, please rate how important each of the following attributes are to you when it comes to information that can help you search for a new home to purchase?

With regard to the most important features, Zillow dominates. Most notable is the high score Zillow received for having a good price estimating tool. Information about crime was considered an important feature and something that Trulia scored high on. Other top features include market comparison information, historical information and information about neighborhood demographics. UtahRealEstate performs best with regard to information about schools, information about open houses, and cost calculators.

On a scale from 1 to 7 where 1 is Poor and 7 is Excellent, please rate how well www.website.com accomplishes the following. Howwell does www.website.com provide?:

On a scale from 1 to 7 where 1 is Poor and 7 is Excellent, please rate how well www.UtahRealEstate.com accomplishes the following. How well does www.UtahRealEstate.com provide:

.


Brand Analysis

OBJECTIVE: How can UtahRealEstate.com strengthen its brand position in the market?

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Findings: Brand Analysis


1) Brand Focus (Consistency & Reliable): Focusing the brand’s message gives it clarity and strength. It also means not going after absolutely everyone who might possibly use your product or service. Focus creates consistency. Consistency builds confidence.

2) Brand Relationship (Comfort & Familiarity): A strong relationship with the target audience is critical in order for the target market to feel comfortable with the brand. Only when they feel comfortable, will they truly trust the brand, and subsequently be more inclined to respond to the company’s marketing efforts.

3) Brand Promise (Delivers Results): A brand promise is what people expect every time they interact with the brand. It is its anchor belief. It is the center of the brands universe. Everything revolves around, focuses on, and refers back to the brand promise.

4) Brand Trust: Any claim made by the brand will be looked upon with reservation until the brand has built trust with its target market. People don’t just buy brands; they buy into values. When a brand syncs its values with the values of its target audience it builds a connection of trust.

5) Brand Unique Selling Position (USP) (Innovative & Original): The brand USP is what sets it apart from the competition. It positions the brand in such a way that the target market will see it as both different and better than the competition.

6) Brand Cool Factor: If a brand is considered “cool” people will be eager to associate themselves with the brand, not only because they like it, but because they feel that it elevates their status. Consequently they have a desire to share the fact that they like the brand with others.

7) Brand Authority: Authority is about proof. Once established as an authority, everything a brand does is instantly credible.

Seven attributes were used to measure the strength of each brand:


TOTAL n = 270 n = 184 n = 223 n = 251 n = 221

Focus 45% 37% 51% 43% 56%

Relationship 40% 43% 36% 45% 40%

Promise 43% 35% 38% 41% 48%

Trust 37% 36% 46% 37% 48%

USP 43% 29% 25% 19% 26%

Cool Factor 29% 29% 22% 22% 19%

Authority 19% 24% 29% 14% 32%

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We would like to know whether or not you associate the following characteristics with each website. Please move horizontally across the columns and consider the websites one at a time. Select all of the characteristics that you feel apply to each website.

The UtahRealEstate’s brand is strong. In four out of the seven categories UtahRealEstate is seen as the top site.

An average of 46% selected “Focus” as a attribute they associated with at least one of the websites. For UtahRealestate this was 56%. UtahRealEsate also significantly exceeded the average with regard to “Promise,” “Trust,” and “Authority”.

The area where UtahRealEstate lags the most is “Cool.” Only 19% consider UtahRealEstate “Cool.”

*Participants were only allowed to rate sites that they were “aware of” as determined by a previous question.

..

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We would like to know whether or not you associate the following characteristics with each website. Please move horizontally across the columns and consider the websites one at a time. Select all of the characteristics that you feel apply to each website.

Focus 10%

Relationship -1%

Promise 7%

Trust 7%

USP -3%

Cool Factor -5%

Authority 9%

BRAND SCORE: In general the UtahRealEstate brand is strong relative to the competition. With a score of +10 in Focus (56% vs. 45% (the average for all brands)), the brand and its results are considered highly reliable. At 9%, the brands authority is also strong. As mentioned earlier, “Cool” is the area the brand lags behind the competition the most.

Focus

Relationship

Promise

TrustUSP

Cool Factor

Authority

Average UtahRealEstate

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PART TWO - Now select which website you consider to be the best one overall.

OVERALL BRAND STRENGTH: This last brand measure assess the overall strength of each brand. This is done by suing a liner regression analysis to measure how well all seven attributes combined impact the likelihood that someone will consider the brand to be “the best one.” The higher the score, the stronger the brand with regard to all seven attributes combined.

With a score of .310 the UtahRealEstate brand is strong. UtahRealEstate is followed by Zillow at .237. With a score of .090, Trulia is the weakest overall brand.


R Square 0.237 0.090 0.191 0.042 0.310

n = 270 184 223 251 221

Sig. 0.000 0.155 0.000 0.042 0.000

CORRELATION ANALYSIS: Looking at the total correlation for each of the seven attributes to “the best one overall” we see that coolness and USP are the two most important brand attributes. However, as was learned in the brand score analysis, these two characteristics are not UtahRealEstate’s strengths.

Focus Relationship Promise Trust USP Cool Factor Authority

Correlation0.20 0.22 0.24 0.16 0.28 0.31 0.17

URE Rank1 3 1 1 3 5 1

..


Homebuyer Profile

OBJECTIVE: What are the demographics associated with Utah homebuyers?

34

Findings: Homebuyer Profile


Is this your first time purchasing a home, or have you purchased a home before?

Home searchers are evenly split between first time buyers and those who have purchased a home before.

Most are looking for a “newish” home rather than a newly built home. This may indicate some aversion to going through the building process.

First time purchasing a

home51%

Have purchased a home before

49%

25%

50%

17%

8%

0%

A newly built home?

A home that is 1 to 10 years old

A home that is 11 to 20 years old

A home that is older than 20 years


If you had to guess, what is the age of the home you plan to purchase?

.

35



Do you consider yourself someone who is currently “window shopping” for a new home (just getting a feel for what is our there), or someone who is actively engaged in searching for a new home (ready to buy)?

Which of the following types of homes are you planning to purchase? (Select all that apply)

25%

46%

29%

0%

Window shopping

Actively engaged in searching

Somewhere in-between

Not really looking right now

Close to half of all participants are actively engaged in the search process.

For more than 80%, home ownership means sharing your walls with no one.

Most are set on purchasing a detached single family home. In fact, a total of only 17% of the 81% who are planning to purchase a single family home also indicated that they were considering other options (townhouse, condo, etc.).

81%

31%

22%

19%

1%

0%

Detached single family home

Townhouse

Duplex or multiplex

Condominium

Other


.

36



What city or area are you considering moving to? ____________

Sugarhouse18%

Salt Lake City14%

Daybreak14%Sandy

8%

West Jordan8%

Murray6%

Draper5%

Cottonwood Heights

5%

South Jordan5%

Other17%

44%

25%

15%

18%

Layton34%

Bountiful19%

Ogden12%

Kaysville7%

Farmington7%

Other21%

St. George45%

Logan15%

Park City8%

Other County32%

Provo23%

Lehi16%

Orem14%

Saratoga Springs/Eagle

Mountain11%

Other36%

Salt

Lak

e C

ou

nty

n=1

67

Dav

is C

ou

nty

n=9

6O

ther

Co

un

ty n

=68

Uta

h C

ou

nty

n=5

6

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Findings: Homebuyer Profile - Demographics


Which of the following categories best describes your age?

A total of 76% of those who are searching for a home in Utah are under the age of 54 with 40% between the ages of 25 and 34.

*The median age in the state of Utah is 29.7 years compared to the national average of 36.8 years. This is the lowest of all 50 states.

*2010 U.S. Census Data

Please indicate your gender:

25 to 3440%

35 to 4436%

45 to 5413%

55 to 6411%

Male53%

Female47%


Which of the following categories best describes your marital status?

A total of 84% of those searching for a home in Utah make $50,000 a year or more a year.

*A total of 61% of Utah households are comprised of married couples and 19% are comprised of singles living alone. The average age for marriage in Utah is 24.1 for women and 26.2 for men.

**The median household income in the sate of Utah is $59,770. By comparison, the national median household income of $51,759.

*2012 Census Bureau's American Community Survey **2010 U.S. Census Data

Which of the following categories best describes your annual household income before taxes in 2014:

Married80%

Single (never married)

13%

Widowed0%

Divorced/ Separated

5%


2%

2% 5%

9%

20%

30%

22%

7%5%

Less than $25,000

$25,000 to $34,999

$35,000 to $49,999

$50,000 to $74,999

$75,000 to $99,999

$100,000 to $149,999

$150,000 or more




Thinking about EVERYONE who currently lives in your home:

A total of 58% of people searching for a home have children under the age of 18.

*In Utah, 42% of households have children under the age of 18. By way of comparison, 32% of households in the U.S. have children under the age of 18.

*The average number of people per household in the state of Utah is 3.1. This is the highest of all 50 states and compares to anational average of 2.6.

*2010 U.S. Census Data

10%

77%

8%

4% 1%

Including yourself, how many are adults 18 years of age or older?

One

Two

Three

Four

Five

n=372 n=372

32%

26%

32%

7%1%1%1%

How many, if any, are children under the age of 18?

None

One

Two

Three

Four

Five

Six



Cluster Analysis

Using a two-step non-hierarchical cluster analysis five distinct clusters were developed from the following variables:

• First time home purchase

• Reason for purchase

• Level of shopping engagement

• Home age

• Currently own vs. rent/lease

• Age

• Marital status

• Presence of children

• Household income

#1 Young Up-and-comers (25%)

Young couples in their late twenties. Most have one young child, possibly two. They currently own their own home but are looking to upgrade to something bigger and better. They show a strong preference for brand new homes. Household income is between 50 and 75k, which places them near the median income for the State of Utah ($59,000).



Young married couples in their 20’s and 30’s who are ready to upgrade their home. Although similar to Young Up-and-Comers, this segment has more children and a higher household income (about 100k). They are looking to build or buy a recently built home.

#2 Young Upwardly- Mobile with Kids (24.1%) #3 Established Pillars (19.4%)

Married couples in their thirties and forties with older children. They are looking to move into a nicer home (new home rather than an old fixer upper), but also (and more importantly) they want to live in a better neighborhood then where they currently life. Most are current homeowners although some renters are in the mix as well. Incomes are higher than average (100k to 150k).

Cluster Analysis



Mostly single individuals in their thirties and even forties who are currently living in an apartment. In spite of not having any children, they have decided that it is time to buy their first home. Their main reason for this is that they no longer what to rent. With an income between 75 and 100k and no children, they have money to spend.

#4 Movin’ On Singles (17.3%) #5 New Empty-Nesters (14.2%)

Older married couples (age 55-64), with children who have recently left the nest. They currently own their own home and are moving because they no longer feel they need the space. Unlike other segments who are actively looking to move, New Empty-Nesters appear to be content to window shop for a while. Income is above average, but not as high as the younger Established Pillars segment.

Cluster Analysis



Recommendations

Recommendations


Site Improvement: UtahRealEstate performs well where it counts, especially with regard to search results. However, there are several areas that should be targeted for improvement. The site is not as clean looking or as well organized as some of the other sites, resulting in a diminished user experience. The site is also seen as one of the least “cool” and least “innovative” sites. Although people trust the results and consider them reliable, the site doesn’t offer a whole lot beyond its search feature. Some of the things people liked about other sites that could be incorporated into UtahRealEstate are:

• Include additional comparative information about neighborhoods and communities.

• Add information about crime in a neighborhood and make this a map feature.

• Add more demographic information about the neighborhood that is more comprehensive, more accessible, and more customizable. Trulia offers a crime map feature that received high marks from those that visited the site. Something like this could be created from publically availability crime statistics and combined with demographic statistics to create a multi-layered demographic map feature that provides visual information about a variety of demographic statistics down to the zip4 level.

• Consider the development of a home estimator tool, either as a free tool or as a detailed downloadable report that is given after someone provides an email address.

• Add historical pricing information (last sale price, tax info)

• There were several complaints about there not being not enough pictures of the homes or pictures that were not big enough. Consider upping the sizing option of the pictures and adding more pictures.

Taking advantage of its perceived strengths, the site should also emphasize its position as the “authority” on Utah real estate and drive the message home that for national results Zillow may be fine, but for local Utah results, UtahRealEstate is the source to turn to. This is a strong and unique position that is implied, but is not being emphasized as part of the website.

Where to Spend Marketing Dollars: The answer to this is a fairly simple one—online. Traditional mass media advertising could be considered to increase brand awareness and boost top-of-mind as part of a one time or intermittent/seasonal advertising campaign. However, the most effective strategy is to focus on adding content, features, and landing pages to the site in order to improve its organic ranking. Investing in AdWords campaigns, and placing advertisements on applicable sites should be considered critical to this strategy. AdWords should be emphasized over social media as this was found to be a greater determinate in how people found out about a site.

Recommendations


Homebuyer Profile & Demographics: The fact that demographics skew to the younger end of the age spectrum likely isn’t a big surprise. Young families with children comprise the largest single cohort. When developing marketing pieces it will be important to use imagery that features this demographic in order to make it relatable and appealing to this target market.

Brand Position: UtahRealEstate has a strong brand position and is considered the most “authoritative” of any of the sites. Visitors expect the site to give them the results that they want, and it delivers on these results, positioning it as a brand that comes through on its promises and can be trusted. However, the lack of a strong USP and “coolness” are two factors that hurt the brand image. As mentioned earlier, UtahRealEstate.com should emphasize its position as a Utah based home search site. This is a unique position that none of the other sites (except KSL) can own. Improving the “coolness” of the brand will naturally make the site more sharable. This can be accomplished though the addition of improved features but also through improving the look and feel of the site. The layout and formatting of the site should be overhauled to make it more visually appealing and improve the way information is organized and presented.

Mobile Usage: Features that are important to the traditional website are also important to mobile, they just need to be packaged and presented in a mobile friendly manner. Given that nearly three-quarters of people plan to use their tablet or smart phone to search for a home and that 15% plan to use only their tablet or smart phone in their search, a strong mobile site should be a priority.

Advertising Focus: Whether people realize it or not, emotion plays a critical role in the decision making process. Recognizing this, Zillow’s current advertising campaign uses emotion as its primary method to deliver its message. UtahRealEstate has no emotional elements associated with its site. It will be critical to the sites success to add emotional images and messages to the site.

By relating to the emotions people feel when they are in the process of searching for a home, UtahRealEstate can create a marketing campaign that helps people feel understood and, as a result, open to being influenced. This message should focus two sides of emotion spectrum, excitement/happiness and nervousness/stress/anxiety.

Recommendations


IN SHORT…• Add to the site:

1) Demographic & crime mapping 2) Home value estimator3) Neighborhood comparison info4) Historical pricing info (last sale price, tax history)5) Pictures of homes – More and bigger

• Emphasize that UtahRealEstate is the authority on real-estate housing in “Utah” in order to position the site as more accurate than national competitors and more specialized than KSL. This is the USP.

• Spend marketing dollars online, emphasizing AdWords over social media and emphasizing all forms of online marketing over traditional advertising.

• Site improvements to focus on three key areas:1) Accurate search results2) Ease of use (less cluttered)3) Addition of emotional imagery and associated messaging (on and off site)

….

brand strategy & competitor analysis · among 16 different features offered by the real estate...

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