Profile Of Homebuyers And Sellers 2012 PdfBy Melanie O. In and pdf 12.05.2021 at 04:57 3 min read
File Name: profile of homebuyers and sellers 2012 .zip
Land, Energy, and Climate. Green Economics. Environmental and Natural Resource Economics.
Highlights From the Profile of Home Buyers and Sellers
Firms have never known more about their customers, but their innovation processes remain hit-or-miss. According to Christensen and his coauthors, product developers focus too much on building customer profiles and looking for correlations in data. To create offerings that people truly want to buy, firms instead need to home in on the job the customer is trying to get done.
Some jobs are little pass the time ; some are big find a more fulfilling career. Jobs are multifaceted. And the circumstances in which customers try to do them are more critical than any buyer characteristics. Consider the experiences of condo developers targeting retirees who wanted to downsize their homes. Sales were weak until the developers realized their business was not construction but transitioning lives.
Instead of adding more features to the condos, they created services assisting buyers with the move and with their decisions about what to keep and to discard.
Sales took off. Is innovation inherently a hit-or-miss endeavor? Not if you understand why customers make the choices they do. Marketers and product developers focus too much on customer profiles and on correlations unearthed in data, and not enough on what customers are trying to achieve in a particular circumstance. For as long as we can remember, innovation has been a top priority—and a top frustration—for leaders.
Most people would agree that the vast majority of innovations fall far short of ambitions. On paper, this makes no sense. Never have businesses known more about their customers. Thanks to the big data revolution, companies now can collect an enormous variety and volume of customer information, at unprecedented speed, and perform sophisticated analyses of it.
Many firms have established structured, disciplined innovation processes and brought in highly skilled talent to run them. From the outside, it looks as if companies have mastered a precise, scientific process. But for most of them, innovation is still painfully hit-or-miss. Why is this misguided?
His shoe size is He and his wife have sent all their children off to college. He drives a Honda minivan to work. He has a lot of characteristics, but none of them has caused him to go out and buy the New York Times. His reasons for buying the paper are much more specific. Marketers who collect demographic or psychographic information about him—and look for correlations with other buyer segments—are not going to capture those reasons.
What they really need to home in on is the progress that the customer is trying to make in a given circumstance—what the customer hopes to accomplish. We all have many jobs to be done in our lives. Some are little pass the time while waiting in line ; some are big find a more fulfilling career. Some surface unpredictably dress for an out-of-town business meeting after the airline lost my suitcase ; some regularly pack a healthful lunch for my daughter to take to school.
This insight emerged over the past two decades in a course taught by Clay at Harvard Business School. The theory of jobs to be done was developed in part as a complement to the theory of disruptive innovation—which at its core is about competitive responses to innovation: It explains and predicts the behavior of companies in danger of being disrupted and helps them understand which new entrants pose the greatest threats.
The focus on knowing more about customers has taken firms in the wrong direction. Jobs-to-be-done theory does. It transforms our understanding of customer choice in a way that no amount of data ever could, because it gets at the causal driver behind a purchase.
A decade ago, Bob Moesta, an innovation consultant and a friend of ours, was charged with helping bolster sales of new condominiums for a Detroit-area building company. The company had targeted downsizers—retirees looking to move out of the family home and divorced single parents. Triple-waterproof basements. Granite counters and stainless steel appliances.
A well-staffed sales team was available six days a week for any prospective buyer who walked in the door. A generous marketing campaign splashed ads across the relevant Sunday real estate sections. The units got lots of traffic, but few visits ended up converting to sales. Maybe bay windows would be better? Focus group participants thought that sounded good.
So the architect scrambled to add bay windows and any other details that the focus group suggested to a few showcase units. Still sales did not improve. Although the company had done a cost-benefit analysis of all the details in each unit, it actually had very little idea what made the difference between a tire kicker and a serious buyer. But instead of examining those factors, Moesta took an unusual approach: He set out to learn from the people who had bought units what job they were hiring the condominiums to do.
The first thing he learned, piecing together patterns in scores of interviews, was what did not explain who was most likely to buy. Nor was there a definitive set of features that buyers valued so much that it tipped their decisions. But the conversations revealed an unusual clue: the dining room table. In most cases people were referring to well-used, out-of-date furniture that might best be given to charity—or relegated to the local dump. But as Moesta sat at his own dining room table with his family over Christmas, he suddenly understood.
Every birthday was spent around that table. Every holiday. Homework was spread out on it. The table represented family. What was stopping buyers from making the decision to move, he hypothesized, was not a feature that the construction company had failed to offer but rather the anxiety that came with giving up something that had profound meaning. That realization helped Moesta and his team begin to grasp the struggle potential home buyers faced.
Personas, ethnographic research, focus groups, customer panels, competitive analysis, and so on can all be perfectly valid starting points for surfacing important insights. Here are five questions for uncovering jobs your customers need help with. Do you have a job that needs to be done? In a data-obsessed world, it might be a surprise that some of the greatest innovators have succeeded with little more than intuition to guide their efforts.
Pleasant Rowland saw the opportunity for American Girl dolls when searching for gifts that would help her connect with her nieces. Sheila Marcelo started Care. Where do you see nonconsumption? Nonconsumption is often where the most fertile opportunities lie, as SNHU found when it reached out to older learners.
What work-arounds have people invented? If you see consumers struggling to get something done by cobbling together work-arounds, pay attention. What tasks do people want to avoid? MinuteClinics can see walk-in patients instantly, and their nurse practitioners can prescribe medicines for routine ailments, such as conjunctivitis, ear infections, and strep throat.
What surprising uses have customers invented for existing products? Recently, some of the biggest successes in consumer packaged goods have resulted from a job identified through unusual uses of established products. With this understanding of the job to be done, dozens of small but important changes were made to the offering. For example, the architect managed to create space in the units for a dining room table by reducing the size of the second bedroom. The new perspective changed everything.
Successful innovations help consumers to solve problems—to make the progress they need to, while addressing any anxieties or inertia that might be holding them back. Jobs are complex and multifaceted; they require precise definition. Here are some principles to keep in mind:. But this goal usually involves more than just a straightforward task; consider the experience a person is trying to create. What the condo buyers sought was to transition into a new life, in the specific circumstance of downsizing—which is completely different from the circumstance of buying a first home.
Before they understood the underlying job, the developers focused on trying to make the condo units ideal. For example, the new condos were competing not against other new condos but against the idea of no move at all. Prospective condo buyers were looking for simpler lives without the hassles of home ownership. But to get that, they thought, they had to endure the stress of selling their current homes, wading through exhausting choices about what to keep.
Or they could stay where they were, even though that solution would become increasingly imperfect as they aged. It was only when given a third option that addressed all the relevant criteria that shoppers became buyers. Creating space in the condo for a dining room table reduced a very real anxiety that prospective buyers had.
Reducing their stress made a catalytic difference. These principles are described here in a business-to-consumer context, but jobs are just as important in B2B settings.
A deep understanding of a job allows you to innovate without guessing what trade-offs your customers are willing to make. Des Traynor is a cofounder of Intercom, which makes software that helps companies stay in touch with customers via their websites, mobile apps, e-mail, and Facebook Messenger.
Intercom, which now has more than 10, customers and grew fourfold in , adopted a jobs-to-be-done perspective to clarify its strategy in , when it was still an early-stage start-up. Here is an edited version of their conversation. Traynor: Somewhat by accident!
In Intercom had just four engineers and some modest VC backing. I was asked to speak about managing a start-up at a conference.
The Law Office of Russell C. Petersen, LLC is a Georgia-based law firm, with offices in Gainesville and Duluth providing closing and settlement services for home buyers, sellers, investors, and lenders throughout the State of Georgia. The simple act of saying 'thank you for your purchase' is an incredibly powerful way to show a little customer love. This appreciation leads to your customers loving your brand and much more. EFTG Industries has a reputation for excellence. I would like to use my talents to market your quality line of technical products. I will call you to further discuss your needs and how I could benefit your company.
The principal business of the Company is residential housing development, concentrating particulary on single detached houses. The Company registered share capital as at Dec 31, is totally 12,,, Baht. Issued and paid up share capital is totally to 11,,, Baht.
This study aims at investigating factors affecting household homeownership in Hong Kong. Household economic and socio-demographic factors affecting household decisions to own a home have been long overlooked in the literature, especially in the Hong Kong context. Thus, against a backdrop of recent sky-rocketing housing prices in the Hong Kong property market, characterised with very high construction costs and lucrative spending by mainland immigrants, this study sets out to understand factors preventing homeownership. A total of people were surveyed, using a closed-ended questionnaire containing 14 items identified from the literature.
Firms have never known more about their customers, but their innovation processes remain hit-or-miss. According to Christensen and his coauthors, product developers focus too much on building customer profiles and looking for correlations in data.
Price inflation has outbalanced the income of residents and buyers in major post-industrial city-regions, and real estate has become an important driver of these inequalities. In a context of a resilient inflation of home values during the last two decades in the greater Paris Region, it is critical to examine housing price dynamics to get a better understanding of socioeconomic segregation. This paper aims at presenting spatial analysis of the dynamics of segregation pertaining to inflation, analyzing price and sellers and buyers data. Using interpolation techniques and multivariate analysis, the paper presents a spatial analysis of property-level data from the Paris Chamber of Notaries in a GIS , transactions in suburban areas, single family homes only. Multivariate analysis capture price change and local trajectories of occupational status, i.
A woman stands on her front porch in the Rosedale neighborhood of Washington, D. Segregation and racial disparities in home appreciation put African Americans at a disadvantage in their ability to build equity and accumulate wealth. They profoundly influence the allocation of rewards in the United States.
For most home buyers, the purchase of real estate is one of the largest financial transactions they will make. Buyers purchase a home not only for the desire to own a home of their own, but also because of changes in jobs, family situations, and the need for a smaller or larger living area.