Real estate funnel vision

Understanding consumers' path to purchase

Over the holiday I read an interesting article in the Harvard Business Review. In the article "Branding in the Digital Age: You’re Spending Your Money in All the Wrong Places," David Edelman highlights some research conducted by one of his colleagues at McKinsey & Co.

The thrust of the article centered on understanding the process customers use to engage with a brand. The term used to describe this process is "consumer decision journey."

Edelman sets up the decision journey in opposition to the common funnel metaphor. I think he’s wrong about that, but let’s start by looking through the concepts and how they might apply to real estate.

The funnel metaphor

We’ll start with the funnel metaphor. You’re probably already familiar with it. The idea is that a customer is faced with a choice of many brands to choose from — and in real estate this would be magnified by brand and also agent personalities.