Frasers Property Australia are one of Australia’s leading diversified property groups. They develop commercial, retail, and mixed-use properties as well as residential land, housing, and apartments, and have delivered over 145,000 homes during their legacy.
Challenge
The challenges Frasers Property were looking to solve through the project include:
- Conversion of single property owners to multiple property owners
- Member confusion around program benefits, accessibility and value
- Uncertain property market environment
Solution
Redesign and relaunch of tier program to enhance value via repeat purchase rewards, member benefits, referral rewards, surprise & delight treats and targeted promotions to boost sales at strategic intervals
Impact
Since the project in 2020, Frasers Property have enjoyed the following results:
- 49% member growth
- 35% of total stock sold each year is to program members securing sales prior to public
- Of member sales, 43% are repeat purchases and 57% are referrals (FY22)
- Gift 2 Get 2 two way incentive referral campaign has continuously been a highly effective lever. In FY22 it delivered a state BU yearly target in just 5 months, generating 724 referrals and contributing 29% of national sales. The total cost of the promotion was just 2% of revenue generated
‘When I started in this role I recall how do we convert people in to multiple owners or leverage a loyalty program in a high involved product and where leading property market analyst like CoreLogic suggests, people hold on to their homes to the average of 11 years before moving on to the next, why would Frasers Property Australia need an affinity program? Doesn’t the infrequency with which we buy homes seem counter intuitive to loyalty? but you’d see we’ve learnt that the power is both in caring, quality and advocacy and more importantly knowing how to utilise our database and understand our customer needs and this has certainly helped us in the position where we are yielding those results and at the heart of the brand and the ambition we share with our customers.‘
