The major problem with marketing is that it is too big to be looked at all by itself.
It is Advertising, Promotion of business and personal. It is showing people what you sell and showing them who you are. It is your sphere of influence and your farm. It is everything from goal setting to phone calls and everything in between.
But let’s define it today as “Advertising”.
My advice; Approach the problem as a business person, as the CEO of your business. If you do this many of the things you will do at this stage will carry over into the other areas we cover in this series.
Start by defining who your perfect customer is. The most successful business in the 21st Century is the one that specializes. You may want to be the “Go To” person to list a five million dollar property or you may focus on first time buyers who account for about 35% of homes sold.
Decide where you will focus your advertising. Today that must be a lot of Internet and Social Media. But understand that “Reach” is as important here as in regular print. If you post on Face Book about 1% of your friends will get it in their feed and less will actually see it. Buy paid ads and thousands will see it. Ask yourself “Where should I be when my perfect prospect is looking for me?” and focus your advertising there.
Design your advertising so it will be noticed and acted on. Your advertising should be focused on your prospects needs and wants, not on your inventory. Think about the last beer ad you saw. It was about having fun or tasting good. It did not tell you the bottle had 12 ounces and a twist off cap.
Let me give you an actual real life example of what you just read.
In the 70s I owned a retain Bridal Shop. I sold Bridal Gowns, Bridesmaid dresses and rented Tuxedos.
It was the days of double digit inflation and I had to sell twice as much each year just to stay even with the year before. I had to do something. I tried everything. I had full page ads in the Phone Book, display ads in the Newspaper, a weekly “Dear Abby” type column once a week and radio in the best drive time slots.
I was desperate. If I didn’t find the answer I would be out of business soon if I did not find something that brought in customers.
One day as I was pacing through an empty store I decided to figure out what to do and give it one last try. I closed myself in my office and wrote on a sheet of paper; Who is my best prospect? Where can they see me? When can they see me? What will make my ad stand out?
Who was easy, female 18 to 25.
Where was also easy after thinking about it. They did not use the phone book. They did not read the Newspaper. They did listen to the radio. I ultimately chose the station that ranked number one with women 18 to 25.
When was the hardest to figure out but finally decided it should be when they were with their boyfriends. That turned out to be Friday night, Saturday afternoon and night and Sunday afternoon and early evening. To be sure I got the message across I ran one ad every hour during those time slots.
The ad I decided on was one where the radio personality would ask me a question about Weddings and I would answer it. I tied that together with catchy personalized theme. Ultimately I had over a dozen different Q and A style ads and rotated them throughout the schedule.
The first Monday after the ads ran I came to work and found a dozen young women and their mothers waiting for the store to open.
We were saved. The ads ran till the day I retired from the business and never lost their effectiveness.
Set a budget. Some RE Experts say to spend 15% of last year’s income. Business schools say a Corporation should budget 5% of gross. The truth is you need to spend as much as you can but watch the results and spend it where there is a positive ROI (Return On Investment).
And that brings us to the fact it is all wasted if you do not have a way to gauge and measure success.
Then there is the part that most Real Estate Agents overlook and that is building your Professional Image. Today many people are selling the idea you must build a “Brand”. That is not what I am talking about.
In most cases you are not only selling a house you are also selling your ability to do a better job than any other agent. In a lot of cases a prospect will make that determination long before they meet you.
Overall, this is the most overlooked aspect of Marketing.
It is that part of your Marketing that builds the three things people must have before they do business with you: They must know who you are. They must like you. They must trust you.
When you show them these three things something wondrous happens, not only do they have you sell their property but the buy from you as well. But far more importantly, they refer you.
Right now you are probably thinking “OK, if I never meet them how do they get to know, like and trust me?”
The answer is one that is all through the Real Estate Million Dollar Angle.
Stop selling and become an Educator and Advocate for their success.
You can take part in the complete “How To” training at no cost at https://RealEstateMillionDollarAngle.com and click on “Million Dollar Webinar”
This article was first published on LinkedIn. See it there https://www.linkedin.com/pulse/marketing-one-5-real-estate-agents-challenges-chet-bruce/