Marketing 101: Some thoughts for newer agents

Successful marketing campaigns have several things in common: a realistic budget, an accurate assessment of the demographic market, an appeal to the target market, appropriate timing, and an effective means for lead tracking.  Your marketing plan may include a website, newsletters, personalized emails, flyers, mailers, open house invites, and tokens for your "farm" such as notepads or magnets. Whatever your medium, your goal is improve your visibility and to promote yourself effectively.

Some types of marketing while highly effective are financially unrealistic.  For instance, a major lender, such as Bank of America has a budget that can support television and radio advertising or a strategically-placed billboard on a traffic-congested highway. Chances are that your budget does not.  If you're working with limited resources there are still many low-cost options for marketing.  Try partnering with a reputable lender or title company to co-advertise on flyers.  Offer to exchange website links with others.  For increased visibility on your listings take advantage of free advertising on sites such as Zillow.com or Point2Agent.com. Seize every opportunity to network with friends, neighbors and extended family. If your budget permits, consider purchasing internet leads from lead sources such as House.com or Realestate.com.  A word of caution:  if you choose to purchase internet leads, make sure to ask around before signing any contract.  Lead quality and customer service vary significantly from source to source and the steep cost of internet leads can blow your budget quickly.  Additionally, many leads will be long-term buyers or sellers and a return on your investment may not be seen for months.

How many of you have embarked on a marketing campaign that required a considerable amount of time or money - and after a few weeks or months you realize that the campaign was a total flop and no leads were generated from your efforts? It can be extremely discouraging.  The fact is that this happens to the majority of us at some point in our careers.  Poor planning or lack of planning yields poor results. But don't give up!  Determine the flaws in your marketing plan, correct them and move on.

In putting together a successful marketing plan, one of the most essential considerations is one's demographic market.  Defining the "who" in your target market must be one of your first steps.  Whether you are a real estate agent, a mortgage broker, a home stager or a contractor, chances are that you are looking to generate more business through use of the internet.  Most people are. The challenge is that relatively few in the real estate and lending industries possess MBAs or advertising backgrounds - and yet efficacious marking is undoubtedly one of the most key components to success.

So, exactly who is your "who?"  That answer will vary from market to market, but there are numerous sources available to help you determine this information. In addition to your local and state associations and NAR^®, most state and county sites provide demographic statistics. Companies such as comScore.com compile and analyze statistical data pertaining to internet use and publish regular reports documenting their findings. Cliks.com maintains a list of many other statistical sources on their website:   http://www.clickz.com/showPage.html?page=157011 .  In addition to keeping an eye on current demographics, it is also worthwhile to investigate future migration and employment trends.  If you become aware that a major employer is relocating to your community and that 85% of the 5000 relocating employees are women between the ages of 25 to 30 - use that information to your advantage.  Tailor your marketing to appeal to that demographic.  Sending flyers or mailers detailing upcoming sale dates at a department store would likely garnish more attention with this crowd than would sending out refrigerator magnets with this year's NFL schedule.  While there may be some women who find football more exciting than shopping (I am one of them!) marketing to "the rule" rather than "the exception" is guaranteed to give you a higher return on your investment.

Timing plays a significant role in marketing. Even a marketing novice would agree that sending a Christmas or Hanukkah themed flyer in mid-July would be inappropriate.  Yet, many fail to realize that the importance of timing goes far beyond the obvious.  Major retailers pay professional advertising firms millions of dollars every year to market their products.  These professional firms rely heavily on statistics gleaned from in-depth studies of consumer buying habits.  Through information gained from these studies, retailers know consumers are more likely to purchase beach chairs in July and school supplies in August.  The example is simplistic - but you get the point.  They market year round using time-proven methods to capture the maximum market share and to make their numbers. 

Similarly, albeit on a much smaller scale, those in the real estate industry must be aware of trends and seasons affecting homeowners in their target market.  Spring is time for "spring cleaning".  A few weeks before spring arrives, send an email flyer to your client base with a list of "how-to's" or recommendations for "getting and staying organized."  Announce your neighborhood garage sale on your website and monthly newsletter.  Shortly before the "rainy" season send a friendly reminder about the importance of properly maintaining drainage and guttering systems.  Several weeks before summer put out a reminder for homeowners to have AC systems serviced.  Your clients will be eternally grateful to you when the mercury hits 100 degrees.

Finally, there is an area that many of us neglect to place enough emphasis on:  lead follow-up.  There are myriad excuses for our shortcomings in this area, but it basically boils down to organization, commitment, and time management.  In a best case scenario failure to follow up with a single lead can cost you the loss of one potential transaction.  However, keep in mind that much of our business is derived from referrals.  The loss of just one lead could mean the loss of twenty potential clients over time.  With a potential for earning thousands of dollars for every closed transaction - who can afford to simply "lose" a potential client?

There are numerous software programs such as AgentOffice and TopProducer that allow users to effectively track leads, organize prospects and manage marketing campaigns.  It takes some time to set up contacts and it takes commitment to keep the database up to date, but it certainly beats the alternative - allowing a potential client to slip through the cracks.  If you've taken all the right steps up to this point, it would be ridiculous to drop the ball here. This is the time when you need to shine - to impress that potential client with your knowledge and experience.  The competition is tough and there is always another agent out there sniffing around your prospect.  So plan appropriately, be thorough, be committed, and use all the tools at your disposal.  Make your marketing plan work for you and you will reap the ongoing benefits.