Having been through multiple market swings over the years, and survived, I feel incredibly optimistic that I can still grow my business even though many are saying that we are in "hard" times. No matter what business you are in, you can use this time to grow your business through different strategies.
Never have we been able to inform consumers about our product and services like we can today. In the 80s, when the real estate market was slow, actually very much like today, I was selling on-site for a builder. We used to run a bunch of line ads on the weekends and hope for the best. During the week we worked our contacts. Not very exciting, and sometimes not very financially productive. But we did more than survive. We made a good living and grew our businesses.
When money is tight and the economy seems to be iffy, both buyers and sellers act differently. Here are a few tips to help you handle a downtown. There are many other solutions to each of these behaviour patterns, and if you have an idea, please post a response. While these are geared to the real estate industry, many of these ideas transition well into other industries.
Behaviour Pattern 1: With the high price of gas, people are less likely today get in their cars and drive around looking at open houses. Your foot traffic is way down.
Solution A: Invest in your Web Site.
Your web site gives potential buyers a 24/7 virtual show room. What you can afford and what you need to spend may be two different amounts. You may not need to spend $25,000 for your web. Maybe you do. Determine an amount that is feasible. If you need to do more than your budget allows, break the web down into manageable phases that make sense and build your web as money permits. Come up with a time line so that you have goals in place and work toward those targets so you don't get off track. If you know you need $2500 for the next phase, having a time line and goals will make you think twice before doing something unplanned. In competitive times, on-line marketing can give a you a strong competitive edge.
Before you start your web site, browse a few sites to get ideas. Make a list of the things you want your customer to be able to do on your web. Write down things that you would like to be able to do with your web, such as edit text, upload new photos, add new listings or product as new product becomes available, etc. Ask for help and input so that you build what your customers want and what you need. Make your website outstanding by doing some of the following:
- Keep it user-friendly so that it appeals to both novice and expert computer users.
- Update it frequently.
- Make it easy for customers to contact you.
- Allow them to register to receive advance notice of open houses, special offers, and more.
- Keep the content fresh and interesting.
- Use articles, video, ecoupons, etc to keep them coming back to your site.
- Put your newsletter and press releases on your web so that people can see what's new.
- If you make big updates or add content to your web, let people know by sending them an eblast.
- Tell them what your registration policy is and what you will and won't do with their information.
Solution B: Explore new markets
Try marketing to a new audience. If you have beaten the bushes thoroughly and need some new prospects to work with, get them to come to you.
- If, for example, you are in Texas and know that many buyers are moving from California to Texas, try on-line marketing in California.
- While on-line marketing can cost less than traditional media, if your budget permits, you could test a few print ads in out of state newspaper real estate sections. Better yet, try advertising on-line on an out of state newspaper's web site.
- If you learn that a company is relocating to your area, try getting to them before your competitors by speaking to them on-line. Purchase some banners and drive them to your fabulous new web site where you provide a link designed especially for them that will tell them how you will help them make their move. Set up a blog with discussions geared to answer their questions about your area, homes, schools etc.
- Be sure to check the laws of the state you are planning to advertise in prior to starting your campaign. I haven't encountered any problems so far, but laws are being changed frequently to adapt to today's technology.
- Partner with another professional in the area or state you are targeting and see if you can work out a shared marketing plan. You might offer them a higher co-op fee or agree to split the commission 50/50. 50% of something is better than 75% of nothing.
Solution C: The talking home, Y2k+ Style
Staying on top of the latest trends in technology is time consuming, but as always we need to reach our audience the way that they prefer. The talking home allowed people driving by a home on the market to turn to a frequency on their radio and get a sales pitch from the comfort of their car. A more modern approach would be:
1. Podcasting
Have something to say? Use podcasting to tell people about a multitude of things that would be of interest to them. You could even create podcasts for each of your listings. Think about using podcasts as an audio newsletter. Generate content that would encourage people to subscribe to your podcasts.
2. Texting (SMS - Short Messaging System)
Texting from one mobile phone to another is a preferred method of communication among younger demographics. If your children own a cell phone, it's likely that you, too, have become proficient at texting just to keep up with them.
Texting allows you to get a message of approximately 140 to 160 characters out to someone on their cell phone. Relatively inexpensive, texting can help you reach a highly targeted audience, especially if you are targeting younger demographics.
Imagine someone stopping in front of your listing or business and being able to have a text message about you or your product with details and a contact number.
- Texting could improve your capture ratio and build interest in your product and business by giving prospects instant information.
- Allows you to send out advance notice of and reminders for open houses or events, let customers know about price reductions, and more. The possibilities are limited only by your creativity.
You're collecting phone numbers of clients and prospects already. Be sure to ask their permission to communicate with them via text messages if they register on your web site.
3. Mobile Web Site
- Reach more customers with a Web site that can be viewed anywhere and anytime from a prospect's mobile phone or PDA.
- Provides a "click to call" link that automatically dials your phone number.
- can link to driving directions to your business location
- Can target your buyers in their native language
Behaviour 2: People are hibernating at home, using the Internet as a source of entertainment or to help them decide how to use their entertainment and recreational dollars wisely.
Solution A: Promote your site where the people are.
Don't limit yourself to industry specific sites. There's a lot of competition on industry specific sites, and you may be financially shut out from advertising on those sites. People who need your service or product are not just hanging around industry specific sites. They are all over the place, looking for cars, trying to decide which movie they want to see, shopping on-line, blogging, etc.
- Look at sites that provide movie and theater reviews and look into promoting your business there
- Get the cost to run a banner on the entertainment page of the local paper's website.
- Check out some of the social networking sites. If your budget permits, purchase a banner on a social network site and track it to see if you are getting any interest.
- Join a social networking site. This could take more of a commitment than you would like, but free is free. Decide how much time you are willing to commit to a social network site and give it time to work. Test it for at least a month.
- Get creative and use some of the social networks to showcase videos and multi-media presentations to tell your story. For example: http://www.youtube.com/watch?v=TGh2aansptc
Hope this gets you thinking and encouraged. Stay tuned for Part II.
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