The other day a group of us were looking over and sharing our "marketing plans" for 2011; this was a sort of "reality test" between colleagues. Most of us were really pretty good about "metrics" ... you know the number of calls for a contact, the number of contacts for an appointment, the number of appointments for a listing .... Etc. Then we started looking at the "logic" behind the plans ... and began to have some concerns ... the statistics of the market place and the projects of our plans were not in sync! AND ... frankly, they don't have to be ... but then the strategies need to take into account how you move from the "normal" to the "target."
Our own experience can produce a great deal of the data that we'll need in developing our business plans. But we do need to "gut-check" with external third-party data ... to insure that we are being reasonable. In California one of those resources that can help us narrow our target will come from the "labor ... jobs" component of our economy. The State of California has a web site for the Employment Development Department and if you click here a link will take you to the "Labor Market Info" tab on the EDD's home page. You can grab the data by County location ... and the information is startling ... and will only become more illuminating as census data updates.
So ... for the sake of argument, let's say that I have set a goal to close 36 buyers' sides for single family homes priced at $275,000 for 2011. Checking the data will help me understand, not if the goal is achievable, but if I will have to swim against the current of the economy and how hard I'll be paddling!
Here are the statistics: Unemployment rate in San Joaquin County: 17.5%; Total non-farm employment 189,900; Occupations with the fastest job growth - Personal Home Care Aides, Network Systems and Data Communications, other personal care and service workers, Physical Therapist aides, Occupational and physical therapy assistants/aids; (there is additional information regarding earnings for each group); High Wage earners [over $100 per hour] Surgeons, Physicians, Psychiatrists; median price of existing homes - $162,500; Per capita Personal Income - $42,325.
Armed with statistical "facts" to contrast against my marketing plan ... I can begin to put into focus a detailed marketing plan. Looking at salaries for the fastest growing jobs ... will they be able to afford a $275,000 home? Do I need to adjust my market focus ... or adjust the expected sales price? We can all benefit from a conversation with colleagues about our professional plans ... you know the saying ... we can't see the forest for the trees ... let's get someone help us with a second set of eyes!
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