Have you ever heard someone talk about their “golden” marketing strategy, only to find out when you try it, you see limited success? Go ahead, raise your hand.
Real estate events are filled with tactics to generate leads, improve the business, and so on. The problem afflicting most real estate agents is: we’re blindly following other people’s suggestions. We’re hoping it’ll be the one-trick pony to generate hundreds of leads. We’re basically cheating off someone’s test without realizing there are two different versions of the exam.
When it comes to real estate, every market is different. The type of homebuyers in Charleston act different than Seattle homebuyers. Sellers in New York want different things from their agent than those in San Diego.
What you need to do is employ the scientific method. Yes, I know … it sounds all scientific and stuff. But you’ll minimize your failures, improve results, and get your business on the right track. Pinky-promise. Here’s how to do it:
Science = Experiments = Knowledge = Success
Normally, the scientific approach would start with a hypothesis. But remember, this is marketing. You need to first outline your goals. How many leads do you need to generate to see X amount of clients; and how many clients do you need to see X amount of transactions?
Once you have that number, then formulate your hypothesis. How are you going to generate [insert number] real estate leads? Now, run experiments.
- Build the marketing plan.
Understand what goals you have for the plan – this will be your measurement.
Test and experiment (in small amounts). No one is saying go “all-in” and spend thousands of dollars implementing the marketing plan. Go in easy first, then open the floodgates slowly.
Set a date to measure and analyze results. Did the plan reach its goals? Yes/No?
- Document your learnings and adjust the plan from there.
The Common Mistake in Real Estate Marketing
We often look at other real estate teams, businesses, and even competitors … and we see this:
We ask ourselves: What did they do before the huge climb in growth? How do I replicate what they did there?
But this is wrong. Instead, we should be asking: What did they do before, during, and after the growth climb? What experiments did they do to get to their result, and how did they adjust?
At the end of the marketing experiment, always ask this question: Why did the experiment succeed or fail?
Was your ad budget too small?
Maybe the ad copy could be stronger?
What if the value prop was different?
Without this follow-up, you’re shooting in the dark. Take off the blindfold and ask why it didn’t work. If an experiment fails, scientists don’t just stop and quit. They always investigate into the why – Why did this medicine not produce X result? What if we tried this?
Knowing is half the battle. – G.I. Joe
Scale What Works to See 10x Your Results
After you’ve run your marketing experiments, you should know which specific strategy will give you X amount of leads, which will lead to X amount of clients and transactions. Now’s the time to invest in scaling up the solution. Having the right technology to scale up operations will be key. It’ll help alleviate the workload and speed up the process, so you can see results faster.