Yes But Which Half?

By
Industry Observer CalBRE #01165532

 

Yes But Which Half? 

 

Yes But Which Half? 

 

Half the money I spend on advertising is wasted;

the trouble is I don't know which half 

                                                                                                           John Wanamaker 

 

 

You may know of John Wanamaker as the Philadelphia merchant(1838 - 1922) or perhaps of the department store that once bore his name.  His quote on advertising is a long time favorite of mine.  It's as apropos for retail as it could be for real estate or any business.   

 

The reason to advertise is as varied as those who own a business.  In any chosen field. To generate traffic and sales.  Attract new customers while retaining existing ones.  To introduce a new product.  You could add others as the reasons are plentiful.

 

We learn.  We measure effectiveness.  You see discussions as to the gauging of the success of an advertising effort.  It's natural.  People are watching.  Hopefully your present and future customers are noticing too.  

 

While trying to determine which half of any advertising effort will be worth the expense.  How do we increase its impact?  We try new things.  New places.  Interesting ways.  When successful we repeat.  Or revise it just a bit.   

 

We don't stop.  We continue.  

 

The image in this post is from canstockphoto.com

 

 

 

Yes But Which Half?

 

Posted by

Michael Jacobs

 

CalBRE # 01165532

2065 Huntington Drive

P. O. Box 587

Pasadena, CA 91102

Call/Text:  818.516.4393

mtj916@gmail.com

 

 

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Ambassador
889,098
Lynn B. Friedman
Atlanta Homes ODAT Realty Call/Text 404-939-2727 Buckhead - Midtown - Westside -- and more ... - Atlanta, GA
Concierge Service for Our Atlanta Sellers & Buyers

Michael Jacobs 
Such a good quote -- ROI can be difficult to evaluate. Lynn

Mar 16, 2019 09:27 AM #49
Rainmaker
3,153,115
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Debe Maxwell, CRS -- it looks that having an "auditor" on your staff. A worthwhile "hire".   :)

Kat Palmiotti - yes exactly.  Advertising can serve multiple purposes.  Some short term/immediate.  Others have a different impact hopefully.

Sham Reddy - there can be trial/error at times but we can glean so much by observing/measuring the results when they can be directly atttributed.

Mar 16, 2019 11:13 AM #50
Rainmaker
3,153,115
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Gwen Fowler-CRS- 864-638-3599 SC Mountains & Lakes-- - in advertising and in life there is no guarantee. 

Marney Kirk - tricky yes but quite important and especially good when it proves successful  

Lynn B. Friedman - important to evaluate and great when mastered

Mar 16, 2019 11:19 AM #51
Rainmaker
1,088,498
Sheri Sperry - MCNE®
Coldwell Banker Residential Brokerage - Sedona, AZ
(928) 274-7355 ~ YOUR Solutions REALTOR®

HI Michael Jacobs - Congrats on the feature.  I love the quote.  If you can track it you can see your results and maybe tweak it but you never know where that next client is going to come from. 

Mar 16, 2019 11:46 AM #52
Rainmaker
1,913,093
Patricia Feager, MBA, CRS, GRI,MRP
DFW FINE PROPERTIES - Southlake, TX
Selling Homes Changing Lives

Michael Jacobs - 

What a wonderful post! Congratulations on a great FEATURE! 

Today, I learned something new, and it all started with YOU!

I never heard about John Wanamaker; nor have I heard that quote before. It is a good one! Thank you for bringing educational and inspiring posts that helps me get a clearer vision of what I should be doing to change my business model. 

Mar 16, 2019 12:16 PM #53
Rainmaker
621,640
John Juarez
The Medford Real Estate Team - Fremont, CA
ePRO, SRES, GRI, PMN

My first thought was that a solution to the "which half?" conundrum would be to double your advertising. Sure, you will still be wasting half but there would be twice as much good benefit. Right?

Mar 16, 2019 02:45 PM #54
Rainmaker
352,456
M.C. Dwyer
Century 21 Showcase REALTORs - Felton, CA
Santa Cruz Mountains Property Specialist

Having just spent money on a postcard mailing, I'm hoping potential sellers are watching, and that I'm able to measure some results!    Repeat, revise, innovate, measure results: all part of advertising.

Mar 16, 2019 03:53 PM #55
Rainmaker
3,153,115
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Sheri Sperry - MCNE® - it's often common to wonder about the source of the call-to-action that draws someone to advertisement.  

Mar 16, 2019 04:23 PM #56
Rainer
462,814
Kimo Jarrett
WikiWiki Realty - Huntington Beach, CA
Pro Lifestyle Solutions

Target the market, market the target and provide the benefits that are affordable and easy to purchase. Beta test marketing to measure effectiveness before launching. The half that works IMO is target marketing, the half that doesn't is mass marketing. Tantalizing post.

Mar 16, 2019 05:49 PM #57
Rainmaker
3,153,115
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Kimo Jarrett -- test marketing when it can be used is an excellent indicator in determining a potential expansion.  

Mar 16, 2019 06:37 PM #58
Rainmaker
571,525
Carolyn Roland-Historic Homes For Sale In Delaware and S. Chester County PA
Patterson-Schwartz Real Estate - Wilmington, DE
Carolyn Roland, GRI, CRS

Wanamaker was an innovator and wasn't afraid to try something new. He left behind a great building in Philadelphia that used to bear his name. I was there this last holiday season and it's nice to see that Macy's has tried to retain the organ, the light show, and the Dickens Village. Wanamaker lives!

Mar 16, 2019 07:40 PM #59
Rainmaker
3,153,115
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Carolyn Roland-Historic Homes For Sale In Delaware and S. Chester County PA - I am happy to hear that you felt the former Wanamaker flagship store still was able to achieve some of the its history.

Mar 16, 2019 08:15 PM #60
Ambassador
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Paul S. Henderson, REALTOR®, CRS
RE/MAX Northwest. - Tacoma, WA
Tacoma Washington Agent/Broker & Market Authority!

 Is this where the gut feeling comes into account Mr. Michael Jacobs 

Mar 16, 2019 09:21 PM #61
Ambassador
1,753,323
Debb Janes EcoBroker and Bernie Stea JD
ViewHomes of Clark County - Nature As Neighbors - Camas, WA
REALTORS® in Clark County, WA

Oh yes. We are spending $1000 every other month on a farming campaign. We are both hoping it works and realize, in order to work, we've got to blindly commit to it for at least a year. 

Mar 17, 2019 09:22 AM #62
Rainmaker
240,868
Dave Rosenmarkle
Highland Realty - Arlington, VA
31 years of providing fully satisfying service!

Great post and reminder. If we make a consistent and conscientious effort to maintain past client relationships, after a while, the need for assessing "which half ?" goes away. 

Mar 18, 2019 04:53 AM #63
Rainer
6,902
Krista Jenkins, REALTOR®
Egenbacher Real Estate - Lubbock, TX
Residential sales and retail & office leasing

This is a struggle for every small business. In my opinion and in my experience it just takes time to build out the necessary systems to plan, implement, and measure in a small business. 

Mar 18, 2019 05:40 PM #64
Rainmaker
3,153,115
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

M.C. Dwyer - and don't forget consistency.  Sometimes the results cannot be immediately measured.

Paul S. Henderson, REALTOR®, CRS - "gut instinct" is a part of the scenaro - sometimes a very important one too.  

Debb Janes EcoBroker and Bernie Stea JD - good luck with the campaign.  

 

Mar 18, 2019 05:50 PM #65
Rainmaker
3,153,115
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Dave Rosenmarkle - past client business is definitely important and a some kind of system is necessary.  Advertising or not - you need to maintain some type of follow-up if you want to maintain that "good feeling

 Krista Jenkins, REALTOR® - systems can definitely work but the results still remain or can remain a bit of a mystery.  

 

Mar 18, 2019 05:57 PM #66
Rainmaker
769,620
Kevin Mackessy
Blue Olive Properties, LLC - Highlands Ranch, CO
Dedicated. Qualified. Local.

We are trying a few different marketing efforts this year.  Luckily there are detailed statistic to back up our interpretations of their worthiness, or the explanation from the service itself claiming it is working as intended. 

Mar 20, 2019 01:08 PM #67
Rainmaker
3,153,115
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Kevin Mackessy - details are good.  

Mar 20, 2019 02:14 PM #68
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