The Marketing Triangle

By
Education & Training with The Lones Group, Inc.
https://activerain.com/droplet/5jRn

The Lones Group, Inc.

The Marketing Triangle

Every real estate professional at some point in their career must face the cold hard facts about ineffective marketing. Marketing is an essential part of running any successful business and real estate is no exception. Without good marketing you will never be able to predict what your business will look like year to year.

Can you imagine Coke a Cola, Nike, or Johnson & Johnson with no marketing? I certainly can't, and I have seen their marketing change and evolve over the years. That is exactly what real estate agents need to do-they need to utilize multiple types of marketing to get that perfect blend of effective marketing.

If you have ever peered into your empty pipeline and wondered what you could do to get that steady supply of leads into your business, then you need the Marketing Triangle to evaluate what you are doing (or not doing) to adjust the type and frequency of your marketing.

I am sure you have heard the terms Relationship Marketing, Promotion Marketing, and Attraction Marketing. Those are the three points on our Marketing Triangle and each should have a critical role in your marketing plans. The key is to find your marketing fit using a combination of these three.  It is crucial to examine the Marketing Triangle and implement the types of marketing that best match your market, your personality and your goals.

Relationship Marketing

This type of marketing relies on direct one-to-one communication and relationship building skills. This is by far the most common type of marketing that real estate agents rely on to build their businesses.   I remember when I first started selling real estate my Managing Broker told me to make a list of all my friends and family member and anyone that I had a good relationship with and to put them into a database. He promised me that this would be my goldmine. In fact it turned out to be my worst type of marketing!  Most of my friends were in their early twenties and were not in the market to buy real estate. My immediate family members were not in the market to buy and even though I came from a large Greek family, most of my relatives lived out of my market area. I quickly learned that I would have to find another marketing method to grow my business. I am not saying that Relationship Marketing is not an incredible form of marketing, but it must match your selling style and your personal circumstances. For me, I didn't have a large enough base to have this be one of my foundations for marketing in my business and it may not be realistic to expect your friends, family and personal relationships to be able to supply you with all the leads you need for your business. For those people who have a very large number of personal connections, it might. Everyone is different. One thing to keep in mind is Relationship Marketing requires your TIME.

Promotion Marketing

This type of marketing relies on a specific type of promotion that is presented to a potential buyer or seller in hopes of getting them to reach out to you. An example of this would be an online ad that is meant to capture the potential client's attention. It could be a Facebook ad or Instagram post. It could be a direct mail piece or an ad targeting a specific area. The types of Promotion Marketing in real estate are numerous.

I have personally worked with many real estate agents over the years that have spent thousands of dollars chasing the next cool promotion in real estate marketing. The challenge with this type of marketing is that it can be very expensive without any guarantee of return on financial investment. If you are going to do any kind of Promotion Marketing, you need to be very careful with who you are targeting and what your marketing message is. There is a place for Promotion Marketing, but it needs to be targeted, well-researched and your marketing message must be well thought through. Potential buyers and sellers are smarter and more informed than ever before, so your marketing needs to be informative, powerful and compelling.   This type of marketing requires your MONEY.

Attraction Marketing

This type of marketing relies on your ability to become known for being the EXPERT on something in your industry. It could be something as simple as knowing more than any other real estate agent about a specific type of property or area or niche market. Attraction Marketing is the type of marketing that showcases what you know and your area of expertise. Have you ever sought out an expert in an industry or heard someone talking about someone you simply must talk to because of their knowledge?  I am sure you have because this is the type of marketing that requires the least amount of financial investment because clients that come to you have sought you out. They already know before they meet you that you have something they want.

I remember one time being referred to a person who was an expert on a specific brand of septic systems. I didn't particularly like him as he was abrupt and in a rush to leave when he arrived at the property, but he was very knowledgeable. He didn't have the best bedside manner and he didn't spend any time building any kind of relationship with me. He told me what the problem was and what was needed to fix the problem. I could tell by talking to him that he knew exactly what he was talking about. He was confident and he had the expertise to diagnose and fix the problem. I hired him on the spot even though I knew we would never be best friends; I didn't need another friend…I needed an expert.

Attraction Marketing is very effective because potential clients seek you out and this makes your lead generation so much easier when this happens. The challenge with this type of marketing is that most real estate professionals are afraid to niche themselves or state they are an expert at something. Those who have done it have reaped the financial rewards of doing so. Attraction Marketing is by far the most effective type of marketing but to master it you have to invest your time in becoming an expert and then you have to create the collaterals you need to convey that. This type of marketing requires your EXPERTISE.


When you understand the key differences between each type of marketing it allows you to create a marketing plan that is balanced and effective. Most real estate professionals tend to rely solely on only one type of marketing. I am sure you have heard real estate brokers talking about how their business has been built on a strong referral network which is a great example of Relationship Marketing, but this type of marketing may not be the right type for you. Getting to know what works for you in your business is essential to overcoming the stress you have when you are not getting the leads into your business that you need.   Learning to utilize the right type of marketing for your business is an essential first step in removing the fear of not having a steady consistent business.

 

By Denise Lones CSP, M.I.R.M., CDEI - The founding partner of The Lones Group, Denise Lones, brings nearly three decades of experience in the real estate industry. With agent/broker coaching, expertise in branding, lead generation, strategic marketing, business analysis, new home project planning, product development, Denise is nationally recognized as the source for all things real estate. With a passion for improvement, Denise has helped thousands of real estate agents, brokers, and managers build their business to unprecedented levels of success, while helping them maintain balance and quality of life.

The Lones Group, Inc.
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Re-Blogged 2 times:

Re-Blogged By Re-Blogged At
  1. Barbara Todaro 06/30/2019 04:13 AM
  2. Roy Kelley 07/10/2019 01:00 AM
Topic:
Real Estate Sales and Marketing
Tags:
promotions
effective marketing
money
expertise
relationship marketing
real estate
ineffective marketing
denise lones
the lones group
business marketing
attraction marketing
good marketing
bad marketing
zebra report

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Ambassador
3,845,211
Kathy Streib
Room Service Home Staging - Delray Beach, FL
Home Stager - Palm Beach County,FL -561-914-6224

Hi Denise- very informative and interesting!!!  Learning these and understanding the differences can help us as we plan our marketing efforts. 

Jun 28, 2019 08:01 PM #1
Rainer
217,393
Greg Mona
Faira Homes Corp - Scottsdale, AZ
Real Estate in the 21st Century!

Great post, Denise Lones. While I've heard of all of these approaches before, I haven't in the context of a "Marketing Triangle", until now. It all makes perfect sense. For most of us, I would say we focus on relationship marketing as our primary source of leads and ultimately, clients. For me, it would then jump to Attraction marketing. Being an area expert or well versed on a specific type of housing, or neighborhood, or even unique programs most others aren't aware of will make you more desirable as an expert. Promotion marketing is the toughest (speaking for myself, anyway). The same old question pops up; how do you stand out from an incredibly crowded field. We get SO bombarded with promotional ads, posts, and blogs, they all seem to run together. Sorry to drone on, but that's my take on it.

Jun 29, 2019 07:04 AM #2
Ambassador
3,845,211
Kathy Streib
Room Service Home Staging - Delray Beach, FL
Home Stager - Palm Beach County,FL -561-914-6224

                                     

                                      Thank you, Denise. 

Jun 29, 2019 07:54 PM #3
Rainmaker
4,959,246
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
Marketing Agent for The Todaro Team

Good  morning, Denise Lones this is a blog post everyone who markets real estate should read.... it's certainly laid out simply and all three approaches must be used to "market like you mean it"....

Jun 30, 2019 04:12 AM #4
Rainmaker
3,309,935
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Hello Denise- - -an effective approach to solving the empty pipeline syndrome.

Jun 30, 2019 05:08 AM #5
Rainmaker
1,901,206
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Good morning Denise - this is such a great point regarding the total approch to marketing.  It is a constant campaign.

Jun 30, 2019 06:13 AM #6
Rainmaker
1,008,025
Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

Effective marketing is ways to enforce what people already know.

Jun 30, 2019 07:39 AM #7
Ambassador
1,838,659
Debb Janes EcoBroker and Bernie Stea JD
ViewHomes of Clark County - Nature As Neighbors - Camas, WA
REALTORS® in Clark County, WA

I like seeing this marketing concept in this format. The triangle makes it easy to comprehend.  I concur with the above comments and thank you for sharing. D 

Jun 30, 2019 08:05 AM #8
Rainmaker
1,311,034
Carol Williams
Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals. - Wenatchee, WA
Retired Agent / Broker / Property Manager

Hi Denise,
You're so right about agents getting stuck in one kind of marketing.  The Triangle approach makes a lot of sense. 

Jun 30, 2019 08:56 AM #9
Rainmaker
3,145,724
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello Denise and what a great blog and how did I miss it the first time around.  Kathy got me over here.

 

Jun 30, 2019 09:13 AM #10
Rainmaker
5,348,141
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Thank you very much, Denise, for this outstanding post.

Have a most productive summer.

Jun 30, 2019 11:56 AM #11
Rainmaker
754,401
Nick Vandekar, 610-203-4543
Long & Foster Real Estate Inc 610-225-7400 - Devon, PA
Tredyffrin Easttown Realtor, Philly Main Line

Interesting post, as you say we need a combination of all three working together to fill the pipeline. 

Jun 30, 2019 12:49 PM #12
Rainmaker
3,111,121
Kristin Johnston - REALTOR®
RE/MAX Realty Center - Waukesha, WI
Giving Back With Each Home Sold!

Congrats on the feature by Kathy this week.  Wonderful post!

Jul 01, 2019 07:10 AM #13
Rainmaker
401,223
John Wiley
Right Move Real Estate Group- EXP Realty - Fort Myers, FL
Lee County, FL, ECO Broker, GRI, SRES,GREEN,PSA

Thanks for sharing a great post.

I am glad you included all three types of marketing.

Jul 02, 2019 10:39 AM #14
Rainmaker
3,240,899
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Realtors - Luxury - Divorce

Great content and not one that all agents...especially newbies fully grasp.

Jul 10, 2019 03:47 PM #15
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Denise Lones

CSP, MIRM, CDEI - Real Estate Coaching & Branding
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