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Prospecting: (seeking with purpose & plan) proactive communication- calls, notes, meals & pop-bys-voice to voice, belly to belly communication with potential clients from your database and network. To some degree, handing out business cards-it implies you are "belly to belly", for example at a networking event or meeting.
Marketing: (hoping-still required: with purpose & plan ) passive communication- Mailers, e-blast, e-reports, flyers & post cards, social media, websites and blogging here on active rain, etc. Demonstrating your competence & character through some sort of print or virtual media. Hoping it connects with "right place, right time" prospects.
You need to do both, but rely on neither on it's own.
It's called the "stacking effect".
Good advice also offered by Annette Lawrence , Palm Harbor, FL 727-420-4041 Mike Rock & William Feela so I won't repeat what they said, except to punctuate William: prospecting is done every work day (or you really have not worked that day). You have to think "winter" in the "Summer" and plan ahead for the peaks & valleys.
White Plains, NY
JJ Canull Here's my take on these two words...
Prospecting is wearing your CEO hat - work ON your business, lead generate, add more people to your database. This should be a DAILY habit - at least 5 days/week and block the time for that.
Marketing is wearing your COO hat - Chief Operating Officer - marketing your listings, yourself online and off-line. Put it in your schedule AFTER blocking the time for prospecting.
I would suggest you refer to those providing that instruction. We tend to create our own Lexicons when in environments with fuzzy borders.
I would suggest the following definition:
Prospecting - referring to reaching those you have met or responded to you.
Marketing - referring to reaching those you do not know, have not met.
I prospect every day depending on scheduling and opportunity
"TOLD" TO DO?? Sounds ominous. I think the difference is semantics. Marketing is getting yourself or your properties out there. Prospecting is perhaps a more targeted approach of selling yourself to an area, a group. The key is to keep at whatever method works best for you.If your new to the business, i suppose a bit of instruction is fine, but last i looked we are independent contractors who do what works for us.
Whatever your system, the most important thing is to Follow it EVERY week.
Monday and Tuesday are good to follow up after open house, but any day is a good day for prospecting.
Prospecting is looking for new business and marketing is about the business you already have.
Belly to Belly with the prospecting. Marketing is a non one on one, meant to get you to the one on one. Mark
Prospecting is creating business, where as marketing is promoting business you already have.
To me the difference would be that marketing involves selling your services to the general public where prospecting is attempting to sell yourself to specific individuals.
Think of it from a military perspective. Prospecting could be related to the ground units, also known as the infantry. it's tough, sometimes dirty but in the end very necessary. Especially to protect your business from shifting markets.
Marketing can be related to an Air campaign, also very necessary, not as much direct contact and can get pretty costly.
Both are very important.
If you are a newer agent i would recommend sticking to prospecting until you make some cash then take a portion of what you make and reinvest steadily back into the business.
If you ever have any questions on prospecting feel free to contact me.
Prospecting you are actively calling people trying to get business and appointments set right now. Marketing you are working on social media, websites etc to get people to call you over time.
You get better results from prospecting!
Prospecting is when you're reaching out to customers and marketing is when you're trying to get them to reach out to you.
I do it all every day and use a block schedule so it is routine and continuous. Some days there is more prospecting and other days marketing takes the majority of my effort.