HOW TO MAKE THE MOST OF YOUR MARKETING DOLLARS
By Julie Escobar
While the market may be on the move in many areas, the economic roller coaster experienced by most over the last couple of years has certainly contributed to a more cost-conscious mindset across the board. Just as the average consumer has taken a long hard look at household budgets and where to trim the waste to start once again saving for that proverbial rainy day, real estate professionals and entrepreneurs are doing the same in regards to their business budget.
Let’s take a look at some inexpensive ways to boost your bottom line results, without dramatically depleting your bank account.
HOT: Direct Mail. They say everything old is new again and direct response mail is certainly enjoying a resurgence. Even internet “almighty” Google has gotten into the fray. Why? It’s the easiest way to drive offline traffic directly to your online source (website, blog, social media connection) in a cost-effective, and well, direct way.
* It’s spam-free so your direct mail isn’t subject to firewalls and blocking devices.
* It’s target specific (well if it’s done right) so matching your message to your market segment increases your response rate. For example, sending first time home buying tips to renters, short sale information to areas that have a high percentage of distressed homeowners, etc.
* It’s easier to get noticed. With advertisers and competitors dramatically reducing or eliminating their marketing budgets, there’s a lot less “mail” in mailboxes these days and if you’re providing a compelling offer, media specialists are finding consumers are actually eager to see something other than bills in their daily delivery!
* Consumers prefer it. In a recent Direct Marketing Association study, nearly 70% of consumers said they prefer to receive information from companies they are familiar with via conventional mail rather than email.
* You can measure your results. Agents are using DID numbers (special coded telephone numbers that ring through to their regular phone lines, but with the ability to track calls and even record) , personalized URLs, and all new QR codes (more on these later in the article) on their direct mail marketing (and all their multi-channel marketing efforts) so they can monitor what’s working for them their market and what’s not.
* It makes staying in touch and top of mind simple. Now you can pick your campaigns, order your direct response postcards and calendar them out for the future! We know that top agents report more than 66% of their business comes from their Sphere of Influence and they keep that “influence” over the Sphere by consistently and repeatedly staying in touch not just one month or once a year, but every month, year after year.
NOT HOT: Subscribing to direct mail policies of old. Today’s direct mail should be targeted, timely and value-add. It should also be part of your overall marketing strategy. One piece of the puzzle.
HOT: Tuning into your target market: WIIFM. All right, not a new idea but one that bares repeating. Consumers today more than ever are really interested in what THEY are interested in. Just remember that most people subscribe to the What’s In It For Me channel. So, if you want to be read/heard/noticed or asked to do business with consumers in today’s market, you need to speak their language and give them what they want.
Some of the top WIIFM channels to feature in your marketing today:
* What are short sales and how do they affect my family? This hot topic has a lot of people talking and a lot of people who either themselves need help or know someone who does. Best practices state taking an indirect approach to this question. In other words instead of “Are YOU facing foreclosure?” try “If you know anyone who needs help…”
* How much is my home worth? Again, our economy has left a lot of people with a lot of questions and feeling anxious about their real estate investment. Offer a free home price analysis. Show consumers what their home will sell for now and where they can go to learn when they can start to see their home value climb again—a great reason to stay in touch with you!
* Free stuff! Coupon clipping, bargain hunting and information gathering are once again becoming the name of the game for consumers. The Direct Marketing Association tells us that there’s a major uptick in the amount of consumers watching their mail today for special offers. Give them what they want. Offer free reports, CMA coupons, consulting services and more in your direct mail and on your website to boost your prospecting prowess!
NOT HOT: Marketing pieces that are all about you, your accomplishments, your goals, your life. While harsh to say, it’s true that consumers want to hear about the issues that matter most to them more than how many awards you’ve received. It’s wonderful to be accomplished, and there is a time and place for that in your relationship building, but right out of the shoot, people want to know about what they want to know about!
HOT: QR Codes: They may seem “new age” but these little wonders are making big waves all over the globe. Although initially used for tracking parts in vehicle manufacturing, QR Codes are now being marketed and used to make information seeking point and click simple with the use of smart phones.
With the click of a button, a smart phone can read the code, redirect the end user to a website and away they go! They are being used in direct mail, magazines, signs, business cards, feature property flyers and more. They require a reader application and a camera phone, but almost every phone manufacturer is getting on board so ask your carrier about your QR code-ability today!
HOT: Social Media. It’s a whole different world out there. Some people are in the game and hitting it hard and others are still thinking social media is a fad that will slide by. Pay attention. Social media is here to stay. In fact, let’s take a look at the most current stats on Facebook alone:
* More than 400 million active users
* 50% of users log on to Facebook in any given day
* Average user has 130 friends
* People spend over 500 billion minutes per month on Facebook
Social networking is a tremendous tool for reaching masses. Three great strategies to try:
* Offer to host the fan page for the community, neighborhood or niche market/interest group you hope to become the turn to agent for. It’s the perfect reason for gathering emails, spotlighting yourself as the expert and providing a valuable service that will earn you respect and referrals!
* Spotlight local businesses that you frequent and recommend. More often than not, that invites a reciprocal social media response.
* Keep your ear to the ground for special projects, charity events, etc. as well as ones that you can help spread the word about. It lets people know you’re there not just for you but the community and lets them know you’re involved.
NOT HOT: Too much information. Come on now, who hasn’t run across someone who is sharing WAY too much on the internet? As real estate professionals, people turn to you with one of the biggest decisions of their lives. Don’t blow up your chance to make a good impression or your good reputation by posting inappropriate pictures or posts, sharing too much personal information or talking incessantly about how great you are.
Today’s a good day to start looking at the marketing strategies in your plan of action and seeing how you can tweak and adapt them to help you grow your business and earn more money in less time. So, this summer, pick up the HOT ideas and leave the NOT ideas for your competitors! Good luck and remember: we’re here if you need us!
Learn more about ProspectsPLUS! and how you can ensure that you always have the right help at your fingertips! Contact me at 1-866-405-3641 today or visit prospectsplus.com.
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