You will rarely find a successful real estate investor who doesn’t excel at marketing. The strength of your marketing efforts often mirrors the strength of your business. Many investors focus on the cost of marketing rather than the return. You can have every other aspects of your business in place but if you don’t have leads to work on it won’t make a difference. Today, there are more cost effective methods of marketing than ever before. Instead of throwing capital at pricy direct mail campaigns you can find marketing that works for your budget. However you generate leads there are a handful of core characteristics that almost every campaign offers. Here are five things needed before you start your next big marketing campaign.
- Budget. Everything starts with your budget. As mentioned your budget can be any level that you feel comfortable with. If you have the capital to spend on a highway billboard and have done the research than by all means go for it. Conversely if you are limited to social media, bandit signs and other low cost options you can go that route as well. It is important to keep in mind the total cost of your marketing and not just the initial outlay. If you are planning a direct mail campaign you need to know the cost of the list in addition to the stamps, envelopes and anyone else involved in distribution. You should never do any campaign that you don’t have the capital for. A half-hearted option will not give you the results you are looking for. If you are low on capital find something that fits for you. Before you can do anything else you need to know how much you can spend.
- Options. Never jump into any type of marketing until you have researched it fully. Even if the costs aren’t prohibitive you need to know everything about what you are getting into. A small ad in a church bulletin or on a restaurant placemat may seem like a great low cost option but you need to know who else you are competing against. Even if your cash outlay is small if the return isn’t there you should look elsewhere. Between newspapers, social media, bandit signs and local sports sponsorships there is plenty of marketing variety in every area. You need to find something that not only fits your budget but fits your business vision. Think about who it is you are trying to reach and what your ultimate goals are. An ad in the church bulletin may not directly lead to business but it will help get your name out to your local market. The impact can end up being worth whatever the initial outlay was. Don’t just jump to the next marketing opportunity that comes your way. Always know exactly what you are getting into.
- Frequency/Schedule. The single biggest marketing mistake that is made is not following a set schedule. A well written direct mail letter in a hand written envelope is not enough to produce immediate results. Before you commit to any option you need to be willing to ride the ups and downs for however long it takes. It has been proven that most new contacts aren’t formed until the sixth or seventh time they are reached out to. Sending one or two letters or emails is not nearly enough to get results. You may get a few calls returned but the more you send the better your results will be. It is best to commit to a long term schedule before you start. By following a strict schedule you will be able to determine just how successful your campaign will be. This may be difficult in the beginning but if you stick with it eventually you will reap the benefits.
- Handling Call Volume. The goal of your marketing is not to simply get your phone to ring. Of course, that is a great start but you need to be able to turn incoming calls to deals. The only way to do this is by treating every call like it can be the one that changes your business. You need to have a set system to handle call volume. This could mean setting up a dedicated phone number or having a call service deal with incoming calls. It can mean writing a script or having applications with you at all times. Whatever it is and however you do it you need to have a system for tracking calls and retaining information. Most new calls will not be ready to commit on the first contact. You may need to follow up several times to secure a deal. If you don’t track information and handle call volume you will never get to that point.
- Evaluation. At the end of every campaign you need to take a step back and evaluate what worked and what didn’t. Prior to doing that you should ask yourself if you didn’t everything in your power to make the campaign a success. Did you treat every incoming call with the right amount of energy? Did you send your emails or letters enough times to properly gage the success? Did you follow up when needed and answer every question they had? If you are confident that you did everything you should you need to look at the data and delivery. Look at the list you used or how you obtained your information. This is often just as important as anything else in your campaign. If you don’t evaluate your campaigns you will never be able to know which way to go next.
Marketing can change your business in many ways. Marketing for the sake of marketing is not enough. Follow these five tips to help you get the most out of your next marketing campaign.
