How to Get the Most Marketing Bang for Your Buck
Consistency and a unique selling proposition will help ensure your marketing dollars pay dividends.
BY KARIM JAUDE
Are you spending more for marketing, but getting less business? If so, you may be the victim of these all-too-common marketing myths.
Myth one. I call this myth the Special of the week. Instead of focusing on a long-term selling proposition, salespeople constantly bombard their customers with special events or limited-time offers to generate interest. Whether its Sign up for my newsletter and win a chance at a free TV or Come to my open house and get free balloons for the kids, marketers expect these single reasons for contact to produce significant results. The problem with this approach is that marketing is a process, not a one-time-shot.
Myth two. The second myth is It didnt work, so lets change it. Salespeople who subscribe to this fallacy believe customers respond to their messages the first time they see them. The fact is no reputable advertising agency would place a single advertisement for a client, and neither should you. Research tells us that people buy between the fifth to the seventh time that they come into contact with the product or service, not the first or second.
What both of these myths fail to take into account is that marketing is first and foremost about relationship building. Running an ad here or there or doing a mailing from time to time just won't cut it. To really build customer awareness and loyalty, you need to stake out some space in the minds of those people you want to become prospects and customers. And you need to keep filling that space with consistent messages that reinforce the connection between you and the real estate services your prospective customers need. Otherwise, no matter how much or how little you spend on marketing, your money is going to waste.
You have experienced the benefits of this consistency first hand if you have ever had the thought, If I ever need a...I am going to go to that person (or business) to get it. You will get this response from your customers not because you held an event or ran an ad, but because you offered a solution a unique marketing message that speaks to your audience. A few minutes with a scratch pad is not enough to develop this kind of critical marketing statement.
Stand Out and Succeed
Your marketing message should lead to the ultimate in perception about your business and its product or service. Perception causes the immediate association and emotional attachment. Its the feeling that clients get that makes them lean toward your particular service or product.
For your marketing message to have this impact, it should be based upon a unique selling proposition (USP) that clearly describes how you differ and surpass your competition. Your USP addresses the question a prospect has on his or her mind: Why should I do business with you versus any of the options that are available to me? The USP will also help develop the emotional association and attachment that produces customer loyalty.
Remember that in presenting your USP, you should talk about the benefits of your service to the customer, not its features. People buy services that solve a problem, relieve a hurt, or make them feel better in some way. Focus your marketing message on those things. Don't talk to customers about the horsepower of the engine. Talk about the feel of the wind blowing through their hair on the open road, or how quickly they can get out of harms way if need be. Depending on your chosen customers, real estate benefits could include a feeling of well being, a beautiful place to showcase your taste or your wealth, safety, profits from a sound investment, family unity, or a great place to entertain.
Your USP can and should be based on positioning, price/value, or your particular approach to the work you do. For example, one of my coaching clients in San Diego found that many of his customers were military personnel searching for off-base housing. On my advice, he positioned himself as the expert in serving the needs of this special group. He sent out monthly mailings to everyone that he had met with this particular need, even those who had moved out of the area. I also encouraged him to get involved in the community, volunteering in service organizations, participating with the Chamber of Commerce, and giving presentations on issues facing people in the military. I also assisted him in establishing a personal advisory board to aid him in any problems in his business that he was facing and a team of professionals with whom he could network and gain referrals. These steps helped this real estate practitioner establish himself as the expert on real estate for this particular client base.
Offering a more affordable price or a better value for your services is another way to set yourself apart. Keep in mind that this doesnt have to mean cutting your commission, although that is one approach. Instead, you can emphasize all the extras you offer for the same basic commission rate as your competitors.
A favorite USP for many real estate practitioners focuses on a particular approach to providing services. How many times have you seen a salesperson advertising some variation on great customer service. The basic idea is right, but this isnt necessarily a unique selling proposition. If you want to set yourself apart with service, you must offer something different and specific to be effective. For example, your customer-service USP might be something like: I offer my customers 24/7 e-mail responses with wireless Web connectivity and Instant Messaging. Now that sounds unique.
Get It Out There
Finally, to make your marketing more cost effective, its critical to find a way to contact your prospects regularly and keep your marketing message in front of them. Some sales associates send out regular letters, postcards, or e-mail newsletters. Here again, consistency in both message and medium is key in getting the bang for your marketing buck.
In some cases, your marketing message may help you decide the best way to touch your market. For example, if your USP is a variation on the 24/7 wireless contact message mentioned earlier, sending out a printed newsletter would seem pretty odd. Instead, you would want an e-mail newsletter with the graphics and a high-tech look. In contrast, if your USP emphasized your high-value services, you might want to utilize a professional-looking two-page letter on your stationery summarizing market trends. The information provides value and the use of existing materials shows you are not trying to waste money on non essentials.
Once you ve chosen a marketing message and approach, use it regularly--at least once a month for a minimum of six months--before making any major alterations. You can still listen to feedback and make improvements in both copy and presentation, but dont get frustrated after three months if you dont have a barrage of clients at your door and experience a major change. The only way you will ever get to the point where your customers think of your name as soon as they think about buying or selling a home is with a strong, consistent message. And when you start getting those referral calls from people youve never contacted before, you ll know you are finally getting the bang you deserved from your marketing bucks.
Karim Jaude has founded and operated 19 successful companies in eight countries and he made his first million dollars when he was 26. For over 30 years, he has acted as a business and real estate consultant, and coach to business owners, executive, and professionals.
Reprinted with permission from REALTOR.org, NATIONAL ASSOCIATION OF REALTORS copyright 2006.
