The real estate investing business revolves around lead generation. All the experience and expertise you have doesn’t matter much if you don’t have deals to work on. It is not enough to simply throw money at your marketing budget and wait for your phone to ring. If you aren’t on top of how, where and even why you are marketing somewhere you can expect to be disappointed with the results. On the flip side with the right marketing in the right places you will be flooded with more leads than you can handle. What’s more is that the leads will be for properties in locations you actually want. Regardless of your current marketing style there are always areas you can improve on. Here are five critical areas you should evaluate to help improve your current marketing success.
- Approach. It is no secret that marketing has changed dramatically over the last decade. It wasn’t that long ago when radio and TV were the dominate platforms. Today there are dozens of platforms where you can reach whoever you are looking for. The first area of marketing you should evaluate is your current approach. Simply put: what are you trying to get out of your marketing and how are you doing it? Are you trying to generate leads from current homeowners or build relationships with business partners? Are you going about this by touting your accomplishments or offering something of value? Nobody wants to hear about all the deals you have closed. They want to know what you can do for them. You may be marketing on all the right mediums and focusing on the right people but if your message is misguided it won’t make a difference. Start by taking a step back and looking at your current marketing approach.
- Audience. Every form of marketing is ultimately a numbers game. You will most likely talk to dozens of people with the hopes of funneling that down to a lead that eventually turns into a deal. This could be a painstaking process, but is often just a part of marketing. To expedite this process you need to narrow your marketing audience. If you are looking to acquire distressed property your audience should be homeowners who are late on their mortgage, properties in probate or couples currently in divorce. Too many investors throw out great marketing ideas but don’t choose the right audience. Putting an ad on Facebook doesn’t have the same impact if your audience doesn’t need your services. There are many places where you can find a specific list of people you are trying to reach. You can use this list for every type of campaign you desire. When your phone rings you know that they really do need your help and every lead can be a prospective deal. This will help save time, improve motivation and ultimately close more deals.
- Delivery. The way you marketed even just a few years ago is probably completely different today. As much as you want to stay loyal to what has worked in the past, you also need to adapt to the times. Direct mail may have been your bread and butter, but email is much more popular today. Networking meetings may have been your primary method of meeting people, but Facebook can do that much quicker. You may have had a popular ad on TV, but YouTube is often more relevant today. There are a handful of examples of marketing changes over the years. You don’t need to completely shift where you market, but you do need to recognize your audience. Where you market can often have as much of an impact on almost anything else in the process. It is a good idea to talk to someone who can walk you through the changes to help get the most out of your campaigns. Doing the same thing in the same places will leave you wondering why your phone isn’t ringing.
- Execution. The content of your ad has an obvious impact on the results. Regardless of you plan on using direct mail, YouTube or a drip email campaign the content is key. What you say, how you say it and the method of delivery will all impact your results. Your ad needs to quickly explain what you do and how you do it all while creating a sense of urgency. There must be a value-added proposition at the end of everything you do. You need to prompt the recipient to call and get conversation started. If you are not comfortable with your ad there are skilled copywriters that can help. For a few hundred dollars they will craft an ad that generates interest that hopefully results in emails or phone calls.
- Follow up. Where many marketers fail is in the follow up. They run their ad only a handful of times and when they don’t get the results they anticipate stop. With any marketing you need to try it at least a half dozen times before you can evaluate the results. Anything less and your results won’t give a true picture of the campaign. The second area of follow up is with reaching out to everyone that contacts you. Most people aren’t ready to act after the initial phone call. There are often several calls over several months before they commit to act. If you give up after a call or two you will probably lose several good deals. When you commit to any campaign you should commit to following up and give it a real chance to succeed.
Marketing can often make or break your success. Evaluate these five areas of your marketing to see where any changes need to be made.