Real Estate Marketing – Stake Your Claim
Like you, I struggle with the idea that to succeed, a real estate professional is expected to be an expert in all aspects of business. Brokers and agents are bombarded with all kinds of training they ‘must’ take, coaching they ‘need’, technology seminars they ‘have’ to attend, ‘must-go-to’ conferences, marketing this, SEO that and so on. It’s overwhelming and in my opinion, not the best use of time and resources for most.
Marketing is one of those subjects that are not only complex but unfortunately, and respectably so, hardly well understood.
Although a single article will not cover everything there is to know about marketing, my hope is to leave you with a critical thought that stands to change your business, how you think of marketing and help shape your efforts in this area.
If all you do is re-program your business to address this single principle in marketing, you could set a new foundation for solid growth – even market dominance.
Simply said, it’s niche marketing. Carving a piece of the pie for your business where you or your organization becomes known and referred to as ‘experts’ in a certain market segment.
The kind of market focus that inherently lends to the buildup of expertise that eventually no one else can claim overnight, truly setting your services apart.
This is the sacred part of the recipe for success in real estate. And for that matter, any business.
Whether you like Donald Trump or not, the man knows a thing or two about marketing. In one of Trump’s early Apprentice TV show episodes, he noted that if one could not pin point their target market with the tip of a needle, their business will fail. Yes, fail!
The typical business person or entrepreneur could keep going in circles implementing different strategies, changing things around, blaming the market for this or that, yet without addressing this single most important catalyst, limitations and challenges typically persist. Don’t take this to heart though. It applies to any kind of business.
Consumer product giants figured this out decades ago. A commercial that depicts 6-12 year old kids playing soccer in the yard, sliding on the field with their white socks picking up those familiar hard to remove grass stains while mom looks over from the kitchen window with a smile, does not happen by chance.
Key to getting the box into the right household and the differentiating positioning in the marketplace is the laser sharp target marketing.
Examples abound. Just examine TV advertising campaigns by the world’s most successful brands, and you’ll start to notice more and more of a common approach. Mind you you’ll never again watch a commercial for its own sake, without making judgment or conclusions.
Another extremely important outcome – and opportunity to further validate the value of niche marketing, is more effective use of your marketing resources.
Imagine splitting $1000 advertising dollars to convince 20 people with different issues, requirements and needs that your product is the right solution for each of them. The results can in no way match the impact of directing all these advertising resources towards just one group of 20 people that shares the same issue or need. They’ll be exposed to your message more frequently, across a number of mediums. They’ll hear about it on the radio, glance at it while passing a billboard, see it in the paper, hear about it from a friend and read about it in your newsletter or the local paper. And they’ll relate to it each time.
A higher rate of exposure to a single minded message via a combination of channels delivers the ‘frequency of exposure’ necessary for enhanced conversion. Frequency with a message that hits home (insightful, relevant messages that touch hot buttons to make people stop and take a closer look), builds familiarity. With familiarity and frequency, trust and awareness for the brand evolves. And when the need arises, the product or service is top of mind with the prospective buyer.
This is one critical aspect of marketing that makes the phone ring.
It’s also a key catalyst that helps organizations weather tough times better than others, or do exceptionally well in good times, almost always contending for the top market share spot in their business.
In real estate, a niche may be military personnel, seniors, empty nester, university students or corporations who frequently relocate staff. Each of those groups responds to different messages. In fact, completely and entirely different stimuli drive each. As time passes, the insight you build around your chosen niche will turn into a goldmine of knowledge that shapes all your communications. Website, business cards, voice mail, brochures, advertising, social media and others. If you’re a broker, having a team that specializes in a certain niche, itself, gives your business a unique competitive edge.
Search engines would also start to pinpoint your business more frequently, for your target group inherently searches using terms relevant to their lifestyle and needs. Integrate those into your online messaging.
If your website is customizable, or if you are already using Point2 Agent Professional, it’s time to make some changes.
So go pick your target market and go after it! Change everything.
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