Why Quality and Quantity Matter in Marketing

You’ve heard the old adage: in order to make money, you have to spend money. And it’s certainly true when talking about real estate marketing. More and better quality marketing sent out means more and better exposure that results in a greater return on your investment.

Ask Important Questions

It’s important to keep in mind what you really want out of your marketing dollars when you plan your campaign. Then market and budget for your desired response.

Ask yourself:

• What unique services and benefits do I provide?
• Who will see my message?
• What image do I want to project?
• How much money do I need to spend to meet my goals?
• How much are my competitors spending?
• What are my goals?

Marketing is an Investment

One of the most important things to remember when budgeting for your marketing plan is that it’s an investment. The majority of the cost for any marketing plan is spent up-front, which can be daunting. However, the effects of your campaign are long-lasting and spread out over the life of your marketing piece.

It’s vitally important to any marketing plan to stick to it once it’s been implemented. As with any long-term investment, you have to be prepared to let the plan do what you intended it to do. Research shows that a campaign can take two to four months to really show results. When you're marketing to people with no prior relationship with you, such as a farm area, it may take 1-2 years to see real results. Repetition and patience is key.

Be Seen and Be Seen Often

Bottom line: It’s about quality and quantity. Your marketing budget is a critical part of your business growth. And there’s a viable marketing plan for you no matter how much money you have available. You just have to budget wisely to meet your marketing goals:

• Know your target audience and market to them.
• Create and use a consistent campaign.
• Be clear and concise with your information and offers.
• Stand out with quality design and copy.

What is Your Time Worth?

Do you feel like you need 30 hours in the day just to catch up? Many agents find themselves stretched thin with responsibilities, without seeing the financial payoff for their efforts. Dirk Zeller shares steps to making your time worthwhile in his article in Broker Agent News:

"The first step to time mastery is knowing what you are worth per hour. By knowing what you actually get paid per hour, you will be able to make wise decisions about your activities. To figure out what you make per hour, take your gross commission (that's before company split) and divide it by the number of hours worked. To find hours worked, take the number of hours you work in a day, multiply by the days you work in a week and the number of weeks you work per year, and then divide that into your gross commission.

If we know our value per hour then we will be able to evaluate what we do on a basis of "Does it really pay me that amount per hour?" Let's say you make $50 an hour. There are only certain activities in selling real estate that will pay you that $50 per hour. The rule is if you would not pay someone $50 to do it, neither will anyone else—which means that you will not be earning your $50 an hour doing those specific activities. For example, making flyers, inputting listings into magazines, putting together bulk mail, and typing letters are all activities that I think would not pay anyone $50 an hour. We all know these have to be done. The question is do you have to do them? The second question is can I spend less time doing them?

We are all squeezed by time. We all can feel there are not enough hours in the day. We all feel the tug of our family and business and the battle for abundance in both areas. If you truly want to find a few hours daily, do this next action plan.

We call this exercise "Task Analysis". What you are doing is taking a look at what you clearly do each day. Not guessing what you are doing but knowing what is happening. Take an old day timer page and make a few copies. Then every 15-30 minutes, write down what you are doing. Track this process for 2 weeks. This process will enable you to know with certainty where you are investing your time. You will be amazed as to the allocation of your time. For most Agents who have completed this task, they find 10-20 hours weekly that can be better spent. That's anywhere from 25%-50% increased efficiency when fully implemented. To know what that really means to you in dollars, multiply your gross commission by 25%. That is what you can earn in addition this year without more expenses and without the latest marketing gimmicks. The best part is that you are in total control of that number. The market, your broker, the buyers and sellers have no effect on your ability to increase your income by the amount you wrote down.

Work diligently on the task analysis process. Really track the activities and the time invested in each. Then, at the end of each week, add up the time spent in each activity. Ask yourself these questions:

1. Am I getting paid ____ per hour for each activity?
2. How can I reduce the time I am spending in each activity that pays less than ___?
3. Do I really need to do this activity?
4. Can I get someone else to do this activity?

Knowing what you are worth per hour and what you are investing your work time in are the first two steps to time-mastery. Once you have started down the road to time-mastery, you are moving toward sales mastery and then life mastery. Know that your time is the most valuable resource you have. Start the process to reclaim more of it today."

Did you achieve your most successful marketing year ever?

As 2006 comes to a close, it's time to look back over your marketing plan and budget to evaluate what worked this past year, what didn’t work, and what can be done in the future to maximize the return on your marketing dollar.

Take time to ask some important questions about what happened in the past year.

• Who saw the message?
• What image was projected?
• Was the marketing budget used to its best advantage?
• Were all goals met?

Your marketing budget is a critical part of its growth, and there’s a viable marketing plan for your business no matter how much money is available. The key is to budget wisely and make sound decisions, thinking of marketing as an investment.

Invest in the Future

One of the most important things to remember when budgeting for a marketing plan is that it’s an investment. The majority of the cost for any marketing plan is spent up-front, which can be daunting. However, the effects are long-lasting and spread out over the life of the marketing campaign. Here are four important steps to follow as you build your 2007 marketing plan

• Know your target audience and market to them.
• Create and use a consistent campaign.
• Be clear and concise with information and offers.
• Stand out with quality design and copy.

It’s also important to evaluate after the campaign has had time to accomplish the goals that have been set. Set a realistic timeline to follow and take stock when it’s feasible. Decide whether your marketing is meeting the needs of your company and adjust accordingly.

It's About Speed

I'm a marketer and I'm a manufacturer and in the manufacturing world it's all about speed. AND, it's really the same in the marketing and sales world as well. How fast can I get a new listing? How fast can I find these buyers a home? How fast can I get my prospecting calls made?

The reality of life is that time is finite. You never get a moment back. If you could complete a task in 2 hours, but you spend 3 hours doing it you have LOST the opportunity that hour had to offer you. You can calculate the cost of that hour very simply. Many people would tell you to take your gross income, divide by 50 (weeks in a year with a 2 week vacation) and divide that by 40 (hours in a week).

I tell people to take the gross income YOU WANT TO MAKE, divide by 50 and divide by 40. That is the true opportunity cost as far as a sales person goes.

Here are my 5 advice points for a sales person trying to attack their market FAST...

Don't spend hours working on a marketing plan - or days - or weeks - or months. I've had clients who have spent years trying to get "the perfect plan together". Call someone who can help you make it happen FAST. Of course I'd like you to call Mail Print - but whether you pay my team to do it or you pay someone else to do it - just get it done.

When you have a bunch of calls to make, get through them as FAST as possible. If you can dial at a rate of 20 dials an hour and you have 100 calls to make, see if you can get it done in 4 1/2 hours. Get somewhere quiet, focus, have your list together and sit down and get to dialing. I know you hate it, no one loves it, but it is the sure path to sales success.

Get a monthly mailing program going to your past clients and key referral sources. YES MONTHLY. Don't waste your effort on quarterly or every other month. Would you spend $8 on a client? Of course you would... That's all it costs to mail to a client every month for a year. Set it up and get it done. Of course, Mail Print can help with that, but whether you use MPI, do it yourself or pay someone else to do it...Make it happen!

Get away from non-winners. If you work in a bullpen setting and there are wannabes around you - you know the type of sales people (and I use that term loosely) I'm talking about - the ones who read the paper and think great thoughts, but never take action and make only moderate incomes - get away from them. Beg your way into another area - or work out of a conference room or at home. Surround yourself with success and it will help drive you forward.

Do at least three specific things each day to generate new business. These must be things that you can control. Decide what those three things are and make sure that you do them. Here are a few things... (the xx's are a number that you determine you can achieve)

• Hand out XX business cards each day.
• Make XX calls to past clients.
• Make XX calls to current clients.
• Make XX calls to prospects.
• Flier XX houses each day.
• Reconnect with one person from your past.
• Send XX hand written notes each day.

I know many top sales people who have a list similar to this that they've created and each day they do not go to bed until they have achieved three of the business generating tasks on this list. They also make a game out of this action that they play with themselves. "Can I get my three business building actions done by noon?"

With all that said... do what you need to do to be successful and do it FAST!

Posts related to the topic: Cost-Effective Marketing Teqniques, The Power of Direct Mail,

Cost-Effective Marketing Techniques

Marketing does not always require spending money, but it does require creativity and resourcefulness. Here are some easy, inexpensive ways to market your business:

Business Cards. Always carry them with you. Business contacts are frequently made outside the 9 to 5 schedule. Also, many businesses, universities, apartment complexes and organizations have community bulletin boards. Post your business cards there. It’s free advertising.

Go To A Trade Show or Business Seminar. This is a good place to get ideas, make business contacts and meet potential clients. Distribute business cards, brochures, or flyers to trade show attendees that feature your product or service and its benefits.

Create A Newsletter. Update your clients about your company and its products. Add photos to make it more personal and appealing. Make copies available to new clients that enter your business.

Promote Client Testimonials. Testimonials add credibility to your business. They can be used in direct mailings, newsletters, flyers, or on a website. Testimonials persuade potential clients that you are trustworthy and reputable.

Participate In The Community. If a local organization is having a walk for charity, get involved and become a sponsor or participant. Businesses that sponsor community events often receive free advertising in exchange for their involvement. This is also another opportunity for you to distribute your business cards and brochures.