Highly Effective Real Estate Marketing Ingredients
From Craig Fuhr, The Fix & Flip Artiste …
Do you really know what marketing is? I’m guessing not so much – so let me break it down for you. And trust me, once you get this, you’ll never forget it.
Marketing consists of 4 essential ingredients, miss any one of them and you’re just wasting time and money.
Essential Ingredient Number 1:
Audience – Who are you going to market to? This must be defined.
Who is your audience? What are their wants, needs or desires? In terms of real estate, your audience could be motivated sellers – but even that audience could be more narrowly defined:
- Homeowners in foreclosure
- Absentee homeowners with equity
- Landlords with code violations
- Personal representatives of estates
- Recently divorced homeowners, etc.
Once you define your audience, you must be certain that the audience is large enough to achieve the results you’re looking for. If you’re trying to generate 10 wholesales per month, you better not be marketing to an audience of 1,000 homeowners. 1,000 houses may seem like a lot – but remember, you’re looking for distressed homeowners. Only a small fraction of the 1,000 households will be distressed. Pick a big audience.
Essential Ingredient Number 2:
Message – Volumes of books have been written on the subject of messaging, but suffice it to say, the message is perhaps the most critical part of marketing. Take time crafting your message. Think about “the why” of your audience. Tap into their needs and desires.
>Most importantly – don’t just tell them what you can do….make them believe how what you do will change their lives. Lose the fluff. Make your points clear and concise – and always finish with some call to action. Finally, test your message for its effectiveness and tweak it as needed.
Essential Ingredient Number 3:
Media – I love me some marketing media because I’m a highly visual thinker and learner. Media is the vehicle that carries the message to your audience. In real estate marketing, media most often comes in the form of direct mail postcards, letters or yellow letters.
But media is not confined to direct mail pieces. Media can also be bandit signs, door hangers, refrigerator magnets, business cards or billboards. Media can also be electronic in the form of websites, Facebook pages and radio or TV ads.
Media is also where you begin to spend money on your marketing – and as such, the costs of each type of media can vary wildly. This is why you need to choose your media wisely. You must choose the media that will give you the best bang for your buck.
The most successful real estate investors I know track their marketing very closely. In an instant, they can tell you the response rates on a typical campaign, as well as the exact cost per lead. If you’re not tracking the effectiveness of each media campaign, you are not serious about marketing. Podio.com is an excellent and 100% free online tool where you can easily and effectively track your marketing campaigns.
Essential Ingredient Number 4:
Frequency – This is where us experienced guys smoke the newbies.
Effective marketing is not blowing your wad in one desperate shot of glory. Nope! It’s rather a long-haul, month after month, year after year, decade after decade commitment.
Since 2009, Anheuser-Busch has spent $149 million on Super Bowl advertising alone. That’s an astounding average of $30 million spent on a 60 minute game. That $30 million bucks equals less than 1.5% of InBev’s (Budweiser’s parent company) $1.42 billion annual advertising budget!
This speaks directly to my point of “frequency.” Budweiser simply can’t be The King of Beers by hitting 187 million viewers 3 to 5 times during a SuperBowl.
Master marketers know that you have to repeatedly hit the audience to create the desired outcome. Real estate marketing is no different. You’re dead wrong and soon to be dead broke if you don’t make a long-term commitment to whatever marketing campaign you choose.
If you plan to send direct mail to a list of landlords, plan a budget to hit that list several times per year. If you like bandit signs, be sure to set a couple hundred signs every weekend.
Among the 4 essential ingredients – a lack of attention to frequency can kill your success more than anything.
Keep these 4 critical ingredients in mind while designing your campaigns, and I assure you, you’ll be far more successful. If you need help – I’d be happy to lend my expertise.
Lemme Hear from Ya
I’d love to hear from you. If you have any thoughts or questions, please chime in in the comments section below.
P.S. Need a mentor?