With the housing economy showing signs of life again, many Realtors and mortgage brokers are in a position to reinvest in their businesses. For the past few years, it was hard for this group to plan marketing campaigns, since a consistent revenue stream to fund marketing was hard to predict. As a result, they did nothing, or engaged in marketing plans that they could afford at the time with no real ability to benefit from a well thought-out campaign.
Many agents and loan officers are now seeing some consistency in revenue as a result of more deals both on the table and closing. So, in thinking about marketing efforts for 2013, the question remains: How do you – in a competitive space – out-market your competition?
The answers are simple, but require a few key ingredients: thought, planning and patience. Unfortunately, these ingredients are hard to come by for fast-paced salespeople, so stock up now as these three things ultimately allow you to stand apart from your competition.
First on the list is thought: When was the last time you thought about who your target market is? Is it a geographic area, like the town you live in? Could your target be a demographic within a geographic area? This could mean you would only target the more affluent members of the town you live in. Maybe your target is a subset of a geographic area. An example would be targeting the parents of school-aged children in the town in which you live.
Plan how you will target your audience: What makes you unique? Why should people choose you? Messaging is crucial to effective advertising and marketing. After you’ve got a solid message, decide how you are going to reach these people. A combination of touch points lends itself to the most impactful marketing. The goal of skilled marketers is to select the media most appropriate for potential clients and create a compelling and consistent message that breaks through the clutter of all the advertising clients are bombarded with each day. This approach creates a top-of-mind awareness so that when their need for a real estate agent or mortgage lender arises, your name comes to mind. Big brands like Dunkin Donuts do this: They are on TV and online, use social media and direct mail.
Last, but not least, is patience: Create a marketing plan for the entire year and stick to it. Many Realtors and mortgage lenders never get the benefit of frequency because they are afraid of long-term advertising commitments. At the end of the year, analyze your spending and evaluate how to move forward based on results.
Finally, ask for help. There is no shame in asking for help from people you know have had success in marketing. Many times it just takes an outside perspective to nail down your value proposition. Ask some former clients why they chose you over your competition. The answer will help you compose your messaging.
Follow these simple steps and be prepared to be busier than ever in 2013.
Heather Logrippo is CEO of Expose Yourself Public Relations in Boston.
