Developing a Marketing PlanOne of the most important things to do as you enter the real estate business is crafting a marketing plan. |
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That means assessing the competition, making an advertising budget, and understanding the specific needs of your chosen market. Writing it all down will help prevent you from aimlessly skipping from one strategy to another before thoroughly testing them out. In addition, it will allow you to more easily consult others about the plan’s deficiencies. Assessing the competition is a key to a successful plan because not only will it help you understand how they became successful, but it should also provide some insight in to their weaknesses – which you may then exploit.It might help to start a file on each of your competitors to make it easier to track their changes. There are many ways to find out what they’re up to - these
include the Internet, talking to their customers, checking their
advertisements, business publications, and trade shows. |
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Now you should explore the needs of your chosen market and craft your advertising strategy accordingly.This means studying its demographics, income, culture, and, lastly, how you fit in to it. Are you outgoing? Shy? Sophisticated? Earthy? Liberal? Conservative? You don’t necessarily have to be from the area you’re trying to serve, but it always helps if you can easily relate to your clients. Your personality should drive your marketing scheme, making your brand name distinctive and recognizable. As Socrates advised, “Know thyself.” The next step is to make your advertising budget.Most experts agree that in your first year you should devote approximately 30% of your budget to advertising. As your business takes off and you develop your identity, you should be able to devote significantly less. Finally, you need to build your client base.The best way to do this is simply to talk to people, hand out business cards, and let them know you’re available. Also, always remember to ask your clients for referrals. If they’re happy with your work they should be happy to comply. In addition, look for opportunities to free publicity, like appearing in local media. Be creative if you can. Copying your competitors’ successful strategies is usually dependable, but inventing your own can really make you stand out from the crowd. |
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