How to Build Up Your Marketing Strategy in 5 Easy Steps
Real estate investing is a numbers game. A greater number of leads is important for you to have more chances of getting the best deals. Same with other businesses, marketing and sales are interconnected and therefore, work hand-in-hand with each other in real estate investing.
As they say, the fruit does not fall far from the tree. The marketing serves as the tree and the sales are its fruits. If you have a top-quality product or if you offer an excellent service but people do not know about it, it will be difficult for you to make sales or win deals. Who will get a product or engage the service of an enterprise they are not familiar with? For this reason, building your brand is crucial in your success. You can do that in mastering the art of marketing.
Here are the tips in building up your marketing:
Tip No. 1 – Set a plan
Just like in any industry, setting a plan is a part of every business goal. You need to identify your plans by seeing your business from the perspective of an owner and a client. As a business owner, everything may look flawless to you because you are the masterplan of your objectives. However, you must ask yourself if the same thing goes as regards to the standpoint of a client. Is your brand appealing or confusing? You need to appreciate your strategies from the viewpoint of the target client and make sure that your brand identity is creating an impact.
Tip No. 2 – Schedule your marketing strategy
Varying opinions exist all over the map in discussing whether investors should set a long-term or a short-term goal. To resolve the conflict, the best undertaking is to set both. You must have short-term goals and schedule a daily and a weekly target date for these key objectives. Also, you must prepare your long-term goals in order to see the bigger picture. In the next few months, set your expectations, and have an assessment if you are meeting your marketing ideas.
Tip No. 3 – Allocate a budget
Budget allocation is important to assure that you are establishing your marketing strategies in an efficient manner. You may get too excited and spend much on advertisements that do not result in a desirable return on your investment. As such, you must make sure that you are preparing a cost-benefit analysis in promoting your products or services. You may start by choosing your marketing strategies based on your initial available resources. As your marketing efforts successfully drive more revenues, you can allot more funds to your strategies and expand your promotions.
As a real estate investor, we are inviting you to read our investment blogs. Feel free to read more resource articles about the latest trends in investment and tips in pursuing your business career!
Tip No. 4 – Learn and Explore different types of marketing
There are various types of marketing such as door-knocking, setting meet-ups and meetings, attending social networks, promoting in classified ads, giving business cards, Given the rise of technology, the trend now is digital marketing. You have the power to utilize technology to improve marketing strategies and have more sales.
In Real Estate IQ, we offer automation tools that can definitely make your deal-finding an easier task! In our Deal Finding Suite, it has fast CMA where our computer system can run comps for you! It also comes in package tools of Off-Market Leads, MLS Deal Finder, County Data Finder, Repair Estimator, and Deal analyzer. Learn more about our Investment tools here.
Tip No. 5 – Measure your results
After executing your marketing strategies, it is advisable to have a post-assessment evaluation. Answering the following questions may help you in measuring your results:
- Which approach and tools deliver more results?
- Which of the promotion strategies gain more engagement?
- How much sales have you incurred due to the leads brought by your marketing strategies?
After arriving at a conclusion, you must have an action plan for things that you can further improve and harness the strong points you have made.
In Real Estate IQ, we want to create an environment of teamwork and camaraderie. Continue learning from experienced businessmen and investors with us! Visit our REIQ Education where learning never stops and be part of our Events!
Vance Wampler has 7 years of experience as Broker, investor and mentor. He completed over 400 transactions including SFH, 1-4 Family , multifamily, self-storage and RV parks.
The blog articles are intended for educational and informational purposes only. Nothing in the content is intended as legal or financial advice.