5 Things To Consider Before Starting Your Next Marketing Campaign
The effectiveness of your marketing campaigns often defines the success of your investing business. Without a steady flow of leads constantly coming in you won’t have deals to work on. A lack of deals causes a decrease in motivation which prevents you from being able to take advantage of opportunities when they present themselves. Instead of considering the cost of marketing it is important to consider the return. There are several different marketing options based on your available capital. Instead of waiting to find the perfect option start with whatever your budget allows at the given time. To maximize your campaign there are a few things you need to think about before you get too far. Here are five items to consider prior to starting your next marketing campaign.
- Do Whatever Works For You. There is no right or wrong way to market your investing business. It is important that you understand what works for someone else may not work for you. There are always plenty of variables within every campaign. The presentation of the envelope or letter may work better in one market than others. Trying to emulate the exact campaign of a fellow investor may end up costing you in the long run. Conversely if something didn’t work for someone else it doesn’t mean it won’t work for you. Instead of relying on a small sample size you should do your own legwork and get the answers you need. As long as you do your homework and are confident you left no stone unturned you can market any way you want. There are literally dozens of different marketing options available. Find the best one for you and your business.
- Get Specific. It is not enough to send some emails or letters out and hope for the best. You really need to know everything about your prospective campaign before starting. This requires specific research in finding the best market, homeowners and properties for your campaign. As obvious as it sounds who you market to should produce the kind of deals you are looking for. The key to any campaign is finding motivated sellers. If your goal is to work on foreclosures or short sales you should look at attracting distressed homeowners. Where and how you find these deals may be more costly but it will produce deals that you really want to work on. In addition to your target audience you also need to think about finances, handling call volume, repetition and follow up. Saying that you will figure things out as you go can end up costing you deals and wasting money. You don’t need to wait for the perfect campaign but you should know the specifics about whatever you are getting into.
- Value Added/Benefit. There are different goals based on the marketing campaign. Some marketing is used for the sole purposes of immediately generating leads and deals. Others are used to enhance your profile with your local network and deals are a secondary benefit. The best way to maximize your goals is to consider what value you bring to the recipient. You either need to solve a problem that nobody else in your market can or do it better than everyone else. The more benefits you can offer the more likely that your phone will ring. Make these benefits the focus of your marketing. If you can help a homeowner avoid foreclosure this should be the theme of your marketing. If you have multiple contacts with real estate agents and wholesalers this can be attractive to fellow investors. Before you start marketing think about how you can be of value to your target audience.
- Return On Investment. Numbers are the backbone of everything you do in business, real estate being no different. It is important to always consider the return on your investment. Spending thousands of dollars to generate just a handful of leads is not the best way to spend your money. In fact there are times when spending less can often yield a greater return. With any marketing you should have a mix of low cost options coupled with some larger items. Lower cost items such as bandit signs and local team sponsorships are a great way to get your name out there and build your local presence. Social media advertising is also another way to connect with people in your local market. This is more costly but with the right message can be your most effective option. With every business expense there is a balance between cost and return. Your marketing investment is no different.
- Can You Stick With It? Without persistence even the best marketing campaigns will fail. If you do not have the capital or time to commit to your campaign for the next several months you should consider a different option. When you start a direct mail campaign it needs to be the focus of your business in the short term. This means making yourself available to field each and every call that comes in. It means understanding the area and being willing to answer multiple questions on every call. It also means sending your letter at least half a dozen times regardless of the previous results. It takes this type of commitment to have the success you are looking for. If you can stick with it you should find a different way to market.
Good marketing can completely change your business. Keep these five things in mind before starting your next big campaign.