September 22, 2015
A goal without a plan is nothing but a wish. That statement rings true in many facets of life, and for real estate brokerage firms, it is no different. Many real estate firms have goals, and set out to achieve these goals with little to no planning. In other words, many companies have heights they want to reach, but no marketing strategy to elevate them there.
Before even thinking about branding, websites, or marketing, a solid strategy needs to be devised. Here are some ideas for crafting a successful marketing strategy:
Take some time to research your market
You’ll need to collect and organize data about the market you currently serve or would like to serve. This means identifying consumer buying habits, market size, market growth or decline, any current trends, and more.
Define your target audience
You’ll need to have a clear understanding of your target audience, including insights into their likes, dislikes, daily life, motivations, and more. When determining this, take into account the price range of homes you sell, the area you operate in, and the demographics that make up your target audience. Try to segment your audience in two or three different ways.
Detail the specifics
Once you understand your audience, you’ll be able to create specific activities to achieve your goals. For example, if you set out to increase your market share by 10% on the waterfront, you’ll need to devise a tailored marketing campaign to achieve that goal. You'll also want to identify the target audience for which each proposed activity is intended. If you opt for direct mail, what will you send, and when? You have to address all aspects of the proposed initiative to formulate an effective campaign.
Your marketing plan should indicate how you’ll measure success. If you only receive calls from 5% of those you sent a direct mail piece to, was it worth the investment? Every marketing initiative that you invest in should have a clear way of defining its success. You’ll also want to outline how often you collect and analyze the data.
You’ll have to determine who will handle each component of your plan. Will you hire a marketing agency to handle the creative? Will you hire an in-house marketing team for the social media? The activities that make up a strategy are just as important as the key players who carry them out.
If you’d like to learn more about marketing strategy and how it applies to your brokerage firm, we’d love to meet. Contact Keenability’s real estate marketing team and let us bring your business to the next level with exceptional marketing today.