REAL ESTATE AGENT NEWS
Marketing Strategy
By: Sandy Geroux

“A process that can allow an organization to concentrate its limited resources on the greatest opportunities to increase sales and achieve a sustainable competitive advantage."

Marketing is a process, not a one-time event. What is your process? Have you mapped out - in advance - where and how you will advertise, what you will say, who you will target? The quicker you can answer these questions and put the process firmly in place, the quicker you can automate it. Once you automate a process (whether marketing or anything else), it is more likely to happen - consistently, effectively and without delays due to human factors (such as lack of time due to increased business, or delays due to health or family issues). Your marketing process must continue, whether or not you "have time" for it. An automated process is also much easier to teach to an assistant than one that is only "in your head.

Resources are limited. No matter how large or small a company is, its resources are limited. Some large companies' resources may appear limitless to smaller companies, but this is never the case. We are all limited to what we can afford at any given moment in time. Remember that even the largest companies started small. I once read an article about how, at one point when it was first starting, Southwest Airlines had only a few hundred dollars in the bank - and look at them now... and Microsoft started with just one computer tucked under a table at the end of a long hallway!

What are your resources? How much do you have available for marketing and sales now? Remember that this need not refer solely to monetary resources. If your monetary resources are small, sweat equity is a viable (often the ONLY) alternative to generating bigger monetary resources. Making phone calls, knocking on doors, attending networking events, bartering, partnering and other low-cost/no-cost efforts are effective in establishing and building the relationships you need to build your business.

But remember that these resources are also limited. There are only so many hours in the day. How do you determine where your efforts are best concentrated? Look for targeted networking events where your ideal customers (or those with connections to your ideal customers) will be. If you haven't already done so, begin with those who know and trust you; your Sphere of Influence (past customers, co-workers, friends, neighbors, relatives) is a powerful group to whom you can send a simple but heartfelt letter, informing them of your efforts and goals, and asking for referrals. If you've already contacted them, but it's been a while (remember, you can't just contact people once - not even this group of people - or they will forget about you), re-contact them to remind them that you're still here.

You can also seek high-profile opportunities to barter services with those who have the contacts you need and/or for greater exposure to that group of people. Having recently chaired a huge fundraiser has given me new appreciation for the power of bartering valuable services to create a win-win situation.

Because resources are limited, we must concentrate our resources on the greatest opportunities to increase sales and sustain success.

Increasing sales and sustaining success are an obvious "must," but how do you concentrate your resources in order to do this? Focus on who would be your ideal customer NOW. I heard a very cute "elevator speech" one time at a networking event. A woman who was a beauty consultant, when asked who was a good lead for her, replied, "Anyone with skin!" While this got a good laugh, think about it... is it effective? And is it true? While it could be true at some point in the future, do you just want to make money sometime in the future - or do you want to make money NOW? It will serve you well to think about who you can best serve now... and focus your efforts on that group. In this case, it could be men and women over a certain age who want to reduce wrinkles and lines on the face; or it could be teenagers who want acne relief. Whatever it is, find the target group you can best serve quickly - and concentrate your efforts there.

We must have a competitive advantage. Once you have identified your target group, this will help you identify your competitive advantage. Until you identify who you can best help, you can't identify the compelling advantage that sets you apart from your competition. For example, I heard of a REALTOR who is so proficient at golf that he can advise people on which golf community in his area they'd most enjoy living and playing golf, simply based on their golf handicap! Another REALTOR I know specializes in helping senior citizens downsize and move into the right home for them.

In order to identify your target group, ask yourself these questions: Who do you most want to help? Do you have a special skill, hobby or area of expertise on which you can capitalize? Is your specialty a geographic location, a demographic group or a particular subset of your market? Whatever it is, become an EXPERT in that area and market that expertise, skill and knowledge. This is your competitive advantage.