A marketing strategy is essential for any industry, in order to maximize your leads and sales. Having a solid marketing strategy in place ensures you spend marketing dollars effectively to get the best return on investment. Marketing plans are often overlooked as less vital than a business plan. However, your real estate marketing plan is crucial to win and retain customers.
Here’s how to develop an effective marketing plan for your real estate business.
1. Determine Your Goals
The first step in any marketing plan is to determine what your goals are. Are you trying to break into a new real estate market? Do you want to keep in touch with existing clients, and continue to build a long relationship for future purchases? Perhaps you want to build awareness of your brand? Determining the objectives of your marketing strategy will lay the groundwork for your ongoing marketing plan.
2. Note Your Challenges and Advantages
When creating a marketing strategy, it’s important to know your challenges and advantages beforehand. Establish what could potentially manifest as a roadblock in the future. Are you in a competitive area? Do you have a limited marketing budget? Identify these potential challenges early in your marketing strategy in order to establish a solution before they arise.
Similarly, knowing what advantages you have in the real estate industry can also help with your marketing plan. Knowing what makes you stand out from other real estate agents can be used to boost your marketing efforts.
3. Define Your Target Audience
As a realtor, it can be difficult to establish yourself as a brand. Many companies rely on the strength and credibility of their brand to pull in new leads and close sales. With the competitiveness in the real estate industry, it is important to focus your marketing efforts and dollars on a targeted demographic that is most likely to convert, instead of trying to attract everyone. Whether you want to work with first time homebuyers, focus commercial real estate, or work in specific neighborhood, defining your target audience is a crucial component of any real estate marketing strategy.
4. Decide What Communication Strategies to Use
Once you define your target audience, how are you going to communicate with them? Print marketing pieces are very popular in the real estate market, but what other marketing initiatives will you be using?
Marketing collateral like sell sheets and brochures are tangible and will keep you top of mind when someone is thinking of buying or selling a home.
In the digital age, it’s also crucial to have a well optimized website that not only provides your information, but offers a positive experience for users, and drives targeted leads to boost your client base.
5. Determine a Marketing Budget
The final step in creating an effective real estate marketing strategy is to define your marketing budget. How much can you afford to spend on marketing each month? How can that budget be divided most effectively? Print marketing pieces like business cards, and sell sheets are real estate marketing essentials, you’ve probably budgeted for. However, there are other cost effective ways to market yourself through your website, and other web services like social media and search engine optimization, that cost less than you think, but make a big impression! Make sure to include room in your budget for multiple cross-media initiatives.
If you are looking to build an effective real estate marketing strategy with print marketing or web services, call Print Three Burlington today, (905) 333-0606, to speak to one of our print and marketing specialists.