How many different ways do you market your business? From this list, how many are working for you? Honestly?
With so many channels out there today that your company can use for marketing purposes, but only a small number of channels that your actual customers engage with, we need to be selective about the channels we use. More marketing is most often never better.
In this episode of Real Estate Pros, we discuss the importance of a marketing ‘not’ to-do-list and why focusing on what you can measure, will produce better results with less work.
After presenting one of our Digital Marketing Essentials workshops recently, I had the chance to sit down with the marketing manager of a fairly well known real estate franchise group here in Australia.
This meeting was all about how this marketing manager could implement a more effective marketing strategy with a more measured approach. As we went through all of the marketing activities she was currently performing for all of the stakeholders in her organisation, we came up with the number 30.
This particular franchise group had 30 different marketing initiatives that are performed either by agents themselves or by head office, on behalf of its agents. Everything from letterbox drops, online review sites, social media posts about who knows what, individual property websites, agent websites, sponsoring sports teams, email marketing, live auctions on Facebook and the list goes on and on.
When we had a fairly detailed list of all of the marketing initiatives being performed by their agents and agencies, I asked the simple question, “Well, what’s working?”
The marketing manager looked at me, took a deep breath and said, “Great question.”
This particular real estate organisation had learned how to market to their community in more than 30 different ways without much in the way of measurable outcomes to show for it.
Does this sound familiar to you?
After a bit more conversation I said, “You know, you don’t have market your business in all these ways. Of the 30 plus marketing channels you’re currently using, you could decide NOT to use some of those.”
The marketing manager then looked at me as though a heavy weight had been lifted off her shoulders. She said, “You mean we don’t have to do all these things?” To which I replied, “Of course not.”
I find this with so many real estate agents and agencies today. We feel because we can market our business in so many different ways, that we actually should.
As we wrapped up the meeting, the marketing manager identified 15 of the original 30 plus channels that she could accurately measure return-on-investment if she didn’t have to spread her time over all of those other tasks.
She decided that she would focus on those 15 core marketing initiatives as her primary objective in order to accurately measure marketing effectiveness and use new emerging platforms as research only. If it turned out that a new initiative didn’t perform – or worse, couldn’t be measured accurately – she would drop it from the marketing mix all together.
I believe this is the way marketing in any organisation today is probably supposed to be.
With so many channels out there today that your company can use for marketing purposes, but only a small number of channels that your actual customers engage with, we need to be selective about the channels we choose. When we do decide on which channels would best serve our business, we need to make sure that we can measure its effectiveness and that we produce content that is truly valuable to our audiences.
If what you are doing to market your business right now isn’t working for you – or worse, you can’t measure if it is – give yourself permission to put those things on your marketing ‘not’ to do list.
More marketing is most often never better.
Be great, be amazing, be truly helpful to your community in the channels that matter to them. And please, make sure you can measure what’s working and get rid of what’s not.
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