A new year starts in a matter of days. If you don’t have your marketing plan in place for the coming year, then you have come to the right place. We are here to help you get started.
Your marketing campaign is going to consist of a set of strategic steps in order to achieve a specific goal. The campaign will be made up of different marketing elements. Developing a detailed plan of your marketing campaign is the first step you want to take. Especially since you will be investing time, energy, and dollars.
Consider creating a marketing plan annually, much like you would a budget. During that year, you will discover some ideas that work and some that don’t. You don’t want to lock yourself into commitments for a long period of time only to find out that there was a better way to accomplish your objective.
Here is a good outline of steps to take when developing your marketing plan:
Step 1. Define your objective and goals.
Your objective will be the utmost outcome you are wanting to achieve. The goals are the steps that’s going to get you there. When making goals, you want to make them S.M.A.R.T.
• Specific – Well written and not general in nature.
• Measurable – An example would be, “I am going to increase revenue by 10% every quarter over the previous quarter.” This would also meet the criteria of being specific.
• Attainable – Realistic and one that will stretch you. If your goals are too big, you might get discouraged and quit. A goal that makes you work to reach it will give you a sense of accomplishment.
• Relevant – It should be compatible with the market you are in. If you are in a buyer’s market, then setting a goal of increasing your listing volume by 200% is not relevant to market conditions. In this case, it would make more sense to set a goal of increasing your buyer clients by 200%.
• Timely – It needs to have a deadline and it needs to be a fairly short time frame. When we set annual goals many times we end up trying to catch up in the 4th quarter. Shorter time frames give us less opportunity to procrastinate.
Step 2. Do your market research.
It’s imperative that you know the statistics of the market area you are targeting. Your local MLS probably has detailed information that will assist you. Do Comparative Market Analyses in various geographic areas. Study the demographics. You may find a segment that is under-served that could provide good solid business. Find out which brokers have the most market share in your target area.
Step 3. Study the marketing habits of your competition. Are there competitors that are front and center in your community, and if so where are you seeing them? What marketing methods are they using? How are they branding themselves?
Step 4. Describe your Unique Selling Proposition (USP). What is it that sets you apart? Why would someone choose you over another broker? What special skills do you possess that gives you an edge on the competition?
Step 5. Create your brand. Keeping in mind that brand goes much deeper than just a logo and your photograph, you want to be recognizable. You want to be “known” in your target market as “_______”… you fill in the blank.
Step 6. Create your marketing budget. Do your research so that you know how much you will be spending. This is actually a pretty easy step in your marketing plan. Information is readily available and marketing pieces can be priced out without too much difficulty. If you are just starting out, sweat equity will get you a long way.
Step 7. Implement your plan. Once you have decided on the elements of your marketing plan, it’s time to implement. Put your plan into action and monitor the results regularly.
Step 8. Assess your plan. Compare your actual results with your anticipated results. Some strategies take longer to see results so don’t give up too quickly. If you do see that your strategy isn’t working as anticipated, make adjustments and then continue working your plan.
If you want to up your game in 2023, consider some of our SAE or CE online courses. You can find our catalog here: Pioneer Online Course Catalog