2-1 Module 2 Determining Your Market Strategy. Determining Marketing strat·e·gy ( străt'ə-jē ) n., pl. -gies. A plan of action intended to accomplish.

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Module 2

Determining Your Market Strategy

Determining Marketing

strat·e·gy (străt'ə-jē) n., pl. -gies. A plan of action intended to accomplish a specific goal.

strat·e·gy (străt'ə-jē) n., pl. -gies. A plan of action intended to accomplish a specific goal.

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Strategies

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Nine Deadly Truths ThatCould Kill Your Business

from…

1. Most customers call only one agent.2. Predatory giants have declared war

on your customer.3. Roller coaster sales cycles create

feast or famine.4. Focusing on sellers is no longer

enough.5. Profits will continue to be squeezed.

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From “Real Estate Rainmaker” by Dan Gooder Richard

7. Prospects are taking a longer time to be ready.

8. Database and demographic aging demand customer replacement.

9. Geographic farming doesn’t work anymore.

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6. Advertising property drives prospects to the competition.


From “Real Estate Rainmaker” by Dan Gooder Richard

Let’s Think Creatively

No Right or Wrong Answers

Let the Juices Flow

Think “Out of the Box”

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Without lifting your pencil, link the dots with no more than 3 straight lines that cross through all nine dots.

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from…

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Laws of Marketing

The Law of Leadership

“It’s better to be first than better.” Is there a service or product you can be

the first in? Why did 65% of buyers hire the first

agent they met?

Are you “fishing upstream?”

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From “The 22 Immutable Laws of Marketing” by Al Ries & Jack Trout

The Law of Category

“If you can’t be first in a category, set up a new category.”

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Could you be the first Luxury Home, Condo, Equestrian, etc. Buyer Representative?


The Law of Mind

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“It’s better to be first in the mind than first in the marketplace.”

Become “top of mind” through frequent, consistent marketing.

The Law of Perception

“Marketing is not a battle of products; it’s a battle of perceptions.”

Do buyers perceive that you care about their needs and provide the services they want most?

Even if you’re “fishing upstream”are you using the right bait?

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The Law of Focus

“The most powerful concept in marketing is owning a word in the prospect’s mind.”

Example: Allan Domb is “Condo King.”

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What word do you own or want to own?

Allan Domb,“Condo King”

#1 Ranked SalespersonNAR 2000

The Law of Focus

The Law of Perspective

“Marketing efforts take place over an extended period of time.”

“Owning a word” or being “top of mind” does not happen overnight.

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The Law of Failure

“Failure is to be expected and accepted.”

Dump the stinkers & try again. Do you measure marketing results?

How?

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The Law of Resources

“Without adequate funding an idea won’t get off the ground.”

Money, Money, Money, Money. Can your budget handle it?

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Think Creatively

WRitINGWRitING

Put it in writing

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Decipher thehidden meaning:

SOMEthing

The start of something big

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Think Creatively

Making Contact

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Horizontal Marketing

Definition: Marketing to New / Un-referred

prospects

Purpose: To make the phone ring TODAY. To develop cold leads. To Initiate relationships.

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ConsumerYou


Examples of Horizontal Marketing: Newspaper ads Home magazine ads Open houses Floor time Direct response ads Cold calls

Other ideas?

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Top 5 Initial Contact Sources

1. Personal contact by salesperson (17%)

2. Open house (17%)

3. Newspaper/home magazine ads (17%)

4. For sale sign/brochure box (17%)

5. Walk in (9%)

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From NAR’s Home Buyers & Sellers Report

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Open House

Strategies

Open House Goals

Seller’s goal?

Listing agent’s goals?

Sitting agent’s goals?

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Open House Property Selection

Select appropriate properties for your market

Whose listing is it? Yours Your company’s Another company’s

Access & visibility Curb & interior appeal Best day & time?

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Whatelse?

Advertising & Announcements

Newspaper ad Pre-open house announcement signs Door hangers/post cards for

immediate neighborhood Snail mail / E-mail to neighbors &

interested parties

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Open House Set-Up

Registration procedures / Questionnaire

Property information Neighborhood information City information Competing property info Personal / Company info Schools

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Who’s got

anotheridea?

Open House

Focus on their needs and problems.

Working with another agent? Differentiate yourself.

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Key Points & Questions

Bringing up some of the “Hard Issues”will differentiate you and lead to more

follow-up appointments.

Open House

Motivations for looking. Why this home? Special needs? New to town? Approved for financing? Schools, distance to work, transportation,

etc.

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Key Points & Questions

If the prospect is being “exclusively represented,” the Code of Ethics precludes you from

asking these questions.

Open House Follow-Up

Set counseling appointment

Where?

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Yard Signs

After closing place a “Buyer Side” sign: “Acquired through…” “Purchased with the help of…” “Buyer Represented by…” “ABC Realty Represented the Buyer of

this Home. Let us represent you too.” Buyer’s permission required.

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Verify with your local ordinance-as most will only allow for one “for sale” sign.

Direct Response

1. Handpick the Customers You Want2. Focus on the Customer’s Problems3. Translate Your Solutions Into

Offers 4. Turn Your Solution into a Premium

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Marketing Strategies

“From “Real Estate Rainmaker” by Dan Gooder Richard

Direct Response

Example:

Home magazine ad

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Direct Response

6. State Your Offer Clearly7. Limit Time or Supply8. Everything Must Contain a

Response Offer9. Constantly Test Offers

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“From “Real Estate Rainmaker” by Dan Gooder Richard

5. Make Your Offer Valuable

Direct Response Report

Gooder Group, Fairfax, VA.703-698-7750

[email protected]

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Direct Response

Example:

Homesmagazine ad

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What are you doing to convert the Horizontal Buyer Prospect to the initial counseling session?

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Let’s share ideas

Vertical Marketing

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Vertical Marketing

Definition: Marketing to build on existing

relationships Purpose:

Repeat business & referrals Keep you “Top of Mind” Keep clients raving about you Nurture relationships for life (& beyond)

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Vertical Marketing

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You

Your past client

Your past client’sneighbor

Vertical Marketing

Examples of vertical marketing: Sphere of influence (SOI) Past clients Agent to agent referrals Professional referrals Company orphans

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Otherideas?

Moving

Moving

Moving in the Right Circles

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Think Creatively

Spheres of Influence

Who’s in your Sphere? Past clients Family Friends Business & Social

relationships

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Who else?

Class Brainstorm

How are you… Contacting them? Asking for business? Asking for referrals?

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Let’s shareideas

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Realtor Magazine, Sept. 2001

Christina Martinez, Ranked #10.

“Without exception, I prospect every day from 10 a.m. til noon. From 10 to 11 a.m. I call past clients and ask for leads. From 11 ‘til noon I call the leads.”

Contact

Local: Outside your geographic market Outside your specialization Buyers you can’t or don’t want to

serve Former buyers who want to list Buyers posing a conflict of interest

Agent to Agent Referrals

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In state colleagues Out of state colleagues Out of country colleagues


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How? Personal contact Ads Networking Teaching / speaking Attending professional designation

classes Attending conventions & hosting booths Involvement in REALTOR® Association

activities


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Howelse?

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Series of unique post cards sent out March – June to 4,000 out of state agents.

Goal: to generate referrals for summer relocations.

Curtis Hall’s Agent to Agent CampaignMarch

April

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MayJune

Author Industry Articles

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Other Professional Referrals

Who? Attorneys Accountants Insurance agents Bankers Lenders Builders

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Whoelse?

Other Professional Referrals

How? Clubs Face to face Letters of introduction Speaking

Otherideas?

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Who are they?

Former clients of a licensee who has… Left the company Moved away Retired Changed brokers

Company Orphans

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Company Orphans

How? Use company files (with permission) Contact former agent (if possible) Pay referral fee (if still licensed)

What if you know a colleague who is leaving the business?

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Transaction Phase Marketing

Ask for referrals from buyers & sellers you are currently representing!

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Keeping and Being in Touch

Keep detailed records Contact management software Clients & referral sources Update regularly

Set up referral “Family Tree” $ell it when you retire

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Contact management software Databases Web sites Email marketing Toll-free phone number(s)

Keeping and Being in Touch

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2-1 Module 2 Determining Your Market Strategy. Determining Marketing strat·e·gy ( străt'ə-jē ) n., pl. -gies. A plan of action intended to accomplish.

Documents

laws of marketing slide

immutable laws of marketing

law of focus slide

al ries jack trout slide

strategies slide

law of perception marketing

consistent marketing

marketing results