6 Reasons Why a Marketing Plan Will Grow Your Business
There are over two million active real estate licensees in the US, making the real estate industry a crowded and competitive industry. You might feel overwhelmed and hopeless about this reality, but I have good news for you. There are people looking for your specific services and want to work with you and you alone.
(Check out my recent video on this topic!)
One clear way to get ahead in this noisy market is to write a comprehensive marketing plan for your real estate business. This plan should be all-encompassing. An effective marketing plan will define your marketing strategy, budget, target audience, and financial goals for the coming year. The goal of a written marketing plan is to build a concrete plan of action for your marketing efforts. You can see it as a blueprint for your marketing success.
Developing and writing an effective marketing plan can seem like a daunting challenge, but it does not have to be. And, I am here to tell you that it is totally worth it! Getting clear on my goals and writing a marketing plan each year has helped my tiny but marketing agency grow to the levels that it has through the years.
So, at this point, you might be wondering how to get started with your plan. First, block out some time on your calendar. Preferably a time and date where you can be unbothered and have limited distractions if any. I also suggest that you write your plan before the holiday seasons. Do it before the hustle, bustle, and eggnog. If you write your marketing plan now, you can end the year off on a good note and set yourself u for success in 2021.
Here are the benefits of taking the time to write your marketing plan:
- It helps you layout your local marketing goals.
As a real estate professional, you know that your local community is where it’s at. Most buyers look for expertise in their area. It means that focusing on your local neighborhoods will give you the most value of your marketing efforts. Writing your marketing plan that focuses on the local community helps you set-up a tactical way to reach clients in your area.
- It helps you in setting up an operating budget.
If you are looking at investing time or dollars into your marketing, it’s important that you have a budget. As a business owner, every dollar should have a name. Incorporating your time budget and money budget into your marketing plan is a great way to give you a comprehensive, accurate overview of your investment. This will help you identify where you can cut costs and not waste time doing things that don’t offer you an ROI (return on investment).
- It helps you determine who your buyers and sellers are.
Having a strong understanding of who your buyers and sellers are is another essential part of your real estate business. It helps you focus your marketing efforts on your target market. When you know who your ideal clients are, your marketing becomes a lot more cost-effective and you can spend your time speaking to and addressing the needs of your ideal leads and prospects.
- Your written marketing plan helps you establish what makes you different in the market.
As we have already discussed, real estate is a crowded market. The National Association of Realtors reported a 6% increase in realtors from 2017 to 2018. Considering this stat, you must do things that help you stand out in the crowd. Writing your marketing plan helps you focus on what strengths and qualities make you exceptional. This also provides you with the chance to create a unique value proposition and gain your competitive edge.
- It provides an outline to achieve a long-term goal.
Your written marketing plan serves as a guide you can refer to as you move forward. It helps you avoid common mistakes that contribute to failure and tracks and ensure you’re on the right path. Your marketing plan should be a living and dynamic document. As you accomplish your goals, you should be able to mark those items off of your list and incorporate new goals in your plan as you grow.
- It helps you forecast for the coming year.
Your marketing plan helps you predict your future sales based on your own sales history. This is the best way to hit your financial targets. A yearly sales forecast gives you a baseline to measure your performance by taking a look at your previous numbers, such as numbers of deals closed and marketing costs. Having a basis for comparison makes it easier to spot opportunities and possible problems and act on them. It helps you set up performance goals for the next year to follow through.
Simply put, your real estate marketing plan is the most important document that you could have for your business. Having a written plan action will set you up for success. You will be able to identify the right tools and message so that you can attract new clients, reach old ones, and grow and sustain your real estate business. My team of expert marketers has a wealth of experience with writing marketing plans. Contact us today to get your written so that you can end the year with clarity and walk with confidence into 2021.