Why Isn't Your Marketing Working in Your Real Estate Investing Business?
If you've ever wondered why your marketing isn’t working in your real estate investing business, I have some insight for you today. First of all, I can tell you that you're not alone. I hear all this all the time. My first question is, what types of marketing are you doing on a regular basis?
The next question I ask has to do with their branding. When I ask investors about their branding, I always get the same surprised look. Then that person usually says something like, “I’ll worry about branding when my marketing is on track”.
I have to tell you, that’s not how it works. Marketing and branding go hand in hand, and you need to be working on both things simultaneously. Think of it this way:
Marketing is how you get leads. Branding is what makes them choose YOU.
Take a minute to think about that. You’ve just dropped a chunk of cash sending out direct mail campaigns that are pretty much getting you zero results. You might be wondering if there is something wrong with your phone. After all, your phone isn't ringing. Eventually, you have to face the fact that your marketing just isn't working, You're not getting any leads in the door, which means you're not doing any deals.
So, how do you fix that problem?
Why Your Marketing Isn't Working
If your marketing isn't working, it's most likely due to one of these things.
You lack consistency or you don't have a written marketing plan. The other reason is that you have completely neglected to build brand awareness about your business. It's not really about who you know it's who knows you. Who will think of you when they have a property to sell? More on that in a minute.
First, Let's Take a Look at What You're Doing
When you can't answer the question around why your marketing isn’t working, the first step is to take a look at your current marketing strategies. What are you doing on a consistent basis? Consistency is the key after all. You need to pull out a sheet of paper and make a list. Remember that you need at least 3 to 5 marketing strategies or ways of getting leads.
Your strategies might include:
- Direct mail
- Your lead generation website
- Texting or rindless voicemail along with your direct mail (layered marketing)
- Searching online sites for off-market leads
- Or anyone of a dozen other strategies
Then, ask yourself these questions:
- Do I have a written marketing plan that I implement consistently? If the answer is no, this is the first thing to do. Create a written marketing plan for your business.
- What about my direct mail lists? Are you targeting the right group of people? The most consistent direct mail campaigns won't work if you don't have a highly targeted list.
- When it comes to distressed sellers, can you identify the group of motivated sellers that needs your help the most now?
- Finally, what is it I should be doing that I’m not doing? (You know what that is.) No judgment here, but you do have to honest about this.
This is your starting point. Next, you want to take a look at these things.
- What's the frequency of your direct mail marketing? Are you consistent?
- Do you set aside a couple of hours each month to work on your website? You should be doing this.
- Have you set a goal to create regular content like a weekly video?
- List everything you are doing whether it is daily, weekly, monthly, or some other frequency like quarterly.
If you have big gaps in your frequency, I can almost promise you that’s one of the problems. Marketing cannot be a hit or miss thing. Consistency is one of the keys to generating a steady stream of leads.
The Next Piece of the Puzzle: Your Brand
It used to be that only the big companies had to worry a lot about branding. The local heating and air-conditioning company could paint his company name on the truck, run a few local ads, give great customer service, and do just great. That’s not true anymore. When your marketing isn’t working, your failure to build a strong brand is almost always part of the problem.
Whether or not you set out to build a national brand, the internet allows you to be found by everyone no matter where you are located. That's the magic of the internet. In most cases, you will be the brand in your business, so building a strong personal brand is important and should be at the top of your “to-do” list.
Remember, that all your marketing has to touch people in some way that makes them take action. Whether that is to call you, to fill out a form on your website, or take some other action.
Here's another question. Once they have found you, what exactly is it that they will find? You need to be able to answer these 4 questions:
- What makes you (and your business) special?
- What differentiates you from your competitors?
- Are you creating content that will help build your brand?
- How have you branded yourself so that you are memorable at each touchpoint?
- The big question is, why should they choose you? It's imperative that you can clearly articulate this in your brand story.
Where Does Branding Matter?
It matters everywhere people have contact with you whether that’s on your website, social media, on your marketing materials, or even in the way present yourself when you’re networking. Your goal should be to build a consistent presence both online and offline.
Resources Mentioned in this Show:
What if You Know Your Branding Sucks?
Need some tips on branding? Just click the link below to read the article.
What steps have you taken to build a brand that will make you stand out from your competition? If you need help with that, let me know.
Have you gotten your freebies here on the blog? If not be sure to do that today so you don’t miss any of the business building tips I have coming your way. I want this year to be your best year ever! And if you enjoyed this article, please share it.