Marketing is the backbone of success. If you want to succeed as a Portland real estate investor, you need to target the right audience who is planning to buy or sell. And you need to do it without delay since the market is highly competitive; if you don’t connect with them, another professional will.
The first step to designing the right market strategy is to plan it. And if you haven’t developed a plan yet, there’s no need to worry because we’ve got your back! There’s a first time for everything, and marketing plans won’t require hours of your time.
In this article, we’ll be helping you write a real estate marketing plan in 5 steps to get you started:
Step 1: Set Goals
Step 2: Identify the target audience
Step 3: Decide how to connect with the target audience
Step 4: Fix a marketing budget
Step 5: Choose how you’ll measure your Return on Investment (ROI)
Marketing is all about goals. Without knowing what exactly it is that you’re aiming for, you can’t decide on a budget or a plan of action. When setting goals for your real estate marketing plan, use the SMART technique.
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Marketing is all about goals. Without knowing what exactly it is that you’re aiming for, you can’t decide on a budget or a plan of action. When setting goals for your real estate marketing plan, use the SMART technique.
Marketing is all about goals. Without knowing what exactly it is that you’re aiming for, you can’t decide on a budget or a plan of action. When setting goals for your real estate marketing plan, use the SMART technique.
Set Goals
Marketing is all about goals. Without knowing what exactly it is that you’re aiming for, you can’t decide on a budget or a plan of action. When setting goals for your real estate marketing plan, use the SMART technique.
SMART stands for specific, measurable, attainable, relevant, and time-bound.
S – Specific: Ensure your goals are centered on one properly defined metric
M – Measurable: There needs to be a way to measure the published strategy against that metric
A – Attainable: The marketing plan must be attainable with the available resources and time frame
R – Relevant: Purposeful and coordinated with corporate priorities
T – Time-Bound: There must be a fixed end date by which you’ll conclude the marketing strategy
For example, for a real estate professional, some goals can be:
1.To increase the value of every property you sell by bringing in better leads
2.To target a larger audience, so you secure the hottest leads before any of your competitors
3.To use the latest trends to reach a larger audience – for example, through the use of a CRM for real estate
Identify the Target Audience
Accurately identifying and then targeting the right audience is what makes for an efficient marketing strategy. To do this, you will need to analyze a specific segment of the property market.
One way to do this is to combine data based on assumptions of your target market. Or based on the data of your previous customers. You will need to consider the basic demographics:
Age
Income Levels
Property value/type of property
Reason behind selling
This data or as “persona” (the professionals’ name for it) can also be combined by professional marketers who use market research and other forms of information not accessible to everyone. So, if it doesn’t sound interesting enough for you, you can consider hiring a marketer to do it.
Or, if it’s something you’d want to do yourself, you can use search engines like Google or Bing to find the average age of residents of a specific area you want to target. Once you have this information, you’ll then have to decide which marketing tactic you’ll be using to reach them. For example, would it be through social media ads, personalized emails, billboards, or SEO strategies?
Decide How to Connect with the Target Audience
You have all the data in front of you after close market research, but is that where it ends? Unfortunately, no. After this step, you’ll need to come up with a plan to decide how you can efficiently reach the people.
As a real estate professional, you’re highly likely to target middle to old-aged audiences who are looking to buy or sell their property. And where exactly can you connect with these people?
Let’s face it; traditional marketing ways have long been forgotten by many businesses and customers. Especially after the pandemic began, digital marketing has become the present, not even the future!
According to Statista, 80.76% of the world uses smartphones as of 2021. That’s more than half of the world. Shouldn’t this make you think how crucial digital marketing could be for a business?
To target a larger audience through digital marketing, you need to be active on several social platforms:
Instagram, Facebook, and Pinterest
YouTube for video marketing
A personal business website for other content
Other digital marketing tactics include Google Ads, SEO, Pay Per Click Advertising, and more.
Fix a Marketing Budget
An accurate budget is an essential part of a marketing plan. The aim of any marketing plan is to ensure increased revenue in the long term. If its cost exceeds your revenue, your business is better off without it.
The first step you need is to set a fixed budget in your mind that should cover all the stages of a marketing plan. For example, market research, employees’ contract (advertisers, graphic designers, content writers), subscription costs for special platform features, customer service.
Before concluding your marketing plan, try your best to include all the expenses it will include. If the total expense exceeds the budget, you can exclude some of the marketing ideas.
But that’s not all; whenever the plan is bought into action, make sure to measure the results as it goes. Anything that doesn’t yield results needs to go to prevent suffering a loss!
Choose how You’ll Measure Your Return on Investment (ROI)
After some time has passed since your marketing plan has been set into action, the last step is to measure whether or not it yielded positive results. To do this, you’ll need to follow a three-step process:
Set Key Performance Indicators
Time passed between each assessment
The backup plans for parts of the marketing plan that weren’t affective
In Conclusion
An effective marketing plan is dear to every business owner. It helps build a relationship with your customers, generate revenues, and put your business into a part of success. If you’re currently writing a marketing plan for your business, we hope our article helps you come up with the perfect strategy!
