It’s no secret that the market is not as buoyant as any of us would like. The critical challenge facing most agents is that there’s too much competition all after a limited supply of serious sellers. If someone isn’t looking to sell then no amount of marketing will persuade them, right?
This article explores this viewpoint, and looks at specific strategies, which may enable you to stand out from your ever growing competition, and to strike a chord with those home owners sitting on the fence.
While others are slowing, can you monopolise?
The conversations I am having with estate agency clients at the moment is whether their marketing investment is actually converting home owners into serious sellers. As a result, some are considering taking a break from all advertising and assessing what consequence this has. This is a risky strategy, and one you can monopolise on. While your competition sleeps you have the opportunity to swoop in and take over the marketing dominance in your area. But how can you do it effectively?
Has the invitation had its day?
Of our 30+ estate agency clients, the vast majority have utilised the invitation approach at some stage (‘We invite you for a free home valuation’), which has over the years proved to generate enquiries. However, it no longer makes you stand out. All agents can (and do) offer a free valuation, and those home owners you’re marketing to are now all too aware of this. To stand out, you must look at your marketing strategy as a whole.
Your overall strategy
I may have a biased viewpoint on this, but I believe your marketing strategy is the most important element to ensure sustained health and growth of your business. Now marketing strategy is not, ‘I do flyer distribution’ or ‘I do social media’. These are mere tactics there to implement an overall strategy. Let’s break strategy down:
What is the purpose of your business?
What does your business stand for?
What is it that means someone should choose you over a competitor?
All these could come under the question, ‘Why do you come to work everyday?’
Purpose is often titled mission statement. If you and everyone in your business doesn’t know your purpose, you have a problem! It must be memorable, tangible and clear. If everyone in your business has a clear vision then they will be able to provide a coherent and valuable offering. Remember your purpose is not to sell houses, that is the result, your purpose is so much more. The purpose will also help with your targeting – know your target demographic and market accordingly.
What you stand for
This could be your brand identity. When people look at your brand do they perceive you as ‘the cheap option’ (Purplebricks), ‘the prestige option’ (Fine & Country), or somewhere in between? Your brand identity is not just the look of your logo, but what you represent. Your message, your USP’s and your target demographic all stem from this.
Why choose you
This is similar to your value proposition. Besides taking photos, writing a description and placing a listing on Rightmove, what more do you do? Remember, you must position your value proposition phrased relevant to your prospect. For example, saying ‘We have an online booking system’ is a so what statement, but if you say, ‘Our online booking facility brings you bookings 24/7’ illustrates the benefit of your offering. Focus not on what you offer, but why you offer it, and why it’s beneficial.
Implementing the strategy
Once all the above is established, you can develop and implement your strategy. This may include creating assets such as an online valuation tool or improving your sales scripts. Then it will include your marketing tactics to get an actionable message out to those who will benefit from your business. This may include flyer distributions, social media, PPC and so on. Having a clear and coherent strategy with the backing of all staff members, will enable you to stand out from your competition, and provide a compelling offering for those looking to move.
Where we can help
At Mr Flyer we provide the design, print and distribution of flyers both door to door (ideal for attracting vendors) and direct mail (ideal for attracting landlords). As you now know, this tactical element is most effective when you have a sound marketing strategy in place. If you first need to build a strategy, we now offer that too. So whether you’re ready to start a distribution campaign straight away, or would benefit from some marketing consultation first, please do get in touch with us today.