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8-Step Personal Marketing Plan
Elements of a Budget
3 Sample Marketing Plans
2 Marketing Plans: Made Even Better
8 Personal Marketing Mistakes to Avoid
Becoming Your Own Brand
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Finding Your Niche
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Broker tip
Getting the Word Out
Personal Marketing in Print
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Personal Marketing Online
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Gifts and Giveaways
Personal Marketing in Person
Measuring Your Marketing
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Quiz: Personal Marketing
Bright Ideas: Personal Marketing
More Resources: Personal Marketing
Code of Ethics: Personal Marketing
| | 8-Step Personal Marketing Plan
Personal marketing is the process of getting your name out there and convincing people to contact you when they need real estate services. A polished and thorough personal marketing plan will keep you motivated and help you reach your business goals. This essential document should include a detailed budget, your target audience, marketing and advertising plans, and other activities that will help you rise above the competition in your market.
Sound overwhelming? It's not. Just follow this 8-step plan and you'll be on your way to success.
1. Define Your Objectives and Goals.
First develop a big-picture vision for your business — become the top producer in your area, retire in 10 years, or whatever else you hope to accomplish. Then quantify that vision with measurable goals. Measurable goals might include:
- Obtaining 50 listings in the next year.
- Achieving a 60 percent name recognition in your target market area.
- Receiving referrals from 75 percent of your past customers or sphere of influence.
- Securing a 20 percent share of the market in your target area.
TIP: Determine your market share by dividing the number of sales you made by the total number of annual sales in your target market. The result is your percentage share of the market.
2. Target a Specific Audience.
Select one or two groups to target with your marketing efforts. Analyze the characteristics of your best prospects; other groups with similar qualities may be the best place to start. Characteristics might be:
- Income brackets
- Age groups
- Geographic areas
- Ethnic or cultural groups
- Levels of education or certain professions
- Lifestyles, such as golfers buying second homes
Market conditions also play a role in the your marketing plan. A strong seller’s market may require a plan that focuses on why a real estate professional is needed in the transaction. A weak economy might suggest highlighting your ability to help with financing as part of your marketing approach.
TIP: Be sure that your defined audiences are large enough to generate the number of sales and listings you want.
3. Differentiation.
What makes you unique? Setting yourself apart from other salespeople is essential in a crowded marketplace. Remember, customers chose products and services based on the benefits they deliver. Consider your own strengths and weakness, and focus on the qualities and skills that make you special to potential customers. Possible points of differentiation are:
- Education — law degree, CPA, etc. (Benefit: Knowledge of legal and financial issues transaction can make the process easier)
- Residency in the neighborhood you represent (Benefit: Knowledge of available services, activities, and interests of perspective neighbors)
- A leadership role in a community or professional group (Benefit: First access to new ideas in the industry and sources of solutions to problems via networking)
- A natural affinity for a certain group — seniors, for example (Benefit: A special understanding of the needs and desires of that group)
TIP: To focus your thoughts, write down what makes you different in 15 words or less. Then read your ideas aloud to yourself several times and edit accordingly.
4. Refine Your Message.
Select a message and sales approach that will grab the attention of the people you want to target. The message should highlight what makes you different from your competitors and have an emotional appeal to your target market. An emotional appeal speaks to what people want — security, a sense of family, financial security — and focuses on their needs and desires. You will probably think of many things you'd like to communicate, but try to focus on two or three key elements that are important to your niche. Too much information can be overwhelming.
TIP: Express your message in language that your target audience uses. For example, don’t use current slang to sound cool when your audience is 40-something, move-up buyers.
Continue to Steps 5-8 >
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