What Is The Most Important Element In Real Estate Marketing?
By Vince TestaEveryone is always trying to figure out what is the best type of adverting as if a great advertisement can make an unsuccessful business suddenly turn around and become successful. And though this is possible, it isn't the advertising that does it. There is another more important element that needs to be present. Without it, all of the real estate marketing in the world won't do a thing.
One of the marketing geniuses that I have studied over the years is a guy by the name of Gary Halbert. Gary passed away a few months ago, but there is one story told about him that is timeless. He has been involved with many different industries, but had a talent for direct response marketing that was second to none. It is said that in one of his promotions, he sent mail to every house in the United States. Can you imagine that?
Anyway, the story goes something like this. Someone asked Gary if you were to open a restaurant, what would be the most important thing to have in order to make it successful. And while many things were kicked around as the answer, things like great food, or a great location, Gary simplified it. He said that the most important thing would be a starving crowd. And in those simple words is the key to successfully marketing any product... the market.
If there is no market for what you are selling, there is no amount of marketing skill or advertising wizardry that can make you succeed. A starving crowd is an essential element to business success for it takes two things to make money; something to sell and someone to sell it to. Without a market for your product or services, you can't make a sale. Most businesses go about this backwards. They come up with a product first and then try to find someone to sell it to.
How to this apply to real estate? You must go where the activity is. You must make adjustments to your marketing to target who is currently in the market for real estate. This changes from time to time. You must change with it and adapt. If there are no buyers buying, that is, no starving crowd, then you won't make a sale. And though there are historically cycles of up and down markets, there are always buyers for homes. Your best efforts though, will be to always target the segments of the market that are most active.
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Vince Testa is a full time marketing coach and consultant with over 30 years experience in marketing, real estate, and personal development.
Your comments are welcome at My Real Estate Marketing Blog
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10.28.2007. 18:38