Marketing – it’s a key requirement of the real estate business and it’s expensive. But are you sure your money is being well spent? If you’re like most realtors, you’re probably not. It’s a common, yet critical mistake. In order to gain exposure, agents often advertise blindly without monitoring which advertising is working and which is not.
If the idea of wasting thousands of dollars on useless advertising bothers you, it’s time to start tracking the effectiveness of your marketing materials. Fortunately, it’s simple to do.
The easiest way, is of course, to ask every prospect that calls to tell you where they heard about you and when. You might be surprised, but the majority will be able to tell you right away. Only a small number won’t remember.
If you place several ads, you need to identify exactly which ad a prospect is calling about. The simplest method is to include an ad number or some other distinguishing feature in each ad, and ask prospects for that information when they call.
You can even try enticing callers to respond to your ads by offering a free gift. Include the phrase, “Mention this ad for a free gift” and you can be sure callers will be anxious to tell you which ad they’ve seen. The gift can be anything you’d like, from a free magnet to a free report on housing conditions.
All in all, analyzing the effectiveness of your advertising is no different than monitoring the responses you receive from yard signs. If you really want to get the most bang for your marketing buck, it’s imperative you track the source for all your calls. Only then can you tell which ads to continue and which to abandon. Remember - dumping unresponsive ads frees up money to try other forms of marketing.
Don’t be left in the dark about your marketing dollar. Start tracking your ads today.
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