Marketing is one of the more challenging aspects that entrepreneurs face on a continuum. So, why make it more difficult by spending money on old school advertising techniques that are questionable, at best?
Realtor Marketing Myth; I need to spend money on print advertising in local magazines because I need to keep my presence known, even if the ROI is not effective or measureable. Now, you are thinking; “This is a no-brainer, why would anyone continue to spend marketing dollars on advertising even if there was no positive ROI”? The results are out there and it is quite surprising.
Recently, I met with real estate agent who appears to be fairly successful. Through the course of our discussion, he proceeded to show me a periodical that he felt was important to spend a portion of his marketing budget in by purchasing advertising space. He asked my opinion on whether he should take out a half page ad or a quarter page ad. I quickly realized that no matter what I said, he was going to advertise in this particular periodical. Still, I asked him why he felt he needed to advertise here. His response was “because I have to”. I repeated my question again and got pretty much the same response. I asked him if he had advertised in this periodical before and his response was that he had. I asked him if he was happy with his ROI and he could not answer the question.
This is a classic example of what I see, as I frequently engage realtors in discussions regarding marketing techniques. Now there is nothing innately wrong with marketing yourself in periodicals, but if you have no way of measuring the ROI and your main reason for marketing in this fashion is to block others from engaging in this type of advertising, in order to corner the market, then I think that you should take a hard look at your marketing plan.
Many realtors have not realized the value in social media venues for marketing. They understand that they should be using the power of social media to drive traffic to their businesses, but they get overwhelmed and disconnected when they look at social media, email auto-responders, and blogging. It is time that entrepreneurial marketers offer value and service to real estate agents. We need to be in service to them. We are in a unique position to help real estate agents adjust their marketing so as to maximize their traffic and sales.
It is obvious that the myth does not make sense. What is your marketing niche and are you targeting it effectively? Are you spending marketing dollars on old school techniques or have you simplified the process and extended your reach through the power of social media venues?
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