Marketing is important for any business to first understand their prospects and know how to make the sale. Real Estate marketing is no different. So, the basics of marketing apply. Here is a more technical definition of marketing.
Marketing is an action of promoting a product or service to a target group. This is done by using market research to create advertising that moves the target group to eventually make a buying decision for that product or service.
Marketing concepts questions the customer target base for their needs and then attempts to satisfy those needs by providing a product or service to solve the customer issues and pain points.
Thus, it is important to know your customer. This is market research. Here surveys can come in very nicely to understand who the customers is and how to accommodate the customers needs. Market research can also be purchased or retrieved from governments sources at many levels. It is always important to use the most current market information and trends. Remember to allocate for future technology, change in demographics, change in income and the life cycle so as your marketing is dynamic as the factors change.
In saying this, ... it is all good and dandy, but it has to be qualified and quantified as much as possible to demonstrate a logical and profitable Return On Investment (ROI). This is where the Marketing Plan section of the Business Plan comes in. Your marketing plan should be a detailed explanation which outlines the advertising and marketing process within a specific period of time for a specific amount of results. Marketing costs money and you need to have a budget ready for your advertising campaign.
Set your marketing and advertising budget based on your marketing strategy. There are two main marketing strategies. Outbound marketing and Inbound marketing. Outbound marketing is expensive and includes newspaper, magazine, radio and TV ads. Outbound marketing is hard to measure for a ROI on a target group as the advertising goes out to a wide range of demographics. Inbound marketing is in-expensive compared to Outbound marketing and include several types of internet marketing of which social media marketing plays a big roll. There has to be a clear plan to what marketing path you wish to take. Developing a marketing plan is paramount.
Forbes Marketing Plan Template will give your business a quick overview of what to look for and how to build your Marketing Plan. Marketing is how your prospects know who you are and what you can do from them.
Smart marketing will push and pull your business into profits. Study your prospects and know your market. You need to offer services or products that your prospects need to solve their issues so as to sell better and sell more. Needs satisfaction is what successful marketing accomplishes which in turn equates to sales and income for your business.
