Planning for Success in a Low Inventory Marketing
There is not much anyone can do to balance out the low inventory market of 2021. BUT agents can work on developing ways to become more competitive in the market they have been delt. Business Planning, Lead Generation and Qualification and Intentional Marketing are all tools anyone can use to help sell themselves and begin to stand out from the crowd.
Business Plans… you’re selling yourself so why don’t you have one?
Did you know that having a planned sales process can increase success up to 33%? Better yet an additional 25% success rate can be achieved when sales efforts are aligned with marketing efforts. Planned sales processes combined with purpose driven marketing is a business plan in its purest form. When beginning a business plan consider your current branding, what does it say about it you, if anything? Your brand should quickly convey to others what your particular value is. Please make sure to note that we said others not just potential clients, this is because your whole network should be able to quickly explain who you are, what you do and what your particular value adders are. Once you have your brand established you need to ask yourself who your ideal customers are and how are you targeting them with your marketing. Not all marketing will resonate will all types of customers, once you acknowledge your target customers drill down into what marketing methods will help you reach that group effectively. Always remember that the goal of marketing is to broadly reach large groups of people to build leads, it’s your sales process and one-on-one attention that moves a lead to a sale.
After you have determined your brand and your marketing methods it’s time to reflect and make absolutely sure you have all the necessary tools, knowledge, training and certifications to support your value adding claims. Consider taking additional classes, like a PNWT Clock Hour Class, in areas of the market you want to focus in or simply study top performers in the market and gather what insights you can from observing their business plan. There is always more to learn, and business plans are made to be reviewed, adjusted and reimplemented over and over.
Lead Generation and Qualification… Let’s kick it old school
Do you have a strategy for building a lead pipeline? Have you considered setting monthly, weekly, or even daily cold call quotas? If you haven’t, it’s time to start. Often people working in sales, agents included, are uncomfortable with cold calling. They don’t want to hear the dreaded “No” and their fear ends up leaving opportunities for business on the table. Remember that at the core of sales lives connection, cold and even warm calls are a great way to start making a connection and cultivating a relationship. Just because someone isn’t ready to sell their home doesn’t mean they can’t or won’t refer you if you to a friend if you made a connection and have effectively conveyed your particular added value. If you are not sure where to start with this remember that a farm is a great way to build a list of potential customers to reach out to. The PNWT Customer Service Team would be happy to assist you with these. Up to 88% of people choose to buy and sell their homes with a realtor, even in a low inventory market.
Intentional Marketing… Establish yourself as an Expert
Sellers and, especially, buyers know it’s a competitive market in Kitsap. Establish yourself as the expert they need to close a deal or win in a multiple bid situation by creating informative marketing materials. Highlight your added value by sharing information about Kitsap specific markets, your negotiating style, and the uniqueness of the companies you partner with. Your goal should be to create awareness of your personal brand and convey that your customers will benefit from your experience and the quality of the companies you work with. Consider starting a podcast where you discuss relevant issues to the housing market and Kitsap as a whole. It’s not enough to tell prospects that they can trust you and your experience, you need to prove it to them. Do remember that there is a difference between educating and advising. Try to keep in mind the specific needs of buyers and sellers in Kitsap and work to educate them on all their options. It will create a knowledgeable customer for you to work with and will help you build rapport at the lead stage.
Finally, don’t be scared to ask for reviews. Written reviews make great marketing material and can also serve as a start point if a prospect ever requests a reference.