Costly Marketing Mistakes You Should Avoid!

With the holidays upon us, now would be an excellent time to review your marketing plan for this past year and set in motion your plan for 2008. Take advantage of this slow period to examine and assess your marketing efforts to date. Because of lack of focus or results, is your marketing plan overdue for an extreme makeover or a subtle tweak? Review the questions below:

1. Are You Guilty of Complete Omission of Any Branding Elements: Too many real estate professionals fail to understand the importance of core branding elements i.e. logo, tag-line, and unique positioning statement. Branding elements provide a visual identity which helps your target audience connect with your core values and your services. Your brand should help differentiate you in your market.
2. Marketing to an Undefined Market: Find your target audience and gear your marketing plan and message to that audience. Attempts to appeal to everyone will fail. Not having a clear marketing message that speaks to everyone will end up speaking to no one. Plus it confuses the consumer and will easily miss any chance of hitting your target market entirely.
3. Inconsistency in Your Brand and Marketing Efforts: You need to have the same look and feel of your brand image across all of your media including your online presence, mailers, listing presentations, property fliers and all other aspects of your marketing plan.
4. Lack of Marketing Diversification: Marketing in print or on the Internet alone will reach only a portion of your potential customers. Plan to market creatively through a cross-section of media channels so your potential customers become familiar with your brand and your services at different times and in different places.
5. Not Focusing on Repeat Business: Repeat business typically makes up 80 percent of customers in most businesses. Too often marketing campaigns are heavily focused on bringing in new customers and not building relationships with current ones.
6. Bad Timing: Time your marketing campaigns to coincide with traditional up-tempo seasonal sales (example: early spring through mid- summer) or an upcoming events (i.e. new company relocating hundreds of new employees to your area) that will attract new business. Advance preparation is critical to your success.
7. Don’t Over-hype Your Service: For the consumer, if it sounds too good to be true it probably is. Too much hype will turn people away. Keep your marketing message simple and direct.
8. Don’t Forget – Slow and Steady Wins the Race: If you blow your entire marketing budget on a particular campaign, then what will you do next? Marketing means building your brand image and reputation via multiple impressions over an extended period of time.
9. Failure to Capture Feedback: Create your personal focus groups for feedback on your campaign and test your marketing ideas. Don’t launch your campaign without obtaining feedback first.
10. Making a Change for the Sake of Change: Just because you are tired of your marketing plan doesn’t mean it isn’t working. Too many real estate professionals make changes because they think they have too. Often a tried and true formula will keep working. Remember- always measure for ROI and refine when change is driven by lack of success.

By addressing and avoiding these critical mistakes, you and your marketing plan will be positioned to enjoy greater success.

Happy marketing!

Bobby Carroll

About Bobby Carroll

Bobby is charged with managing the sales and marketing efforts for Dakno Marketing as well as Search Engine Optimization Consultation, Content and Social Media Marketing Coach and a recognized Real Estate Speaker. In his spare time, Bobby enjoys his children and grand children along with biking, kayaking and standup paddle boarding with his wife of 40 years, Pam.

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4 thoughts on “Costly Marketing Mistakes You Should Avoid!

  1. I love your list, but would also add that when it comes to online marketing, a lot of people are still treating their websites as a cost, when they should be thinking of them as an investment.

    For instance, in the offline world, if you’re a salesman trying to make quota there are only two ways to do it:

    1. make more sales calls
    2. Convert more of the prospects you visit into sales (increase your conversion rate)

    It’s a no brainer – to be more effective, you would want to convert more sales.

    Why, then, do most people do exactly the opposite with Websites? It seems many small businesses spend a fortune in getting people to their site (SEO, SEM, PPC etc), only for visitors to arrive at a site that doesn’t offer much.

    Isn’t it smarter to make a really great place for visitors; one that has useful information (sort of like this place :-)) and only then go for more traffic?

  2. WD4ROI – I couldn’t agree more. In today’s world of information overload, websites need to offer unique, valuable information. Unfortunately, the gatekeeper mentality still prevails. We do see a paradigm shift, be it ever so slowly.

  3. Hi Bill – Appreciate your comment. Brad and I enjoy posting to AR although because we have been so busy, it often becomes a bit of a challenge to actively post there. I’m sure you can relate to that! :>)
    Partnering with Michael is a treat. In addition to participating every now and then with his conferences, he also has Brad and I participate on his Online Dominance conference calls.

    If I fail to speak to you again, here is wishing you the best Christmas ever and a healthy, safe New Year!

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