The Marketing Power of 8
The Marketing Power of 8
One of my college professors had a mantra that has shaped and guided my real estate career. “It takes five times! Five times! Five times!” Prof. Schultz would repeatedly tell my sales and marketing class.
He was reinforcing the notion that most consumers will not make a buying decision after just one or two contacts — it takes five contacts before they’re ready to act. The lesson: consistency and follow up are critical ingredients for a successful sale.
Real estate is no exception. To truly be successful in this profession, you need to consistently contact prospects using a strategy known as the Marketing Power of Eight.
How Does It Work?
There are many variations of the Marketing Power of Eight, but at its core it is a follow-up program in which you send eight marketing pieces to a select group of consumers over an eight-week period.
The key is to provide the same marketing piece to the same group of consumers during those eight weeks. Some practitioners have experienced positive results by using different marketing pieces each week, but most successful marketing campaigns use the same marketing materials each week so the message will not get lost to the consumer.
Choose Your Audience
Good target groups for your mailings are your sphere of influence or a farm area in which you’re trying to pick up market share. According to market researchers, all consumers move through a series of six steps before making a buying decision. The steps they follow during the buying process include:
- Beliefs and Knowledge
- Purchase Intention
The Marketing Power of Eight is an excellent way to help prospects use the steps outlined above to become aware of your services. It then helps them to form beliefs and knowledge about you, which leads to a positive attitude about your services. When they’re ready to buy, they’ll think of contacting you.
‘Perception Is Reality’
By using the Marketing Power of Eight, you’re developing a consistent promotional campaign to help drive home an important message to prospects about you as a real estate professional. As the old saying goes, “Perception is reality.” Delivering a repeated message to your sphere of influence or farm area over an eight-week period can help set up that positive perception in prospects’ minds.
A good time to use the Marketing Power of Eight with your sphere of influence is just after the first of the year and before the spring selling season. But any time of the year is a good time to use this marketing strategy to a new or existing farm area.
The strategy also works for targeting renters in an apartment complex, investors, out-of-town owners, or any other group with which you’d like additional market share.
Consistency’s the Key
The important points to remember about the Marketing Power of Eight are to be consistent and target the same group of people with the same marketing piece over the entire eight weeks. Remember, your goal is to move the consumer through the steps to purchasing your services.
By consistently sending mailings to your targeted group, you will increase attract new clients and expand your sphere of influence. You’ll ensure that you’re not in the 80 percent of new salespeople who end their careers because of inadequate prospecting activities.