If 70% of all real estate business comes from referrals, do you have a referral plan in place?
Even the successful REALTOR® may not know exactly how they get referrals from their data base list, they just happen. Imagine how many referrals one might get if they actually had a plan in place.
With today's market conditions, if you have no set plan for referrals (which of course come from customer relationships) your data base will begin to diminish.
I am seeing long-term REALTORS® who were successful without nurturing customer relationships actually leaving the business. Why? Because in a shrinking market those REALTORS® that are growing their business are taking the business away from other REALTORS® and from their data base of customers.
There are probably REALTORS® in your office that are doing better this year than last year, that have ignored the doomsayers and have plans in place to create more referral business. Not only are they doing well now, but when the markets begin to stabalize and grow again, they will become MEGA REALTORS®.
I see the industry changing drastically with the boom that will come in time. The REALTORS® that are survivors in the business will be fewer in numbers, and they will have become experts in marketing, data base cultivation, and a reliable source (go-to-person) by their clients for a multitude of lifestyle considerations.
This post is a quote from my latest eBOOK "Hints for Becoming a MEGA REALTOR®"
It can be found at www.mktgusa.com in the book store.
Arnie
arnie@mktgusa.com or arnie@a-gmarketing.com Cell (317) 489-5337
Showing posts with label success. Show all posts
Showing posts with label success. Show all posts
Friday, October 29, 2010
Monday, March 1, 2010
WHY LOYALTY MARKETING?
Why loyalty marketing? Because the overwhelming majority of real estate transactions come from referrals, you need a marketing strategy that not only retains existing clients, but gets them to recommend you to others more often.
Loyalty marketing is a process that identifies best customers by retaining and growing profitable relationships. Your most profitable customers not only transact with you, but also refer new business opportunities to you.
Most successful companies that deal with consumers have robust and capital intensive loyalty marketing programs -- because THEY WORK!
American Airlines years ago offered a loyalty rewards program and other airlines followed them. Credit card companies came with rewards programs. In recent years Target decided to take a major share of their advertising budget and give it back to their existing customers. They determined it was more effective and less costly to do loyalty marketing to existing customers than try to convert the whole buying public.
Rewards Programs and many loyalty activities are transactional based -- "purchase this" and "get this" -- these are reactive
Loyalty Marketing is relationship focused and pro-active rather than re-active
Let's use as an example a REALTOR® with a data base of 250 and they actually know 50 people well. The question becomes, how many of even the 50 are willing to talk about the REALTOR®? Those are the ones you need to engage and cultivate relationships with, and need to move others of the 200 into those that will "carry your banner."
You need a loyalty marketing solution that identifies those customers and cultivates your relationship with them.
Arnie Goldberg, VP Loyalty Builder, LLC agoldberg@loyaltybuilder.com
Loyalty marketing is a process that identifies best customers by retaining and growing profitable relationships. Your most profitable customers not only transact with you, but also refer new business opportunities to you.
Most successful companies that deal with consumers have robust and capital intensive loyalty marketing programs -- because THEY WORK!
American Airlines years ago offered a loyalty rewards program and other airlines followed them. Credit card companies came with rewards programs. In recent years Target decided to take a major share of their advertising budget and give it back to their existing customers. They determined it was more effective and less costly to do loyalty marketing to existing customers than try to convert the whole buying public.
Rewards Programs and many loyalty activities are transactional based -- "purchase this" and "get this" -- these are reactive
Loyalty Marketing is relationship focused and pro-active rather than re-active
Let's use as an example a REALTOR® with a data base of 250 and they actually know 50 people well. The question becomes, how many of even the 50 are willing to talk about the REALTOR®? Those are the ones you need to engage and cultivate relationships with, and need to move others of the 200 into those that will "carry your banner."
You need a loyalty marketing solution that identifies those customers and cultivates your relationship with them.
Arnie Goldberg, VP Loyalty Builder, LLC agoldberg@loyaltybuilder.com
Wednesday, April 1, 2009
Exposure - Loyalty Building - Keys to Success
The key to self-marketing is EXPOSURE, and let's face it, realtors are a business within a business and certainly are self owned. Today that exposure means being a local celebrity (a well know person and face) plus social networking exposure for relocation leads, contacts and information.
The idea is to STAND OUT and sometimes that is for expertise in types of homes or specific desired properties (examples: condominiums or first time buyers). A slogan is helpful and it must be concise and to the point so it attracts attention and is memorable. Your image must have the perception that you are very successful. Quality brochures give the perception of success and are important, versus printing out fliers on your own printer.
Remember that marketing efforts take time to produce results. Consistent and timely marketing needs to be an ongoing process. Repetition is a key to success and persistence does produce results.
The idea is to STAND OUT and sometimes that is for expertise in types of homes or specific desired properties (examples: condominiums or first time buyers). A slogan is helpful and it must be concise and to the point so it attracts attention and is memorable. Your image must have the perception that you are very successful. Quality brochures give the perception of success and are important, versus printing out fliers on your own printer.
Remember that marketing efforts take time to produce results. Consistent and timely marketing needs to be an ongoing process. Repetition is a key to success and persistence does produce results.
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