8-Step Personal Marketing Plan

A personal marketing plan is a written document that describes the business goals you expect to accomplish and strategies and activities you will do to reach those goals. A marketing plan should include:

1. Objectives and Goals. First develop a big-picture vision for your business—become the top producer in your area, retire in 10 years. Then quantify that vision with measurable goals. Measurable goals might include:

* Obtaining 50 listings in the next year.
* Achieving a 60 percent name recognition in your target market area.
* Receiving referrals from 75 percent of your past customers or sphere of influence.
* Securing a 20 percent share of the market in your target area.

TIP: Determine your market share by dividing the number of sales you made by the total number of annual sales in your target market. The result is your percentage share of the market.

2. Audience. Select one or two groups to target with your marketing efforts. Analyze the characteristics of your best prospects; other groups with similar qualities may be the best place to start. Characteristics might be:

* Income brackets
* Age groups
* Geographic areas
* Ethnic or cultural groups
* Levels of education or certain professions
* Lifestyles, such as golfers buying second homes

TIP: Be sure that your defined audiences are large enough to generate the number of sales and listings you want.

For the Advanced Salesperson

Market conditions also play a role in the your marketing plan. A strong seller’s market may require a plan that focuses on why a real estate professional is needed in the transaction. A weak economy might suggest highlighting your ability to help with financing as part of your marketing approach.

3. Differentiation. What makes you unique? Setting yourself apart from other salespeople is essential in a crowded marketplace. Remember—customers chose products and services based on the benefits they deliver. Consider your own strengths and weakness, and focus on the qualities and skills that make you special to potential customers. Possible points of differentiation are:

* Education—law degree, CPA, etc. (Benefit: Knowledge of legal and financial issues transaction can make the process easier)

* Residency in the neighborhood you represent (Benefit: Knowledge of available services, activities, and interests of perspective neighbors)

* A leadership role in a community or professional group (Benefit: First access to new ideas in the industry and sources of solutions to problems via networking)

* A natural affinity for a certain group—seniors, for example (Benefit: A special understanding of the needs and desires of that group)

TIP: To focus your thoughts, write down what makes you different in 15 words or less. Then read your ideas aloud to yourself several times and edit accordingly.

4. Message. Select a message and sales approach that will grab the attention of the people you want to target. The message should highlight what makes you different from your competitors and have an emotional appeal to your target market. An emotional appeal speaks to what people want—security, a sense of family, financial security—and focuses on their needs and desires.

TIP: Focus on two or three key elements in your message. Do not try to tell prospects everything about yourself.

TIP: Express your message in language that your target audience uses. For example, don’t use current slang to sound cool when your audience is 40-something, move-up buyers.

5. Media. Select two or three media to convey your message and allow for cross marketing among several different sources. Media choices include print advertising, brochures, Web page, in-person marketing, community involvement, etc.

TIP: Match your media choices to your target market. For example, Internet advertising may be less effective for markets that have low technology aptitudes, but a great option in Silicon Valley. Your media choices should reflect the interests, habits, and needs or your prospects.

6. Action Plan and Schedule. Basically an action plan is a “to-do” list for a set period that lists every activity you need to do to market yourself and your services. Consistency is a key component to successful marketing. Advertising experts say that people must hear a message 11 times before they remember it. Make a commitment to use one marketing approach for at least six months, and budget accordingly.

TIP: Don’t change your marketing message because you’re bored; you have heard it many more times than the average prospect. Repetition is what builds recognition.

7. Budget. The most challenging aspect of creating a personal marketing budget is estimating costs. Rather than guessing, call your suppliers and service providers, tell them you’re preparing a budget, and ask them to provide estimates of the price you can expect to pay for each item. Ask your suppliers about quantity discounts and other ways to cut costs. The total cost for your personal marketing effort will depend on the size of your target market and the media you choose.

TIP: The cost per item of printing 2,000 brochures at one time is less than the cost of printing two groups of 1,000 brochures each. Take advantage of these marginal savings if you can. But be sure you have a specific use in mind for the extra 1,000 brochures, or you are just wasting your money.

8. Measurement. Are you achieving the goals you set forth in your plan? You will never know if you don’t measure. Always ask callers where they heard about you, and keep track of their responses. Use small letter codes of direct mail to identify each piece for easier tracking. Analyze the results of your measurement and use your conclusions to update, revise, and improve your personal marketing campaign. Don’t continue to spend money on something that isn’t working.

TIP: One way to measure success is by the cost per contact. If you mailed out 500 brochures at a cost of $2,500 and received 10 inquiry calls, your cost per contact is $250.

For the Advanced Salesperson

The surest way to build a war chest for personal marketing is to set aside a certain percentage of your income on a regular basis. Real estate columnist Ralph Roberts recommends reserving 10 percent of every commission check for personal promotion. If your income is already well into six-figure territory, you might be able to shave off a few points.

Typically, you should allocate 10 percent of your funds for personal marketing, 30 percent to reach new prospects that fit your customer profile, and 60 percent for repeat business, according to marketing guru Jay Conrad Levinson, author of Mastering Guerilla Marketing.

TIP: Set up a separate savings account for your marketing funds so you won’t be tempted to dip into them for other expenses.

For the Broker

The Power of Leverage

“Leverage” means making the money you spend on personal marketing go farther by cooperating the advertising promotions of the brokerage company and individual sales associates. Meet with associates and agree on a marketing slogan that could be used for both the company and incorporated into the promotions of different salespeople. For example, Abbott Realty—Your Four-Star Real Estate Team” could be translated for personal marketing in Jill Smith—Relocation Specialist and Member of the Abbott Four Star Real Estate Team. Developing a “team” logo for associates to use individually would also make it easier for them to reinforce the company-wide image.

TIP: A rule-of-thumb for a small business is to spend 5 percent of revenues on promotion. —Dave Beson, Dave Beson Seminars, Minneapolis