Choosing Where You Should Focus Your Marketing Efforts and Budget
Want a full on list of marketing strategies and ideas?
Every small business owner thinks about marketing on a daily basis. Without a successful property management marketing campaign, your business is unlikely to survive. If you've spent time evaluating seemingly countless marketing methods to find the right fit for your business, then you understand how frustrating that process can be. Here are a few useful tips on how to choose the perfect primary marketing method to focus on.
1. Know where your customers are (online and offline)
Focus your marketing efforts where your customers spend the most time.
Research your ideal customer's favorite mediums of communication and entertainment, then craft marketing messages that will be seen by them in those places. While there can always be other aspects of your marketing, it's within these mediums that you should focus the majority of your marketing dollars.
Prioritization is how you'll be able to get the best possible results from the work you put into your marketing, and try to be found at the right time by potential property owners when you have a good chance of catching their interest.
2. Understand your marketing budget accross all platforms
Many property management businesses struggle with marketing budgets that don't allow them to reach their full potential.
Smart PM entrepreneurs view such circumstances as opportunities to hone their skills and learn how to be efficient and successful even with limited resources. Every property management company is in a different situation when it comes to growth and marketing. Find the marketing strategies that offer you the best possible ROI for your situation, and then track every metric you can as your campaign unfolds.
The better you can track your results, the more easily you can make changes that will help you stretch each marketing dollar you have even further and maximize your marketing budget.
3. Thing about the scalability of your efforts and focus
The last thing you want to do is put a lot of time and resources into a marketing method only to abandon it as your business grows.
Many small businesses don't see this problem coming, as they assume that any growth in their sales will only lead to further growth and that they can simply increase their marketing expenditures to keep the positive momentum going. This is not the case; however, as scaling up a marketing strategy can be more complex than many entrepreneurs imagined.
Any marketing strategy you choose should have the capability to scale up as your business does. While planning for the future is often difficult due to the volatility of starting and operating a small business, do the best you can to have a long-term vision for your marketing efforts.
4. Research what your competitors are already doing
Researching the marketing methods that your local property management competitors are using can help as you form your own promotion strategies.
If possible, stay away from any methods that are clearly being overused by your competitors, and use this information to your advantage as you seek out a marketing medium that is unique and more likely to stand out in the crowd.
By focusing on a marketing angle your competitors are currently missing out on, you can attract customers that haven't already been overwhelmed with advertisements related to your industry, and in turn, carve out a place for yourself even in an overcrowded market
These are just some of the most effective ways of choosing a primary marketing strategy for your business. By understanding your budget, knowing where your customers spend time, planning for the future wisely and gaining insight on your competitors, your small business will have a focused marketing plan that will serve you well for years to come.
For our much more in-depth, step-by-step marketing ideas list, click here.