Track Data on Your Sellers to Build a Perfect Marketing List
Remember that time you sent out that mailing campaign and the phones didn’t ring? How about that other time when you got all those calls, but not one of the leads converted into a deal?
If your answer to either of these questions is no, you’ve either not been marketing long enough or you are the direct descendant of a marketing deity. To everyone else, the following article is an instructional on avoiding future pitfalls.
Track the Data
Almost 3 years ago I was challenged by a friend and business associate to describe my typical seller. Based on my answer he quickly revealed that my knowledge about the people who sell me their properties was vague and presumptive at best. Since then I started taking notes.
Here’s what I found out…nearly 75% of the people from whom I’ve contracted properties fall into one age, economic and racial demographic. I also discovered that I’ve never signed a contract with a seller under the age of 25. I’m not exactly sure what this information says about me, but both of these data nuggets impact the way I market.
The first action step I took was to remove any advertising to sellers under the age of 25. Why? Because things never quite worked out for me with this demographic before. Why fight reality.
My second action was to data mine information about my biggest group of sellers. People like people like themselves. That’s the main reason you’ll often see groups of friends with the same interests, shopping at the same stores, wearing similar clothes and even pursuing similar life paths. I researched my most successful market to find out more about them.
Before long I have a very detailed description of my typical seller. This description not only included the gender, age, ethnicity and income, but also included descriptors like the types of television shows they watch, magazines they read, vacations they take, and vocations they choose.
Armed with my details I have been able to target marketing that appeals to the demographic in which I am the most successful. The best part is that I have been able to cultivate a targeted list of prospects that to whom no one else is advertising.
My results have been lower advertising costs, more leads and ultimately better deals.
Build Your List
To build your perfect marketing list, start tracking successful results. Record the age, ethnicity, gender and income level of everyone that signs a contract with you. You might have to guess from time-to-time, but keep the information.
After you have collected 50-100 records, take a look at your result. Look for trends in the information. You’ll be shocked at the information that surfaces.
Next hire a researcher from guru.com or elance.com to compile consumer data about the people in your most prevalent demographic(s).
Finally, use your consumer data to strategically appeal to a larger group of prospective sellers that fall within your successful demographic.
The result will be inspiring. You won’t be wondering why your phone won’t ring or why none of your leads are converting. You’ll just need to worry about how to handle the increase in your volume of great deals.