Marketing objectives are crucial for preparing effective marketing campaigns. You can only get to where you want to be in your career by planning effectively how you will get there.
In any type of business, if you try to target the entire market, you will fail to capture any of it because your message is too broad. On that note, objectives are specific short-term goals that can help you arrive at your goal in the future.
Benefits of Using Marketing Objectives
Objectives serve as motivation and purpose. When you try to target the entire real estate market, it can be incredibly overwhelming and ambitious due to being such a specific goal. Marketing objectives provide feasible stepping stones that you can immediately take to help you achieve the bigger goal.
In essence, you are breaking down a bigger goal into smaller, realistic steps that move you closer to the larger common goal after you complete them. The many benefits of setting up marketing objectives include:
- Providing inspiration & a sense of purpose for your brand
- Stimulate a sense of urgency
- Motivation to take action
- A roadmap to execute a real estate marketing plan & strategies
Additionally, creating marketing objectives can help you prevent getting overwhelmed as they focus on smaller realistic goals rather than trying to reach the bigger goal immediately. On that note, once you change your mindset to starting small and growing that way, you can expect to see real growth and find success as a real estate agent.
Guidelines For Setting Up Marketing Objectives:
Marketing objectives outline exactly what must be done to achieve your desired results, and it’s time to set them up. Nobody should ever create a real estate marketing plan without including the specific steps that are neccessary to help you turn efforts into cash. You’ve got the basics of this idea, but now you need to execute it. After all, who ever got anywhere without having a plan beforehand?
As Benjamin Franklin once said, “By failing to plan you are planning to fail.”
The guidelines below should prove helpful to real estate agents in improving their real estate marketing plan.
Identify A Specific Key Audience
Remember, by targeting the entire market, you will fail to capture and retain any of it. Instead, you need to identify your key audience and create a piece of marketing material, such as a Facebook ad, radio advertisement, or billboard, that speaks to this specific group of people.
Consider this comparison to understand more clearly.
You take a fishing boat out into the open sea, where there are thousands of different fish species to catch or discover. Now take the fishing boat to a smaller lake or river where the fish are more specific to that location. This is the exact same concept in marketing. You need to put your marketing boat in an area where your chances of catching any interest or clients are greatly increased compared to the larger scenario. Where do you want to be in this situation? Struggling to find clients for months and possibly even years, or speeding up the process by focusing on a more niched area?
It can also be very easy to create a successful marketing plan by using language and communication patterns that harmonize with this audience! Create a form of marketing material that corresponds to this key audience, speaks to them, and resonates with them using a clear message.
Be As Specific As Possible
Again, if you try to target the entire market, you will fail to capture any of it.
BE AS SPECIFIC AS POSSIBLE WITH WHO YOUR TARGET AUDIENCE IS.
All marketing objectives should be specific. A good example of an unspecific or unrealistic marketing objective is “I want to attract thirty prospects.” This needs to be more precise if you’re going to have any success.
By making marketing objectives too broad, you limit the potential of your campaign. While sometimes generalized marketing objectives can work, it is still very difficult to use them in a larger real estate marketing plan where the goal is to sell tens of millions of dollars worth of real estate inventory per year.
When creating your real estate marketing plan, you need to start with your customer experience first and work backward to your marketing design. Additionally, you should never start making an advertisement or marketing plan without researching your target audiences pain points and needs because you will be left scratching your head trying to figure out how to sell your real estate services to your prospects.
Consider brainstorming on the following specifics:
- What are my target audiences desires?
- What are my target audiences pain points?
- What problems or challenges is my audience facing and how can I solve these problems for them?
Once you’ve brainstormed these questions and scenarios, you will have conclusive insight into how your customer feels, thinks, acts, and responds. Then, you can use this information to create the design of your marketing material, basing it around these key insights.
Set Challenging Objectives
As an entrepreneur, you are up against a lot of competition, and it is your job to steal your competitors’ next meal. With that said, marketing objectives should not be set so low that they can be met through average effort.
Instead, your marketing objectives should require moderate effort, at minimum, without being too discouraging or unachievable for your real estate marketing plan.
Some ideas for setting objectives that are challenging but not too overbearing include:
- Increase profit
- Build your authority in the industry
- Increase the loyalty of your brand
- Expand your business into a new market to find new leads/clients
- Find new clients to add to your already existing clientele
- Hold on to & retain existing clients
- Promote a new service or idea you have for your business
- Increase your digital presence across social media for brand awareness
- Generate leads that you can later turn into clients through lead magnets, for example
Remember, while some of these seem simple, they can be made more complex when you get more specific. Increasing profit may sound like a simple start, but it is a rather challenging objective to do that will require the before-mentioned stepping stones to achieve.
Not only that, but some of these objectives will combine with each other or link together to achieve that specific goal. For example, to increase profit, first, you might need to increase brand awareness or loyalty, and so forth.
Keep An Objective Area In Balance
Don’t get tied up in the specifics of one marketing objective. Create a list of your marketing ideas for your marketing concept. Then, go around and ask for feedback on how to make it better.
After you receive feedback from other people, try to keep a balance of your creative freedom, the input others gave you, and fresh ideas that you can provide to the marketing concept. After doing this, create objectives to make the marketing campaign a success.
The balance comes into play when you launch the campaign. Do not go all-in on your real estate marketing plan – put out a little first to test the waters, and if this is showing good results, then continue.
Keep a balance between the positive feedback that you get from your campaign and the amount that you reinvest to pursue further marketing with a specific campaign. You do not want to be out of balance with your marketing budget and results.
Measurable Marketing Objectives
Any marketing objective needs to have some sort of way to measure it. Without measurable objectives, there is no way you can evaluate or improve to make them better.
To do this, don’t rush into any marketing objective without first making sure you can measure it. Plan carefully about how you will track these objectives and analyze them while they are in process.
To measure the objectives, you may refer to a number of tools or insights. For example, if you are running a Facebook ad, are you measuring the CPC, impressions, reach, and other important metrics? If you are utilizing a radio advertisement, are you aware of how many are listening or acting on it?
There are other ways you can track these objectives that aren’t restricted to the platform. You can also ask previous clients, prospects, and strangers the following:
- What do they think of your marketing campaign?
- Is it worth pursuing the objectives?
- Do they think that your marketing is feasible?
- If it is not feasible or desirable, what is their input
- Do they have any constructive criticism that can help you succeed?
- What is their overall feedback?
Asking these questions will help you measure your objectives and redirect them in a way that is more successful for your campaign, which carries over to the next point.
Once your marketing objectives have been set and you start, discuss with your prospects and start engaging with your new network. Now you can start building trust with this network.
Marketing and networking is not an “overnight sale”. All marketing can be instrumental in helping you land clients, but it may not necessarily be “quick”. Usually, this takes time to build, just like anything else in life. You should approach marketing for the long term and realize that you help some people. Some people help you find clients if they aren’t a buyer or seller themselves.
Marketing and networking can be referred to as a hidden job market. There are opportunities out there, as long as you are consistent, continue the hard work, and let your efforts materialize over time.
Part of following up your real estate marketing plan is to create a network. Networking is personal, so your marketing should be too.