Knowing who and building relationships with your target or ideal client is the key to building success in any business. Mcdonald’s knows that not everyone is their customer, only those wanting quick hot food. There are no waiters, cloth napkins, or wine lists. They spend their marketing dollars targeting their ideal customer, the person who wants Fast Food. Your real estate business should be no different.
As a business owner, it’s critical to realize that “not everyone buying or selling a home is your target client.” Spreading your marketing dollars too thin and not focusing on the clients you really want will leave you exhausted, frustrated, and often broke or out of business.
Here are a few suggestions for finding and working with your target market:
• Look around you; what are your interests? Just knowing this tells you where to look for others who may share similar interests. Join a club or special interest group dedicated to that interest. You’ll have fun and build relationships with new people. Looking for something new? Check out www.MeetUp.com, where you can find local groups with similar interests.
• Think about where you spend most of your “off” time. I am sure others spend their time there as well. Be friendly, build relationships and find ways to help others. You’d be surprised how many Realtors get business from these activities. One of my clients has sold several homes to her local grocery store employees.
• Define your farm area. Mailing a small number of pieces on a regular basis to a small group will yield much higher results than a huge mailing to a large group. Try co-sponsoring a small neighborhood newsletter. Contribute to a larger, more established newsletter with an article, not just an ad.
• Volunteer! It’s that simple. Giving puts you in a position to get. Being where others are, building relationships with them, and taking the focus off yourself and your business will set you up for success. At my company, I encourage my employees to volunteer 4 hours a month, wherever they want on company-paid time.
Relationships are really the way that the real estate business is built. Most of us like to buy from those we feel comfortable with and, more often, someone we like. Spend your dollars wisely on a focused group. Work on relationship-building activities and, most importantly, enjoy helping others.