For real estate agents, marketing objectives would be defined as, “Short-term goals that you set in order to help you achieve a much bigger and long-term goal that you have in mind.” Setting and accomplishing marketing objectives is a crucial component of your real estate marketing plan because they 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:
- Allows you to make immediate changes that need to be made to ensure that you reach your goal.
- Providing inspiration & a sense of motivation purpose to continue grinding
- Gives a sense of urgency to get sh*t done
- Provides action steps to act upon immediately
- Is a roadmap made of stepping-stones that guides you to your final destination – Accomplishing your goal
Another key point is that marketing objectives can prevent you from getting overwhelmed when working towards your goals because 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 done to achieve your desired short-term goals. Nobody should ever create a real estate marketing plan without including the specific steps that are necessary to help them turn their marketing efforts into cold, hard, cash. You’ve got the basic idea of using objectives for your real estate marketing plan but now you need to apply it. After all, whoever got anywhere without having a plan beforehand? As Benjamin Franklin once said, “By failing to plan you are planning to fail.” The following guideline 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 any of it. Instead, you need to identify your key audience and create a piece of marketing material that personalized to their wants, life stage, and speaks in a dialect that appeals to them. Additionally, knowing who your key audience is especially important so that your marketing campaigns are executed on the appropriate platforms and mediums. As a very basic example, if you are a venture capitalist. You will not want to advertise yourself on an iPhone app made for twelve-year-olds.
Be As Specific as Possible
All marketing objectives should be specific. Good examples of both unrealistic unspecific objectives are:
- “I want to attract thirty prospects.”
- Earn a six-figure income
- Get twenty listings this month
*These are not objectives, this is wishful thinking.*
**In order to reach your career goals, your objectives must be specific, measurable, attainable, realistic, and timely.**
When creating your real estate marketing plan, you need to start with your customer experience first and work backward to creating your marketing content and design. Additionally, you should never start making an advertisement or marketing plan without researching your target audience’s pain points or preferences because you will be in a position where you are trying to figure out how to sell your real estate services instead of letting your value proposition within your marketing content do the selling for you.
Set Challenging Objectives
As a real estate agent, you face a lot of competition. To survive in this business you have to come to the realization that business is war. If you want to achieve success as a real estate agent then you must take out your competition. This is a cut-throat industry. With that said, marketing objectives should not set so low that they can meet 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 yet specific, measurable, attainable, realistic, and timely include:
- Increase market share by .3% within the next twelve months
- Canvas 2,000 houses per week throughout the best six months of the year
- Increase advertising spending by 4% this year
COMMON MARKETING OBJECTIVE CATEGORIES
- Maintain or Increase Market Share – To keep or increase a company’s percentage of an industry or market (in terms of units, such as revenue, order conversion rate, new customer accounts, market position, etc.)
- Develop New Products/Product Innovation – To create new products/services, create new customer experiences, or to meet innovation targets.
- Meet Customer Needs – To meet or exceed customer needs in the form of metrics such as customer service ratings, amount of repeat business, etc.
- Market Entry/Positioning – To achieve metrics in market entry (e.g. number of trial downloads of a new app, number of new customer entries within a time period).
- Gain Competitive Advantage – To achieve a measurable degree of advantage compared to competitors, e.g. reduced costs, increased efficiency, increased quality, increased brand recognition.
- Communication/Education – To communicate with a specific audience for the purpose of informing, educating, or motivating consumers.
- Market Research – To obtain relevant, valuable information about the business market space.
If you have clearly stated business objectives, it can be a relatively straightforward exercise to define marketing objectives that support the business by reviewing these categories.
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