It’s not yet too late to reflect on your performance in 2019 and the opportunities that await in 2020—opportunities that can become realities for your business by establishing an effective marketing budget. Keep this resolution in mind for you and your team:
Don’t let fear drive your decision-making process.
Keep these five key strategies in mind as you budget in 2020:
1. Evaluate what tools and services you actually use.
Every line item on your marketing budget is there for a reason. At some point, you considered it worthwhile to put time or money into your process. Reconsider the cases you made for purchases like recurring direct mail campaigns, reserved print media ad spaces, or trial software that you may have forgotten to cancel. Perhaps you’re spending money on a tool or service when a comparable option is provided (and paid for) by your broker or MLS.
2. Determine the “why” behind what you do.
You have a process you follow with every listing, what materials you make, what ads you place, when you decide to change your strategies—but do you know why you do what you do? Are you spending money and time on 100 brochures when 15 flyers and a virtual tour could be just as effective (in terms of cost, time and traffic)?
3. Identify your weak spots.
Were there ever times in 2019 that you felt overwhelmed or held-back from being able to meet your seller’s demands? Let that drive your changes for 2020. Perhaps you wish you could have listing materials ready for your seller the day they sign the listing agreement. Investigate ways to make that happen!
4. Leverage data to track ROI for your marketing budget.
This goes hand-in-hand with No. 2. Look back at your transactions from 2019. Think about days on market, price sold versus price listed, and money spent marketing the property. Were you over or underspending? Did some transactions go under contract quicker because of a different marketing strategy?
5. Take a hard look at your print-media spend.
The use of print in today’s housing market is both an art and a science. Be sensitive to your local market and the effectiveness of print media (like newspapers and regional magazines) but also embrace the power of technology and self-publication to bring awareness to your listings.
Keep Up in 2020
As an auspicious real estate professional, these strategies for a streamlined marketing budget will help guide your thought process as you fearlessly prepare your organization for the future.
To learn more about leveraging MoxiWorks to keep up in 2020, please visit moxiworks.com.