Brokers Corner: Why You Must Not Follow Your Competitors' Marketing Ideas?
The process of buying as well as selling has evolved with time, raising the question why property advisors are not changing their approach to serve homebuyers. The real estate business has become the victim of the blind-leading-the-blind nuisance when it comes to producing new marketing ideas. This has resulted in mediocre marketing, which sounds and looks the same. However, it's useless to follow any other company's approach as it lacks originality and does not create any recall value for your brand.
How mediocre marketing affects your business?
In real estate, you will usually get similar tag lines, postcards, brochures, et cetera— all done without any strategy. The frightening thing is that normally the brokers who have copied the content don't have any idea about what they are doing.
Suppose any idea looks new to you and you tell your marketing group to reproduce that piece. Here lies the problem. Because you don't have any idea what the original person had thought about for that strategy, you can't gauge how successful it would be.
It all becomes a 'me-too' image for you in the market. Does that work in a competitive field such as property brokerage? You know the answer well.
How the mediocre breed works?
The most awful part is that property brokers who direly need original ideas to be successful fall in the trap of copying others' ideas. That is why we suggest that in case you ever feel the requirement to source the ideas from other people in the industry, do research and assess what leaders are doing.
However, again that does not mean going for the follow-the-herd approach. Taking an inspiration is good, but, in order to be effective, your marketing activities need to be unique and well-thought.
The objective of marketing is to lead competition and capture the market share. You can only achieve this through having a great marketing plan as well as through providing something different and special to the clients.
What's the answer?
That's where the changing requirements of the homebuyers have a role to play. Demonstrate that you understand their requirements and aspirations better than any other company. You cannot do this if you also look like your competitors. Isn't it?
So, stop following your competitors immediately. Figure out what the sellers and homebuyers are searching for, and craft your key messages in tandem with those factors.
After that, develop a plan for making them aware about your offerings and why you are the best choice for them. Make a list of your key differentiators and evolve marketing campaigns on the basis of those points. It may be time consuming but the long-term results will be much more rewarding for your business.