Starting wholesalers are often overwhelmed by the task of crafting an impact-full real estate marketing letter. Lacking experience, it is difficult to guess the impact the various content items might have on lead conversion. Adding to the challenge, there are countless sources for advice on marketing content and combining or sampling the recommendations yields a marketing piece that’s unnecessarily long, complex or ineffective.
Marketing materials are usually near the top in terms of the most costly business expenses. Given this fact, its clear that a bad run with poorly constructed marketing campaigns can be enough to sink a new business. Unfortunately, it is very difficult to isolate the root cause of lackluster direct mail marketing results. The investor may unknowingly blame the target market segment for the results and redeploy the same bad marketing to a new segment. Avoid the guesswork and these costly mistakes by implementing the 5 key principles explored in this article.
Personalize Your Letters
It is important to personalize each of your marketing mail pieces. Think about it, when you pick up your mail, you tend to sort through and discard any items that are clearly junk mail or mass mailers. The same fate awaits your marketing pieces if they fail to pass the junk mail smell test. To avoid the discard pile, and increase the odds that your marketing is viewed, use mail merge techniques to personalize each letter. It doesn’t need to be complicated or extensive to be effective. Many times, simply addressing the owners by name on the envelope and in the letter are enough for the recipient to realize the letter and enclosed offer are meant for them. It is also good to specifically mention the property that you are interested in within the letter.
Keep it Simple
Once opened, your marketing should be so clear and simple that your prospects are able to glean the benefits of your offer at a glance. If your lead is reading your marketing piece then congratulations you’ve made it past the first obstacle which is getting them to open the letter. It would be a real shame to lose that momentum with a complicated, hard to digest letter. If the benefits aren’t clear and it’s difficult to digest the letter will get tabled or worse, discarded.
Add a Call To Action
Effective marketing includes a call to action that compels the consumer, with easy to follow instructions, to do take action. Remember, that most recipients will dis-guard your letter as it doesn’t appeal to them in some way. A smaller portion will file your letter for reference when the time is right for them to take action. Others may set it down with good intentions to return to it but they never will. For that very reason effective calls to action often include a fear of loss that suggests the reader take action now or risk losing the promised benefit. Fear of loss is a powerful emotion that serve as the nudge to get them over the hump.
Multiple Contact Options
To improve the odds that your prospects will take that all important step to contact you it is helpful to provide several means to contact you. This will to cater to the many ways people prefer to interact including phone, email, social media, entering data online, and mail. The many contact mechanisms also allows them to choose the method that is most convenient to them which improves the odds that they’ll make the effort to contact you. As an example, an individual who works nights may need to sleep during the day and won’t be able to have a phone conversation when you would typically speak to your other clients. They may choose to contact you via email, which you can use to communicate asynchronously.
Split Test Your Marketing
The last and perhaps the most important principle is testing. I would encourage you to adjust your marketing pieces incrementally and test the resulting response rates. As an example, you could send two different marketing pieces to the same subdivision. This is called split testing and will allow you to measure the differences in your lead conversion while excluding broad differences such as demographics.
Keep these five principles in mind when you prepare your next marketing campaign and you will be well positioned for continued growth.