Posted by Michelle Smith/Director of Knowledge Services
Tue, 19 Jun 2007 12:00:00 GMT
By Frank C. Bucaro
RISMEDIA, June 19, 2007-Let’s face it, a major challenge to the sales process is that it is often difficult to put the time and energy that goes into developing quality, long-standing relationships with every potential customer. More often, it is much easier to service the customer, make the sale, or accept their rejection and move on. Achieving and surpassing your goals determines success, not the ‘warm and fuzzies’ of building a relationship with prospects and clients, right? Wrong!
If you continually strive to build a relationship with potential or current clients, you’ll find that even the toughest objections may not be the end of the relationship. Today’s marketplace presents aggressive quotas and almost impossible deadlines. In that kind of environment, many salespeople focus on numbers of prospective clients rather than focusing on the quality of each relationship. For many sales professionals, thinking long term on a customer-to-customer basis does not seem to be worth the time. It can often be more difficult to think of what the customer could potentially purchase, who the customer could refer in the future or how long the customer may stay with the company.
The trick is, the sales strategy does not have to be an either/or plan. It is a proactive decision to have this long-term mindset before you speak with any prospective clients. To clarify this sales position, the following questions are imperative to ask:
- Are you making a sale or making a customer for life?
Sara, a pharmaceutical sales representative hoped that her repeated visits to this doctor’s office would eventually pay off, just like all the others. When she walked into this office today, she was met with a great amount of resistance. The nurse asked her to leave samples without the doctor’s signature, a practice against Sara’s company’s (and personal) code of ethics. She stood her ground, upheld the code and disappointedly left the doctor’s office, thinking she just lost a potentially large account.
Eventually she was able to get past this rejection and change her focus to view this office as a long-term customer. Suddenly, this was just one objection that she had to find a way around. She persisted in visiting that office and eventually was asked to leave samples while she witnessed the doctor’s signature.
Tip #1: Be proactive; envision successful long-term relationships with each and every client.
How do you view your client relationships? Do you focus on that one large sale? Do you look at them as a lifelong customer? How you see this relationship can directly impact how you overcome objections. How you overcome objections directly impacts how successful you become!
- Are your needs the same as the clients’ needs?
Matt was in the market for a patio for his hew home. He kept negotiating with the contractor, trying to get a better price. They were both within $500, Matt knew if the price came down $500 he would be within his budget and would be comfortable moving forward. The contractor’s position was, "We can’t go down another $500 but we will throw in a fire pit." Neither Matt nor his wife had expressed interest in a fire pit even though it was a popular feature at the time. Matt could not be convinced, even after the offer was repeated.
Frustrated with the process, Matt found another contractor, one who listened to his wants and needs. The deal was signed, the patio was installed. While a patio is hardly a repeat purchase commodity for most customers - because of the quality of the work and product, and because the contractor was attentive to the customer’s wants and needs - he ultimately had five more sales in the same neighborhood. When neighbors learned of Matt’s positive experience and saw the finished product, they arranged to have patios installed, too.
Tip #2: Don’t begin the sales process with what you think the customer wants.
Eliminate your preconceived ideas about the client’s needs, as difficult as it may be. Of course you must do your research and learn about marketplace trends, however, nothing is more important than listening and I mean listening ‘hard’! Really dig in to determine if there is a difference between what the customer wants and what you think they want. This is important no matter how well you know your business, or how long you have been in this position. It is okay to suggest another feature or a suggestion, but if it is of no value to the customer, hear them, and respond accordingly.
- Do you really ‘like’ your customers?
You can buy cheese and meat anywhere. However, there is a place that my wife and I frequent in Wisconsin that is a high quality Italian delicatessen where we always go to buy our meat and cheese. They are more expensive and a little out of our way. So, why would we regularly shop at this deli? They like us. At least, that is how we feel when we walk in.
We are greeted, by name, in the owner’s enthusiastic Italian manner (shouting over the counter), then they ask about me, my family, and my business. They do this for every customer. They remember my name, my wife’s name and they pick up where we left off, at the last visit. Every customer (and we continually witness this) is greeted in this same way. Nowadays, many retail outlets barely know their customers, can’t seem to remember their names, nor do they seem to care. How has this deli set themselves apart? They are more expensive and are located out of the way, however, they like their customers and show it, each and every time. Of course, this individual attention is in addition to, not in place of, the high quality service and products they offer.
Even if you can’t compete on price, you can set yourself apart on likeability. If asked, how many of your customers would say that you like them? Do your customers feel that you like them? Do you know their names, their spouse’s or kid’s names? Do you know how their business is doing? Do you know what they like to do in their free time? Where they like to vacation? How do you show this? List your actions that show this emotion.
List actions that could show this? Start today to set yourself apart!
Frank Bucaro is an author, speaker and consultant who specializes in the benefits of ethics for business growth and personal success. Using a distinctive blend of humor and enthusiasm, Frank works to integrate ethical standards with solid business practices. His clients range from Fortune 500 companies to associations to small businesses. Frank’s latest book, "Trust Me! Insights Into Ethical Leadership," highlights the unique role of ethics in leadership today.
For more information, www.frankbucaro.com or call 800-784-4476.
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Posted by Michelle Smith/Director of Knowledge Services
Wed, 13 Jun 2007 20:15:00 GMT
By Payam Zamani
RISMEDIA, June 13, 2007-If you’re an agent or broker who purchases leads online, or you’re just thinking about it, a variety of reasons may have you questioning your investment, or even if you should make the investment. What sort of return can I expect? How good are the leads? When will I close my first sale? What if I spend all that money and nothing happens?
Purchasing online leads is simply another form of marketing-but with a trackable return on investment (ROI). Other forms of marketing, while having been around for a long time, do not offer reliable, predictable and typically repeatable results. For instance, every time you buy a full-page magazine ad, you are left to wonder-did anyone see my ad, and if they did, were they interested in what I have to sell? Am I getting a return on my investment?
Clearly, this is not the case with leads purchased online. For a moment assume that you spend $50 per lead acquired from an online service. Even if nine out of 10 leads that you purchase turn out to be a waste of time the chances are the one that engages with you, and ultimately closes a deal, will earn you enough commissions to pay for the $500 you spent on acquiring 10 leads.
Here’s a good way to look at it: let’s assume you are currently selling 10 homes per year. Do you have the necessary time and/or desire to engage in 10 additional transactions? If so, is there any reliable and cost-effective way that you can get there? I would argue that acquiring leads online is the only reliable, profitable and completely achievable way to get there. Before you sign up with any of the online firms-consider the following:
- Adjust your expectations-The majority of the leads will not be intentful enough and/ or ready to complete a transaction within the next 12 months.
- Understand the percentages-You cannot and should never compare these to old-fashioned referrals. Unlike a personal referral, no more than 5-15% of these leads will be worthwhile.
- Don’t be discouraged-All you need is one out of the 10 to 20 leads that you buy to pan out in order for you to realize a staggering ROI.
- Be patient-The same way that you can’t lose 50 pounds in two weeks-you can’t join a program and expect success in two weeks. You may need to purchase at least 10 leads per month for six months before you see your first transaction. You need to create a sales pipeline. There is no fast and easy way to get there.
- Go get the client-According to the California Association of Realtors, 67% of Internet buyers selected their agent because he/she was the first to respond to their inquiry or was the most responsive.
The bottom line: Consumers are going online. Everyday, a higher percentage of real estate transactions will shift to consumers who start their research on the Internet. Do you want to learn how to work with these consumers and profit from building a relationship with them or do you want to ignore them because it does not fit your traditional frame of reference.
You certainly can do things the old-fashioned way but I guarantee you that you will miss opportunities. No ifs, ands or buts about it. The consumers are online-where do you want to be?
Internet lead-generation service. These services provide one of the easiest ways to tap the power of the Internet for leads without having to market extensively.
By embracing this new technology, you can capitalize on a host of new opportunities. Resist change, and you’re likely to become technology’s latest casualty. RE
Payam Zamani is founder and CEO of Reply.com. For more information, please visit www.reply.com.
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Posted by Michelle Smith/Director of Knowledge Services
Thu, 31 May 2007 12:19:00 GMT
By Robin Morgan
RISMEDIA, May 31, 2007-The need to differentiate one’s product or service is always greater when business is sluggish or when the amount of competition surpasses the demand for the product or service. This holds true in any industry, but nowhere is it more dead-on than in the real estate market. Add to this one of the longest customer cycles of any industry, and all of a sudden the need to stand out becomes the center of the universe for a real estate agent.
So, when the time comes to sell, why should anyone pick you? These days, techno-savvy real estate agents are differentiating themselves by adding individual property Web sites to their Internet marketing toolkit. Why wouldn’t they? With budgets tight and competition fierce, creating new client-focused marketing without spending hundreds of dollars is not just a necessity-it has become a survival skill.
With eighty percent of all home buyers searching online, they are looking for more information than ever before. We know that the most important thing that a potential buyer wants to see is photographs, followed closely by detailed property information. Individual property Web sites allow you to provide exactly what these buyers are looking for.
The real estate market is embracing the concept at a dizzying pace. Companies like AgencyLogic, one provider of individual property Web sites, has recently seen sales growth hit triple digits as agents nationwide sharpen their technological edge, the company reports.
Here are five key reasons why the nation’s top producers are creating Web sites for every property they list:
1. Win More Listings: Impress your sellers by creating a showcase property Web site that is 100% dedicated to their property and will be available to a worldwide audience 24 hours a day, seven days a week with no competition with other listings to distract the buyer. Sellers want to know that their property will stand out. By presenting them with a complete Web site, they will feel like your number one client. Select a provider that allows you to build and e-mail the Web sites to your prospects before you purchase them for a completely risk-free way to win your next listing.
2. Attract Buyers with Unlimited Content: These Web sites can contain the richest source of information about a single property. Choose a provider that allows you to create custom links to community information and lets you upload documents and disclosures (preferably with adjustable levels of accessibility for secure storage). Many allow you to easily incorporate other great marketing tools like blogs, podcasts and even video to further showcase the property with multimedia.
3. Expand Your Audience: Single property Web sites enable you to be remarkable and make it easy for your clients to tell others about you. You can be sure that if you create a complete Web site for your sellers, they will spread the word about you and your unique marketing plan. The Web site is easy for them to forward to their friends and family, and each time, your contact information will be seen as well as links back to your main Web site.
4. More Eyes on Your Listings: Choose a provider that will submit your listings free of charge to the most popular real estate search portals and you will instantly increase your listing’s visibility online. Select a provider that is an approved vendor with Realtor.com and offers a non-branded version to use with most MLS organizations so you can use your Web site as a virtual tour link.
5. Single Property Web sites Pay for Themselves: In your print ads, substitute expensive descriptive text with the Website address, e.g., www.123AnySt.com, and you will save far more than the cost of your single property Website in the first ad!
For most agents, this isn’t your first listing, and it certainly won’t be your last. However, your prospective client doesn’t focus on what you’ve done before, or what you’ll be doing tomorrow. All they care about is getting their home sold. That’s why this innovative attention to the seller’s only detail is so valuable.
Robin Morgan is the marketing director for AgencyLogic PowerSites. For more tools and information about single property Web sites, visit www.agencylogic.com.
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Posted by Michelle Smith/Director of Knowledge Services
Wed, 30 May 2007 12:03:00 GMT
By Bill Miles
RISMEDIA, May 30, 2007-Develop an expertise. Become known for something. Own a niche.
No matter how it is phrased, this concept, ‘niche marketing,’ is the most effective real estate marketing strategy used by real estate agents today. With over 1 million real estate agents (in addition to thousands of brokers, investors and mortgage companies) competing fiercely with mountains of marketing material, the only way to break through and be heard by your target consumer is to develop a niche where you clearly stand out.
While there are thousands of viable niches to pursue, the classic, time-tested niche is a neighborhood. Every real estate professional lives in one and has an equal opportunity to become its expert. Neighborhoods are easy to find, and relevant addresses and homeowners can be quickly identified. Additionally, marketing to this niche does not have to be costly because you can easily walk the neighborhood or post information in a central location.
So, how do you begin executing on this strategy? First, identify your target area. Second, become educated in all matters relevant to the target audience. Third, constantly deliver value to your target audience, and soon you will have them seeking you out.
Assuming you have identified your target market, what does it take to be a neighborhood expert?
Here are 10 key things to know:
1. Know the community leaders - network! Make an extra effort to meet the HOA board, school principals, local fire and police chiefs, local merchants, post office employees or town hall employees.
2. Know the local real estate market - Know every home in the neighborhood, including when it was built, who built it, when it was last sold, for how much and who lives there now. Know as much as you can about all of the recent real estate transactions in the neighborhood. Track the listings and home sales, be able to easily reference them and know the area real estate trends.
3. Know the schools - Know the names of all the schools (public, private and parochial), their boundaries, the principals and teachers, the strengths and challenges of each school, their rankings and teacher to student ratios. Attend PTO or school board meetings to meet the leaders and parents. Also, keep a list of child-care options and visit them yearly.
4. Know the local amenities - Where are the parks? Is there a great dog park? Is there a community pool or recreation center? What sports leagues are available? Is there a concert series or town event? When is the local garage sale? When is trash day?
5. Know the local businesses - Meet local business owners, including owners of the nearest market, dry cleaner, diner, movie theater, bookstore and coffee shop. Offer to include them in your marketing efforts by adding them to your Web site or to a community book you distribute. Even offer to distribute a coupon that would be valuable to your target audience through your business or on your neighborhood Web site. In turn, ask them to promote the site in their store. Visit the Better Business Bureau and meet local newspaper editors.
6. Know about clubs, associations and churches - Become familiar with the Lion’s club, Boy/Girl Scouts and local churches. Meet the local sports clubs (youth soccer, swim team and little league). Understand their offerings and ask about other clubs.
7. Know about public works issues - Read the local paper, talk to employees at town hall and attend key political meetings.
8. Find out about any neighborhood traditions - Know if and when the neighborhood participates in block parties, garage sales or community center activities.
9. HOA meetings - If the neighborhood has a homeowner’s association, attend a few meetings and let them see you are interested, even if you don’t live in the neighborhood. Keep a contact list and the key documents of the HOA for your seller or buyer’s reference.
10. Know the local job market - Know the key employers and the overall status of the job market. Know accurate drive times to major metropolitan areas and key destinations.
As you meet the local leaders, school principals and local merchants, keep their respective business cards for your listing and buyer presentations. Show potential clients your notes from the HOA meetings. Impress prospects with your intimate knowledge of the neighborhood and extensive relationships with community leaders.
Finally, be sure to directly market to the neighborhood and walk it at least four times a year. Become informed. Making this effort will give you a huge advantage over every other real estate agent attempting to do business in this neighborhood.
"For generations, real estate professionals have been building their businesses by focusing on a neighborhood, developing their knowledge of the area and letting everyone know about it. Becoming a trusted resource in this manner is a time-tested winning strategy," explains Michael Russer, Mr. Internet®.
These 10 points of knowledge are key because they tie back to consumer value, establish your expertise (particularly with respect to real estate), and easily convert into marketing messages. Neighborhood marketing is easily manageable and an effective strategy that is becoming more and more critical for real estate professionals in today’s market.
To further understand the benefits of niche marketing, read Niche Marketing Is Key For Real Estate Agents (http://www.rismedia.com/wp/2007-03-15/niche-marketing-is-key-for-real-estate-agents/) and Determining a Niche Market Is As Easy As 1, 2, 3 (http://www.rismedia.com/wp/2007-04-14/21456/).
Bill Miles is EVP of Connecting Neighbors, a division of Reply! Inc. Contact Bill at bmiles@connectingneighbors.com.
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Posted by Michelle Smith/Director of Knowledge Services
Wed, 30 May 2007 12:03:00 GMT
By Bill Miles
RISMEDIA, May 30, 2007-Develop an expertise. Become known for something. Own a niche.
No matter how it is phrased, this concept, ‘niche marketing,’ is the most effective real estate marketing strategy used by real estate agents today. With over 1 million real estate agents (in addition to thousands of brokers, investors and mortgage companies) competing fiercely with mountains of marketing material, the only way to break through and be heard by your target consumer is to develop a niche where you clearly stand out.
While there are thousands of viable niches to pursue, the classic, time-tested niche is a neighborhood. Every real estate professional lives in one and has an equal opportunity to become its expert. Neighborhoods are easy to find, and relevant addresses and homeowners can be quickly identified. Additionally, marketing to this niche does not have to be costly because you can easily walk the neighborhood or post information in a central location.
So, how do you begin executing on this strategy? First, identify your target area. Second, become educated in all matters relevant to the target audience. Third, constantly deliver value to your target audience, and soon you will have them seeking you out.
Assuming you have identified your target market, what does it take to be a neighborhood expert?
Here are 10 key things to know:
1. Know the community leaders - network! Make an extra effort to meet the HOA board, school principals, local fire and police chiefs, local merchants, post office employees or town hall employees.
2. Know the local real estate market - Know every home in the neighborhood, including when it was built, who built it, when it was last sold, for how much and who lives there now. Know as much as you can about all of the recent real estate transactions in the neighborhood. Track the listings and home sales, be able to easily reference them and know the area real estate trends.
3. Know the schools - Know the names of all the schools (public, private and parochial), their boundaries, the principals and teachers, the strengths and challenges of each school, their rankings and teacher to student ratios. Attend PTO or school board meetings to meet the leaders and parents. Also, keep a list of child-care options and visit them yearly.
4. Know the local amenities - Where are the parks? Is there a great dog park? Is there a community pool or recreation center? What sports leagues are available? Is there a concert series or town event? When is the local garage sale? When is trash day?
5. Know the local businesses - Meet local business owners, including owners of the nearest market, dry cleaner, diner, movie theater, bookstore and coffee shop. Offer to include them in your marketing efforts by adding them to your Web site or to a community book you distribute. Even offer to distribute a coupon that would be valuable to your target audience through your business or on your neighborhood Web site. In turn, ask them to promote the site in their store. Visit the Better Business Bureau and meet local newspaper editors.
6. Know about clubs, associations and churches - Become familiar with the Lion’s club, Boy/Girl Scouts and local churches. Meet the local sports clubs (youth soccer, swim team and little league). Understand their offerings and ask about other clubs.
7. Know about public works issues - Read the local paper, talk to employees at town hall and attend key political meetings.
8. Find out about any neighborhood traditions - Know if and when the neighborhood participates in block parties, garage sales or community center activities.
9. HOA meetings - If the neighborhood has a homeowner’s association, attend a few meetings and let them see you are interested, even if you don’t live in the neighborhood. Keep a contact list and the key documents of the HOA for your seller or buyer’s reference.
10. Know the local job market - Know the key employers and the overall status of the job market. Know accurate drive times to major metropolitan areas and key destinations.
As you meet the local leaders, school principals and local merchants, keep their respective business cards for your listing and buyer presentations. Show potential clients your notes from the HOA meetings. Impress prospects with your intimate knowledge of the neighborhood and extensive relationships with community leaders.
Finally, be sure to directly market to the neighborhood and walk it at least four times a year. Become informed. Making this effort will give you a huge advantage over every other real estate agent attempting to do business in this neighborhood.
"For generations, real estate professionals have been building their businesses by focusing on a neighborhood, developing their knowledge of the area and letting everyone know about it. Becoming a trusted resource in this manner is a time-tested winning strategy," explains Michael Russer, Mr. Internet®.
These 10 points of knowledge are key because they tie back to consumer value, establish your expertise (particularly with respect to real estate), and easily convert into marketing messages. Neighborhood marketing is easily manageable and an effective strategy that is becoming more and more critical for real estate professionals in today’s market.
To further understand the benefits of niche marketing, read Niche Marketing Is Key For Real Estate Agents (http://www.rismedia.com/wp/2007-03-15/niche-marketing-is-key-for-real-estate-agents/) and Determining a Niche Market Is As Easy As 1, 2, 3 (http://www.rismedia.com/wp/2007-04-14/21456/).
Bill Miles is EVP of Connecting Neighbors, a division of Reply! Inc. Contact Bill at bmiles@connectingneighbors.com.
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