Why 90% of Your Marketing Budget Feels Wasted (And Why That’s Okay)
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What are the common misconceptions about marketing?
What is up? What is up everybody at the Science of Flipping family? I am excited about this episode because it is a solo episode where I get to basically teach you some tactics, systems, philosophies, and today is going to be more about the philosophy. Most people in our space of real estate investing, they think of marketing as a cost and not an investment. So we're going to talk about all things marketing, how to look at it, how to look at the ROI, how to really strategically plan for the money to be made. All things related to marketing and revenue is what we are going to talk about on this episode. Now I have done this business for 18 years and I have spent tens and tens of millions of dollars on marketing over those almost two decades.
How should you view marketing in real estate?
So when I tell you the things you're going to hear in this episode, write them down. I have the wisdom to have gone through the experiences and not everyone can say that. So I want to make sure you understand this is not just theory. I have done this and these are going to be data driven results that I have found in my own business so that you could look at how you are marketing and the money you are spending for marketing in your business. Now, I'm gonna stop here and start to dive into all the different verticals, right? There are a lot of different verticals that you could choose.
What are the different marketing verticals available?
And the first thing I'm gonna talk to you about in terms of verticals and how you can be marketing is there is not a right or wrong answer. There's no bad way of marketing, right? Because whether it is cold calling, TV ads, direct mail, PPC, PPL, email marketing, none of these are bad. Driving for dollars. I mean, there's a lot of different verticals, right? bandit signs, none of them are bad. You just likely have either heard misinformation or you have improper expectations on the result of the information. And so I'm not going to go vertical by vertical and rip off KPIs you should be expecting. What I want you to understand is what would be standard expectations for what you are doing. I just had a great conversation with one of my students about they have a pretty decent marketing spend, right? And they are leaning into almost rebranding their company or the marketing company because they think that they're not necessarily seeing the results because potentially the brand of their company.
And I told them it has less to do with the brand as much, meaning the name of the brand, as much as it has to do with the value that the person hears or sees in the messaging. You could call yourself, it doesn't matter LLC, but if the value that the person hears or sees as a function of that during the marketing, they will call you back, right?
How important is brand perception in marketing?
And so that is really important for you to understand. is the perception of the brand is critical. What are the value stack that you can offer your client, in our case, a seller more often than not, that can help them say, I want to call this company, this person. And so in that, you want to make sure that whatever marketing you are doing is offering value to the person receiving the marketing. Now, again, I want to maybe take a step back even further and help you guys understand the point of the marketing. There's marketing that is specific to just brand building. Some of you think that you need to have some really clever, genius company name for your branding. I don't personally agree with that.
I think if your company name or the name that you are branding and marketing with is straightforward, tells the story of what you're trying to do. Like I have a company, U S national home buyers. Is there any question where we buy homes? Is there any question what we do? None. We buy homes in the US, right? Like clear as day, US national home buyer. So I want you guys to realize like it doesn't have to be clever, witty, cute. Like you don't have to be named Apple, right? So like just don't overthink that part. But then also understand what is the marketing that you are trying to do Or what is the marketing you set out to do trying to do? For some of you, you might be considering making your marketing budget partly a brand play.
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Chapters
8 chapters
1
What are the common misconceptions about marketing?
0:00–0:48
2
How should you view marketing in real estate?
0:48–1:24
3
What are the different marketing verticals available?
1:24–3:12
4
How important is brand perception in marketing?
3:12–9:45
5
What are realistic expectations for marketing ROI?
9:45–15:40
6
Why is a portion of your budget allocated to branding?
15:40–18:54
7
What role does brand recognition play in marketing success?
18:54–24:39
8
How can you balance lead generation and brand building?
24:39–28:59
Speakers
1 identifiedMore from The MORE Show
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