7 replies to this topic

[Chris Miller]

Nicole and I have talked about this a few times, and we were wondering what other people think. We have determined this to be true about most real estate agents:

- They are very cheap, and spend next to nothing each year on self promotion
- They don't seem to understand the power of branding themselves
- They cut corners by buying the cheapest services, and cheapest supplies for their businesses
- It's nearly impossible to get them to spend money on things that would clearly improve their bottom line
- They will literally dance around a dime to save a nickel. No time to market or promote themselves, but they will sit around all day and repair 100 business cards with the wrong phone number, just to save a few pennies.

So the more we talk about these real estate agents, the more we realize that a large number of distributors are this EXACT SAME WAY! These might be the only two groups in existence that are this bad! I've had conversations with suppliers who seem to think the same thing.

What do you think? Are we off our rockers? Do you go all out in your marketing, self promotion, and with buying the best tools possible for your business or do the points above describe you?

[jimknecht]

Chris, I expected you to blame this on ASI. :)

Since they now let in anyone, as you seem to think, I was wondering if they have been recruiting real estate agents? :D

[DBeavers]

I see one place for common ground in comparing real estate agents and promotional sales people. Distributors actually have more in common with Real Estate brokers - as the business owner/manager.

The MLS agents have the same property to sell to prospective clients, so they have to differentiate themselves to gain their business, when talking to the buyers. How they work with sellers may be somewhat different.

Every agent in the market has access to the same MLS listed properties, much like we have access to the same 3500+ supplier and 800K products.

So, marketing involves building a customer base - with whatever methods they choose.

Those who market and sell promos strictly online are less likely to use promos extensively in their business. They are more likely to invest time and money into their web presence, paying for hosting as well as online advertising, banner ads, pay-per-click, and other traffic building methods.

As someone who has an online presence, but generates over 90% of my business offline, I don't invest in online advertising, preferring the distribution of self-promo products to both clients and prospects.

I also invest in membership in two different Chambers of Commerce - 1 local and the other 70 miles distant in a secondary market I service in person.

In addition to my chamber memberships, I'm also a member of other business organizations, including my state's Chemical Industry Alliance.

And I actively participate in those and other organizations to keep myself in front of customers and prospects.

I invest time and money in calling on clients in person, both in SW Louisiana and SE Texas as far as Houston. And I hand out lots of self promos wherever I go.

In the past couple years in addition to my usual ink pens, magnetic phone indexes, Press 'n Stick calendars, scratch pads and Post-It® Notes, and shrimp peelers, I've also given out auto mugs and USB memory sticks. Over the years I've used desk top memo/mail holders, yardsticks, pocket screwdrivers, ceramic coffee mugs and coasters, peppermints & buttermints, wall calendars, 12 rulers, clipboards, Magnetic memo boards, Bible/bookmarks, MagniLens bookmarks, and some other things I can't recall at the moment.

At the Chamber Business card exchange events, both customers and non-customers know me for always having a handout for them. And not the "Throw me something, Mister" hand out. I exchange one of my self-promo 'business cards" for their paper business card.

I've taken clients to lunch, brought boxes of donuts to others.

I joined the Houston PPA regional chapter 3 or 4 years ago and have committed to attending as many of the monthly meetings as I can - even though it involves a 3 hour drive one-way. Due to the distance, and having clients in the Houston metro area, I make at least 10 overnight sales trips to Houston, taking in the various table top shows and Houston PPA meetings when possible.

I engaged in 'relationship-style' selling before I knew there was a name for it. That is probably one of the major reasons why I've retained so many of my clients from my first 10 years in business. (Even I can't retain clients whose business closed down.)

So, unlike your example real estate agents, I invest time, money, and effort in marketing my business. If I hadn't, I'd likely have more time to focus on the online side of the business.

Dennis

[ridety]

I think, regardless of the industry, there are those who simply don't value the idea of spending a reasonable amount to market their business.

And there are some who do.

I think many of those who don't value marketing don't understand the lifetime value of their customer.

The criteria they use for ROI is too short term. They base their opinion of effectiveness on the direct result. (i.e., I spent $1 on marketing, and got $2 of revenue. Since my margin is 25%, I profited only 50 cents. I wasted 50 cents.)

They fail to factor in the repeat business from the new customer. They fail to factor in the referrals that new customer may make to their business.

They basically don't have a good grasp on what they can afford to spend per lead...because they don't extend the math...

Incidentally, distributors, take note- based on industry numbers, we can theoretically afford to spend a significant amount to get a good lead.

Personally, I try to focus most of my marketing dollars on self promotions, memberships, supporting local causes, and direct mail to my existing customer base.... but I realize there are other proven models within our industry.

[twistededge]

IT might be a case of the shoemakers children going without shoes. We are so busy branding everyone else, we don't have time to brand ourselves. My husband is in the home repair business and his honey-do list is longer than my arm.

[AdmanGR]

The top realtors in our market are "very" visible - then there are the plethora of those that are busy earning $20K annual ( dime a dozen).

Yes, just like the ad specilaty business;)

[billyk]

DBeavers said:

I see one place for common ground in comparing real estate agents and promotional sales people. Distributors actually have more in common with Real Estate brokers - as the business owner/manager.

The MLS agents have the same property to sell to prospective clients, so they have to differentiate themselves to gain their business, when talking to the buyers. How they work with sellers may be somewhat different.

Every agent in the market has access to the same MLS listed properties, much like we have access to the same 3500+ supplier and 800K products.

So, marketing involves building a customer base - with whatever methods they choose.

Those who market and sell promos strictly online are less likely to use promos extensively in their business. They are more likely to invest time and money into their web presence, paying for hosting as well as online advertising, banner ads, pay-per-click, and other traffic building methods.

As someone who has an online presence, but generates over 90% of my business offline, I don't invest in online advertising, preferring the distribution of self-promo products to both clients and prospects.

I also invest in membership in two different Chambers of Commerce - 1 local and the other 70 miles distant in a secondary market I service in person.

In addition to my chamber memberships, I'm also a member of other business organizations, including my state's Chemical Industry Alliance.

And I actively participate in those and other organizations to keep myself in front of customers and prospects.

I invest time and money in calling on clients in person, both in SW Louisiana and SE Texas as far as Houston. And I hand out lots of self promos wherever I go.

In the past couple years in addition to my usual ink pens, magnetic phone indexes, Press 'n Stick calendars, scratch pads and Post-It® Notes, and shrimp peelers, I've also given out auto mugs and USB memory sticks. Over the years I've used desk top memo/mail holders, yardsticks, pocket screwdrivers, ceramic coffee mugs and coasters, peppermints & buttermints, wall calendars, 12 rulers, clipboards, Magnetic memo boards, Bible/bookmarks, MagniLens bookmarks, and some other things I can't recall at the moment.

At the Chamber Business card exchange events, both customers and non-customers know me for always having a handout for them. And not the "Throw me something, Mister" hand out. I exchange one of my self-promo 'business cards" for their paper business card.

I've taken clients to lunch, brought boxes of donuts to others.

I joined the Houston PPA regional chapter 3 or 4 years ago and have committed to attending as many of the monthly meetings as I can - even though it involves a 3 hour drive one-way. Due to the distance, and having clients in the Houston metro area, I make at least 10 overnight sales trips to Houston, taking in the various table top shows and Houston PPA meetings when possible.

I engaged in 'relationship-style' selling before I knew there was a name for it. That is probably one of the major reasons why I've retained so many of my clients from my first 10 years in business. (Even I can't retain clients whose business closed down.)

So, unlike your example real estate agents, I invest time, money, and effort in marketing my business. If I hadn't, I'd likely have more time to focus on the online side of the business.

Dennis

I too beleive in relationship style selling & "in the trenches", knock on doors marketing. A method not favored by the new generation of websters- thank god!! I personally carry 4 or 5 PSA's with me at all times in my car. Oh by the way- I stay away from real estate agents & brokers! billyk

[ProPrinters]

Chris, I don't know about anybody else but I spent more money on self promotion and mailing than ever.

1. Clegg Big Sound Button-two orders
2. Candy Jar Mailing
3 Cutter and Buck Pen from Leeds
4. Foam Building Blocks from Leeds- 3 orders
5. Pizza box with puzzles from Chest Inc.


I am sending stuff out constantly to prospects clients etc. I wish would save more money aside. I have one account that I got as a result who signed a year year contract that will pay for my stuff for a very long time.


In my prospecting program the people on my "hit list" get 3 mail drops from me so I am always on the lookout for new ideas to use.

You have to invest to get a return on your INVESTMENT.

I am glad there are those that don't it makes it a little easier for me.

If you are not walking the walk and just talking the talk, it will show. I tell my clients, I am doing for my personal business what I am asking you to do. If I wasn't doing it for myself how in the world could I ask you to do it.