So, You Want It All. You Can With The Right Plan
When I was a real estate broker in NYC we had developed a business development system that worked like a charm and became the foundation of the NicheQuest Formula . It was very simple and worked for every agent who applied the system. But, tweak or deviate from the system and it stopped producing.
We found that targeting a market with 320 property owners was the optimal size. Then we catalogued every building with a photo of the building and owners contact information. Next step was to contact 8 owners per day and send out a newsletter once per month. It worked every time. In fact one year I grossed $2 millions dollars in commissions in a small, neighborhood market. The plan was very focused, based on specialization and getting good at 1 thing.
We discovered some amazing little tidbits that you can apply directly to your business marketing and specifically search engine optimization and your social media posts.
Let me explain.
- 8 Calls Per Day – Why so few? First we believed that systems work and deviating from the system didn’t. 8 calls per day became a huge amount of calls when you’re working on deals, the fun part of the business. Cold calling to your market was not so fun and easy to drop when you get busy. 8 calls per day was manageable. Those who tried to step it up to 10 calls day or more per day eventually failed. It was too much. Try running 5 miles a day. You’ll lose weight but probably quit. 1 mile a day is manageable. Your online plan is the same thing. Your online plan must be manageable or you’ll quit.
- Newsletters – 1 per month worked. I was always excited when I sent the newsletter out expecting a flood of leads. Most of the time I never got a direct lead from a newsletter mailing right away. One day, a property owner who never took my calls in 7 years called me out of the blue. When I met with them (one of the wealthiest families in NYC) they had every newsletter stacked in front of them. They were saving my newsletters! They called me because they believed I knew the market better than anyone else. That led to $25 Million in sales and many millions more from word of mouth. Systems work!!!
- My Market – 66th Street to 86th Street, Fifth Avenue to Lexington Avenue – I was constantly asked, Why do you work such a small market when you have the entire city?” One of the biggest mistakes I made or anyone in our agency was leaving our target market to work on a deal somewhere else. I remember getting hired by a bank to sell a foreclosed apartment building near the South Street Seaport, a mere 4 miles away downtown. My eyes were huge, a $7 Million dollar deal. Big Commission. All I saw were dollar signs. Problem was, it took 45 minutes to get to the building to show prospective buyers – Each Way! It took at least an hour to show the building and more time to discuss it afterwards. Plus it took 9 months to sell. I learned later, if I had just stayed in my market, I would have done more business in my target market. Systems work, deviating doesn’t. Tip. Avoid the quick buck. Stick with your plan
- Stick With Your Market – Another painful lesson that ultimately has benefited many of my clients was the time I took a retail store leasing assignment at the corner of 69th Street and Madison Avenue right next to a building I was marketing for sale (my business was selling buildings, not leasing stores). I figured, it’s right in my market and one of the best retail locations in NYC being part of the Westbury Hotel. The Westbury was extremely high end frequented by Celebrities, the Super Rich and International Dignitaries who wanted privacy. What a mistake. The Westbury wanted a retail tenant that complimented the prestige of the hotel. Almost immediately we were swamped with offers above the asking price. Problem was, they were not the right image. How do you explain that? Their brokers and the prospective tenants didn’t take kindly to be being turned down, that they didn’t measure up. In fact, I started getting panicked calls from the hotel manager (very proper and stuffy guy like Alfred in Batman) that these prospects and their brokers were storming into the hotel making a huge scene. They demanded that they see the manager and wouldn’t leave until they had a deal. (Who were these animals? They were from another market, a market I had never experienced) It was bad and did not end well for me. I lost the business and my firm was embarrassed, big time.
What does this have to do with internet marketing for local businesses? EVERYTHING.
I spend the majority of my time helping business owners develop a strategy to capture online leads that are aligned with their business. When most business owners see the kind of results they can achieve online, their eyes get big, they want it all. But it doesn’t work that way. You want 6 pack abs? You can’t get them in 1 day. Even if you can get 6 pack abs with 50 crunches a day for a year, will you stick with it?
Andrew Carnegie was quoted in Napolean Hills, “Think and Grow Rich” said anyone can amass $10 Million Dollars with the right plan.
Today, this is more true than anytime in history thanks to the internet. But you need a plan that is aligned with what your customers want, where are they and what are you capable of producing.
My suggestion with your online marketing, start small, then replicate and expand with what works. You may want to consider starting with the free NicheQuest Formula ebook and discover what works and how you can apply it to your business.
Remember, success online is easy and fast with the right plan and systems. I give you the plan and the systems and I’m constantly developing new ones.
Let me know how this helps or not and leave a comment or ask a question. And come back often