Before advertising a real estate investment business, a business owner must understand the components of advertising. Placing a newspaper ad, placing flyers, or using voicemail are all useful advertising methods; however, advertising will not be successful if a real estate entrepreneur does not target a suitable message with the correct medium in the target market.
The three main components of advertising, also known as the “three big letters,” are message, media and market. Let’s briefly summarize each component: the message consists of the words used in the advertisement; Mass media is a type of advertising; and the market is the target group for which the advertisement is intended. Now you can start brainstorming. By participating in a brainstorming session to define your message, medium, and market, you can do it yourself or involve other employees. The more minds there are, the better the flow of ideas becomes.
First, it evaluates the market you are trying to enter. To achieve a high level of ad success, narrow your market down. You need to make sure you are targeting potential motivated salespeople. You don’t have to think that a wider audience is better than a narrow target audience. On the contrary, it is much easier to form your message and choose the medium when you are targeting your market.
Once you’ve narrowed down your market, it’s time to frame your message. It can be anything from an “elevator speech” to a catchy phrase. Remember that people are literally bombarded with ads almost 100% of the time. This puts additional pressure on your message to appeal to motivated sellers. Focus your message on what your business can do for a motivated salesperson – how they will benefit from working with you.
Finally, choose the medium for your ad. This could be postcards, newspaper ads, TV spots, etc. A good place to start is to analyze what other investors are doing – where are they advertising? Analyze to what extent their choices have been successful or detrimental to their work. The results of your analysis can be the starting point for making a decision.
Once you’ve made a final decision on your market, message, and medium, make sure you have a system in place to track your ad success. Always return to your drawing table after evaluating the effectiveness of your ad. If your ad isn’t working to its fullest, ask yourself the following questions: Do I need to refine my message? Is this environment suitable for my market? Is my market too narrow or too wide?