Just because you’re continuing to market yourself doesn’t mean you should be wasteful or frivolous with your marketing dollars. You should be even more careful than usual to ensure each dollar is spent efficiently.
This means focusing on improving customer relationships. Timely responses to questions and market concerns, a weekly newsletter, and even thank-you messages go a long way in making your buyers and sellers feel appreciated.
Additionally, you should be consistent with your branding. People will be more attracted to you when they know what to expect and what sets you apart from others in your field.
Finally, be smart about research and analysis. Look at what works so you can keep it up and pay attention to what doesn’t work so you can change tactics.
Here are 3 Marketing Tips to Consider
1. Market to existing clients
Having a loyal customer base is your one true asset during a recession. It’s cheaper, simpler, and definitely more effective to market your services to your existing clientele rather than focusing your efforts to win new ones—and when we say cheaper, we mean a discrepancy of about 5-25 times.
Let your existing clients know you appreciate them by keeping in touch through appreciative emails, providing useful information about the real estate market, and so on. After all, they are the ones who make repeat purchases, retain your services, and best of all, recommend you to their friends and family.
2. Lean on consistent branding
There is no doubt that more effort needs to be put in during a recession. In the case of marketing, though, you may not actually need less effort, as there’s less “marketing noise“ for your marketing message to have to break through.
Be consistent with your branding and keep engaging with your audience. Developing a monthly plan of marketing strategies is essential for this, which may include any combination of blog posts, emails, social media posts, newsletters, and advertisements.
3. Empower and encourage your audience
Your real estate marketing plan should always be up to date, but more so when the market and economic conditions change.
A crucial step here is to ensure that your brand is sending a positive message—one that is fine-tuned to the sensitive mood of your clients and prospects and avoids any resentment. Your messaging should encourage and empower your audience, which will help to build a strong emotional bond.
In fact, an analysis of nearly 880 case studies published by the World Advertising Research Center found that advertising campaigns that focused on emotional engagement turned out to be more profitable than campaigns that prioritized transactional messages, such as special offers or discounted prices during a difficult time.
Next Week we will show you examples of companies that grew during a recession.