From Craig Fuhr, The Fix & Flip Artiste …
Do you really know what marketing is? I’m guessing not so much – so let me break it down for you. And trust me, once you get this, you’ll never forget it.
Marketing consists of 4 essential ingredients, miss any one of them and you’re just wasting time and money.
Essential Ingredient Number 1:
Audience – Who are you going to market to? This must be defined.
Who is your audience? What are their wants, needs or desires? In terms of real estate, your audience could be motivated sellers – but even that audience could be more narrowly defined:
- Homeowners in foreclosure
- Absentee homeowners with equity
- Landlords with code violations
- Personal representatives of estates
- Recently divorced homeowners, etc.
Once you define your audience, you must be certain that the audience is large enough to achieve the results you’re looking for. If you’re trying to generate 10 wholesales per month, you better not be marketing to an audience of 1,000 homeowners. 1,000 houses may seem like a lot – but remember, you’re looking for distressed homeowners. Only a small fraction of the 1,000 households will be distressed. Pick a big audience.