01 Nov Marketing Questions To Ask Yourself Before The End Of The Year
With a new year fast approaching, it’s essential to reflect on your growth over the past year and review critical areas of your business. This internal review will provide you with the answers you need to make necessary adjustments and improve your performance for the coming year. Skipping this review process can be detrimental to your business, as you will continue to make the same mistakes over and over again. Here, we’ve provided ten marketing questions to ask yourself now, allowing you to review your marketing strategy going forward and ensure that your business is ready for a prosperous and profitable new year.
1. What type of real estate and geographical areas do you specialize in? Was this the area your marketing campaign was targeting?
If it wasn’t, you might want to adjust your marketing campaign to target these areas.
2. What was the most popular way in which customers located you (for example, Google searches, referrals, Facebook, Instagram, Pinterest, flyers, etc.)? How much funding and time have you put into each category?
It is essential to constantly adjust your marketing campaign to focus on areas that provide the greatest results in terms of bringing new traffic to your business. There is no point in wasting funds and time on areas that are not attracting new customers. If you do not know how new customers found you, we strongly recommend asking yourself these questions in the new year.
3. What is the main thing preventing you from getting new listings or attracting new buyers?
It can be hard to view your own business in a negative light, but correcting ongoing issues that are detrimental to your business will improve your success in the long-run. Is your website not getting enough traffic due to poor SEO rankings? Are customers choosing other Realtors® over you? If so, why? Have you not spent enough time and effort into marketing?
4. What was the total value of commissions from new customers, and how much was from repeat customers?
Addressing this question is key to determining if your marketing strategy is working or not. If 90% of your commissions are coming from repeat customers, then you are failing at attracting new revenue sources.
5. How is your sales team performing?
It is vital to review the results of your staff. Those that are performing well should be rewarded, motivating them to continue to perform work to a high standard. It is equally important to monitor those that have been less productive lately, and provide support to them accordingly.
6. What is the total value of commissions from your top 10 clients? What is your strategy to retain these clients?
It is essential to focus on your main clients and keep them happy. Retention of your top 10 should be a main priority.
7. What design agency did you use this year? How do their prices and quality compare to other agencies?
A critical review of your graphic designers is vital to ensure you receive a high-quality product and reasonable prices. Graphic design material is critical to a successful marketing campaign.
8. What are your competitors’ strategies?
Knowing who your competitors are targeting and the strategies they are using is essential as it will allow you to adjust your own strategy accordingly to gain a competitive edge.
9. How much did you spend on marketing during the year, and what is your budget for next year?
Before implementing your new marketing strategy, you will need a budget. This budget allows you to allocate funds to different projects and prioritize some methods over others based on costs involved.
10. How much knowledge do you have about marketing?
Do you have enough knowledge about marketing to run a successful campaign yourself? There are a large number of marketing consultants that can help you increase your performance in the new year.
These ten ultra-important marketing questions to ask yourself provide a fantastic jumping-off point to improve your overall marketing strategy in the new year. Self-reflection is key to growth, and your company’s marketing should be at the heart of your business’ evolution in the coming year. These questions to ask yourself can help develop an effective marketing strategy going forward and give your real estate business the results it deserves in the new year.
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