The Number One Marketing Mistake

Wed, 22 Apr 2009 07:38:00 -0400

Do you know what the number one mistake most businesses make when the economy weakens and/or their business slows down? They cut back or cut out their marketing! How can any business expect to survive if they don't market that business? Often times they are even erroneously guided to this action by their own accountant! Is this happening to you?

Are you doing this with your real estate business?

Here's the problem with that. Your competition will still market and advertise, so whatever business is out there for the taking will most certainly go to the business who remains active with their marketing. People naturally assume a business is in good standing when they see their message consistently and throughout different mediums.

What's more important is that you give your marketing plan a good overhaul. Maybe there are some things you are spending your money on that aren't producing good results. Maybe you are using some old advertising methods which don't provide any tracking. Usually this type of advertising is only good for brand recognition. Think of it as a supplement... it supports other marketing methods, but is not a good stand-alone method to get your message out and bring the clients in.

Don't be foolish enough to stop marketing or you may find yourself completely out of business. If you need to make budget cuts, look over all your expenses and see what you can do without or with less of. When you get to your advertising budget, trim the fat. For example, if you're advertising in a phone book and you don't know what kind of results you're getting, or you don't think you're getting your money's worth, then simply keep a listing in there. Most people who use a phone book simply use it to look up your phone number, but already have your business name! Look to other areas that are more cost-effective and offer proven results, like the Internet. This is a medium more and more people of all ages and from all walks of life are turning to for information about everything, including finding local businesses. Don't let your ego keep a big, costly display ad in a print publication if it's not working for you. But don't let fear cause you to stop advertising altogether, because inevitably that will cause the very thing you fear the most!

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The Number One Marketing Mistake