On this 211th episode of my Monday Morning Pep Talk, I will walk you through a process I came across randomly in 2013 that is a foolproof way to identify your marketing strengths. I continue to stress test it each year by looking for a better option but have yet to find it. The goal is to find 3 lead generation strategies that will garner your complete focus and drop new clients into your transaction processes (1=3) to grow the quality and quantity of your database.
During the reinvention of my life and business between 2008 and 2014, I became a voracious learner. One of my virtual mentors was Darren Hardy. Between 2007 and 2015, he was the publisher for Success Magazine and wrote a book named the Compound Effect, both of which became vital to my growth during that period of time. Success Magazine back then had a CD enclosed as part of the publication. (I know that I am dating myself). In the March 2013 episode of Success Magazine, Hardy interviewed Barbara Corcoran. Barbara's time with Shark Tank is well documented, but her story goes a lot farther back. In 1973 she founded the Corcoran Group, a real estate firm based in New York that became the city’s biggest residential realty when she sold it in 2001 to NRT/Realogy (now known as Anywhere). She told a story in that interview that I will never forget, sharing her response when her agents would come to her in a panic when their pipelines were low and ask how they should "increase their business". Note: As a leader/manager/coach, I get these questions all of the time, especially in October, November and December. She came up with a very simple and brilliant answer:
"Go back through your last 25 closings and track back to where those transactions originated. If it was a referral, keep going back until you find the point of origination and focus only on what you've done in the past that works for you.”
I heard this story and the lightbulb went on. Boom! A lot of the old school methods still work today but the advancements of technology, digital advertising and social media have changed the landscape of lead generation. The "Barbara Corcoran Method" as I've termed it within Take Flight is still an effective approach at identifying the "what.”
So here is your homework:
Go back over the last 25 transactions or the last 2 years and track (tick mark) where your transactions came from originally (point of origination). Pick the top 3, which I call the "3 Rocks of Marketing" and recommit to those areas that have become your strengths over the years. Become an expert and go all in. Some of your top lead generation strategies will include:
- Social Media/Brand Building
- Direct business off of listings (online leads, sign calls, PR)
- Open Houses
- Personal Sphere
- Referrals (Local and Out of Market)
- Geographic Farming (Direct Mail, Expired and Cancelled Listings)
- Online Lead Conversion (website marketing/lead purchase/digital marketing)
- Direct Mail/Vanity Marketing/Publishing
- Industry Networking/Volunteer work/ Charity boards
- Personal Networking (gyms, clubs, place of worship, being out in public, school, walking your dog)
Pro Tip: I think everyone needs a consistent social media/brand building strategy in today’s world if you want to compete.
Why do I call them your "3 Rocks of Marketing"? If you watched the video last week that I attached to my weekly email, you saw that Stephen Covey talks about the "Big Rocks" and how many people get focused on insignificant strategies that do not create a return for your time spent. Coupling this with my belief in "less is more,” I've settled in on the number 3. If you can go all in on 3 marketing strategies that will draw new buyers and sellers into the top of your sales funnel, you will be way ahead of the curve and your competition. The key is focused, consistent effort on the strategies that work for you.
My simple advice to you for your marketing and lead generation: Identify What Works and Execute.
