Today’s marketing landscape is becoming more diverse by the day, with new strategies and innovative ideas springing up in a variety of areas. In order for your property management company to stay relevant, you must audit your marketing practices every so often. Doing so helps you to identify what’s working and what might be a waste of time, money and resources. To get you started, we’ve uncovered five common marketing mistakes that many businesses are making. If any of them look familiar, it’s time to make some changes. Let’s take a look.
Not following the 80/20 rule
The 80/20 rule, also known as the Pareto Principle, holds that 80% of the effect comes from 20% of the causes. This rule can and should also be applied to marketing. Whatever strategy you’re employing, whether it’s social media, content marketing, email or something else, 80% of your effort should be spent delivering value to your target audience. Only the remaining 20% should be spent on promotional activities. This approach helps to build trust, increase engagement and establish more meaningful relationships with your customers.
Devaluing retention marketing
Retention should be the foundation of your marketing strategy. Why? Because it’s much easier to sell your property management services to someone with whom you’ve already got an established relationship. It’s also much more profitable to sell to existing clientele. Once you’ve won over a customer, don’t stop marketing to him or her. Customer loyalty is a valuable commodity and one which will pay big dividends down the road, provided you nurture it.
Ignoring new channels
As mentioned above, new ways to market are emerging on an almost daily basis. Many marketers make the mistake of focusing solely on what they’re used to and ignoring the newer strategies. But just because something’s worked well in the past doesn’t mean it will continue to work well tomorrow. Likewise, the most successful property management companies make an effort to leverage every marketing channel that’s available to them. Adopting newer ways to reach your audience will enable your brand to evolve and remain strong through the changing landscape.
Using emails as a promotional tool
It’s surprising how many businesses today still use email solely as a tool for promoting their products or services. If you really want your email marketing efforts to generate results, you have to shift your mindset. Effective email marketing isn’t about selling. It’s about engagement and relationship building. Make your messages more about your audience than about your property management services and it’ll pay off in the long run. (Here are a few more tips on how to improve your email marketing success.)
Not taking the time to craft the right message
When it comes to marketing, it’s not only the channel that matters. It’s the message as well. If you’re not paying enough attention to the message you’re pushing out, you’re not going to get the results you’re hoping for. Regardless of whether you are drafting an email, creating ad copy, writing a blog post or updating your Facebook status, every word should convey your message in a way that is both clear and convincing.
The future of marketing is an exciting place, but only for those who are willing to adapt and evolve. If you want to find success in the digital age, you must avoid making the above mistakes and focus your efforts on building more meaningful customer experiences. That’s what will ultimately set your property management company apart.