With the start of 2018 upon us, now is a great time to start thinking about what your strategy will be for the coming months. As you’re already well aware, marketing comes in a wide variety of options and not every approach will yield the kind of results you’re after. If you’re in the process of developing your property management marketing plan for next year, here are a few important things to keep in mind.
Defining your target
Your marketing plan won’t even get off the ground if it’s not developed with your ideal client in mind. Determine who it is you’ll be trying to reach in 2018, whether it’s individuals, HOAs, commercial property owners, etc. Then, build your strategy for marketing your property management services to those niches most effectively. When defining your target audience, it’s important to consider lifetime customer value – that is, the potential revenue you’ll receive from that target market.
Determine a new client acquisition goal
For a marketing strategy to be effective, it has to have measurable targets. Otherwise, how will you be able to determine its success? Specify how many new property management clients you’d like to acquire over the next 12 months. Don’t be afraid to set the bar high, and make sure that once the goal is defined, everyone knows about it, especially your sales and marketing team.
Set your spend amount
How much money are you willing to spend to achieve the number of clients you’ve got as your goal? What kind of marketing budget are you working with? Knowing this well in advance is important, as it will enable you to strategically allocate your funds toward the most effective marketing avenues to get you the best possible results. Overspending on marketing defeats the purpose, so be clear and accurate about where you stand right from the start.
Evaluate location and competitive landscape
Where your property management company will be operating is an important thing to consider. For instance, acquiring new customers in a bustling city is much more expensive than doing so in a suburban area. This must be taken into consideration when calculating your marketing budget. You’ll also need to take a look at the competition. How aggressive are they marketing and what are they spending? Will you be able to compete with that, or are you better off taking a different approach?
Planning for the future is a critical component of running a profitable property management company. By defining your goals, assigning an accurate budget and being realistic about your expectations, you should be able to position your business right where you want it to be in 2018 and beyond.