Re broker-5e

1. Unit 7: The Marketing Plan

2.  Marketing is a process that your company
follows to promote its competitive advantage
in the marketplace.
 What is a Marketing Plan?
• A marketing plan is a detailed written document of
actions necessary to achieve the goals described in
the marketing strategy.
• Why Create a Marketing Plan?
o A well-designed and executed marketing plan aligns
your marketing and sales resources effectively behind
your company brand and the personality that your
company is projecting into the marketplace.

3.  What is a Marketing Plan? (continued)
• Why Create a Marketing Plan?
o Provides a coherent marketing direction in an unpredictable
and sometimes chaotic market
o Assists the company in identifying competitive advantages
o Translates the company’s objectives into specific strategies
o Forces discipline on typically undisciplined actions
o Defines the target market
o Ensures consistent presentation of the company’s message
o Informs personnel of company’s direction
• What is the Plan’s Timeframe?
o Follows the calendar year
o Should be a long-term vision regarding future
accomplishments

4.  Elements of a Marketing Plan
• Mission Statement
o Narrows your focus and defines your business purpose
o Answers who, what, where, why, and how your business
operates
• Marketing Objectives
o Questions to ask when determining market objectives
 What is the total number of leads needed to reach projected
GCC?
 What percentage of leads results in a listing?
 What percentage of listings results in a closed sale?
 What is the number of closed transactions needed to
generate target GCC?
 What is the projected GCC?

5.  Elements of a Marketing Plan
• Marketing Objectives
o Setting Marketing Objectives: Objectives should be
“SMART” (specific, measurable, attainable, relevant,
and timely).
 Specific. The objective should state exactly what is to be
achieved.
 Measurable. The objective has to be quantifiable.
 Achievable. Making objectives achievable is an acquired
skill.
 Realistic. Do you have the resources to accomplish these
objectives?
 Timeframe. Objectives must have a time limit.

6.  Elements of a Marketing Plan (continued)
• Define the Target Market
o Two basic principles of marketing are (1) defining the target
audience, and (2) understanding how to reach that target
audience.
o A target market is the defined group of individuals for which
your company has a unique solution for their real estate
problems.
o A niche market consists of consumers with the same
specialized needs.
 Geographic Markets. A good example of a geographic target
market is the traditional farm area that brokers have
promoted for their agents for decades.
• Geographic markets are broad target markets and can be
further segmented.

7.  Elements of a Marketing Plan (continued)
• Define the Target Market
o Niche markets
 Property Type Markets. Markets are defined by the type of
property—single-family homes, condominiums, lofts,
vacation homes, golf course properties, etc.
 Demographic Markets. People are often grouped into
demographic markets by their shared experiences or
social and economic characteristics.
 Buyer/Seller Types. Examples of these might be first time
homebuyers, investors, pre-foreclosures, etc.
 Psychographic Markets. Psychographics are any attributes
relating to personality, values, attitudes, interests, or
lifestyles.

8.  Elements of a Marketing Plan (continued)
• Define the Target Market
o Selecting a Target Market
 You need to select a target market that complements your
interests and business goals and will respond to your unique
marketing message.
 The object of target marketing is to own that particular niche
market in the consumer’s mind.
o Create a Marketing Budget and Campaign
o Prepare a Marketing Budget
 A marketing budget is an allocation of resources for the
marketing strategies and tactics.
 Methods used to develop a marketing budget: percent of
projected gross closed commissions; percent of last years’
gross closed commissions; percent of company dollar;
seasonal allocation based on ebb and flow of sales; task
method; and per unit sales

9.  Create a Marketing Budget and Campaign (continued)
• Determine Promotional Strategies & Tactics
o Determine a Promotional Strategy
 A promotional strategy is the plan describing the best way to employ
the different promotional methods—advertising, direct marketing,
sales promotion, personal selling, and public relations.
 The combination of promotional methods is called the promotional
mix.
 Advertising is an impersonal form of mass communication promoting
a product or company that is paid for by the company.
 Direct marketing is sending promotional materials to individuals or
businesses using mail, telemarketing, or via email.
 Sales promotion refers to various short-term marketing activities
used to supplement traditional advertising.
 Personal selling is any form of direct communication (usually face-
to-face) between a salesperson and a customer.
 The purpose of public relations is to create goodwill toward your
company.

10.  Create a Marketing Budget and Campaign (continued)
• Determine Promotional Strategies & Tactics
o Determine Tactics
 A promotional strategy consists of a well thought-out series of action
steps (tactics) to make a marketing plan more effective.
o Build Your Brand Name
 A brand is a distinctive name, logo, image, service, or style.
 Characteristics of a Company’s Brand
• Reliability. Your company will be there to meet specific needs of its
customers and clients.
• Relevancy. Your company will supply the specific solutions to your
target market’s problems.
• Quality. Your company’s services will be perceived as a quality service.
• Valuable. Because your service, in all aspects, goes beyond the
consumer’s expectations, your fees will be perceived as worth the
price.

11.  Create a Marketing Budget and Campaign (continued)
• Determine Promotional Strategies & Tactics
o Build Your Brand Name
 Creating Your Company’s Marketing Collateral
• Marketing collateral, also called marketing pieces, refers to the printed
materials developed by the company used to promote its business and
services.
• Your business card is your most important marketing piece. Create a
good first impression by having it printed on quality card stock.
• Your company brochure should focus on the company’s unique value
proposition, its strengths, and commitment to your target market.
• Flyers are single sheets printed on both front and back and are used for
inexpensive distribution.
• Newsletters describing real estate trends, tax issues that affect real
estate values, and pertinent community events show your target
audience that you are an expert in their area.

12.  Create a Marketing Budget and Campaign (continued)
• Determine Promotional Strategies & Tactics
o Implementing the Campaign
 The action plan should prioritize the promotional strategies
and tactics based on the most important objectives to the
company.
 A milestone calendar shows an entire year’s worth of
marketing in advance, indicating what happens when, the
necessary steps, and who is responsible for taking those
steps.
o Measure Results
 The conversion ratio is the number of prospects receiving
marketing pieces compared to the number who complete a
transaction because of marketing.