7 Tips to Generate Sales When Your Marketing Budget Gets Slashed
There’s no denying that the Australian property market has corrected itself in some states.
In Victoria, developers have enjoyed years of good times, with blocks virtually selling themselves, apartment sales overseas in abundance and large profits banked. Today, we have to work harder to achieve sales success.
So, when the going gets tough, why has it become common practice to cut back on marketing spend when you should be reviewing and refining your marketing efforts, and spending just as much or even more on effective and engaging strategies? Here are 7 tips to help you focus and maximise your marketing efforts if your budget has been slashed:
Data is king and if you already have a healthy database, let’s start there.
I recently had a follow up call from a sales representative from one of Australia’s most prominent developers.
It went like this:
Him: “Hi, is that Judi?”
Me: “Yes, it is”
Him: “Hi Judi, it’s John here from Falling Waters.”
Me: “Hi John.”
Him: “I just wanted to know if you are still interested in being on our database?”
Him: “OK great thanks. Goodbye.”
In the words of Julia Roberts in Pretty Woman, “Big mistake. Huge!”
Marketers – it’s time to work with your sales team to devise a phone conversation that will get you customer data that provides valuable insights. Get the Sales Manager onboard with your strategy and agree to film each sales consultant making a call to a prospect.
Choose the best parts and put together some key points that they all have to cover.
Once you have the right insights, solve the problems that the customers are complaining about. Do this by producing educational content in a variety of formats for each segment, communicating the same message multiple times and across multiple channels, such as social media, website blogs, downloadable resources, videos, ebooks and more.
Stop sending offers and sales emails as the only form of communication. Remember: educate first, sell second. Behind the scenes, it takes six to eight touches before someone is ready to buy.
Increase the open rate of your emails by crafting a clever subject line. For example:
“How to prepare for your mortgage interview in 5 minutes”
“7 tips for saving for a deposit”
“Why buying land will save you money” (stamp duty savings)
Re-purpose existing content. There might be an economic report sitting on the development manager’s hard drive that could be turned into a blog, Slideshare or infographic. Alternatively, gather all the facades from homes in the display village and make it into a traffic generating canvas ad on Facebook.
Get your builder partners together and give them a refresher course on the benefits of buying at your project. Being top of mind is a great way to get referrals without paying for them.
Ensure your project is looking its best. Take a road trip with the project team and review the brand, directional, entry and on-site signage, the standard of landscaping, the cleanliness of your sales centre, the state of the project in general. Most importantly, ask yourself – would you buy there?
Having your marketing budget slashed can be soul destroying. But as property marketers we need to see it as a challenge and take a leadership position within our project team to deliver the results needed.