Do you know what you really need to know to market your business effectively?  If you’re like most women in business, you started your business because you are in love with an idea or a product, and are firmly convinced that everybody else in the world will be just as enamored of the product or service as you are. 

After all, most of us believe that we are savvy buyers, and if we like something, then we believe that every other rational person in the world would like it, too.

Not so fast, Oprah.  That’s not how it works.

Women desiring more than ‘sales’ status, let’s call them: REALTOR® Entrepreneurs – do have some natural advantages in the real estate business.  First of all, real estate is a WOMAN FRIENDLY business.  More REALTORS® are women and most of the homes buying decisions are made by women.

Very often, you are excellent at the soft skills such as communication, connection, empathy, and persuasion.  Those skills are why many women are so successful in sales positions.  But those skills often aren’t enough make a business work in the long term (or even to get it off the ground).

As a marketing coach, I’ve worked with hundreds of women entrepreneurs, and I see the same mistakes being made over and over again by smart capable women who were very successful while working in the corporate world. 

So what’s keeping these women from being spectacularly successful as entrepreneurs?  As much as I hate to admit it, one very important thing standing between most women business owners and success is the failure to understand who really wants what we’re selling.

While this may come as a shock to some of you ladies, there is no product, service, or idea that has ever been developed for sale that appeals to everybody.

Not everybody wants to be thinner, richer, smarter, blonder, sexier, taller, better hydrated, fresher-smelling, chemically enhanced, or more physically fit than they already are.  Not everybody wants a six-step all-natural skin-care regimen, a five-piece poly-cotton wardrobe that can be packed in your handbag for those spontaneous weekend trips to Hawaii or funky costume jewelry ensembles to match every mood and outfit.  And not everybody wants to take advantage of once-in-a-lifetime-ground-floor opportunities, make money from their down-lines, or cash in on the latest investment trends.

The question we need to ask ourselves is this:  Who really wants what you’ve got, and who is ready, willing and able to pay for it?  And finally, who will be thrilled with it?

Once we can identify who is most likely to buy from us, and who is seeking our solution to a specific problem, then all we have to do is let that person know that we exist.  This is much easier, much cheaper, and much faster than trying to sell ourselves to someone who just plain isn’t already ready or willing to buy what we’re selling.

Now, that’s actually pretty good news!  Because marketing to everybody is time-consuming and expensive, and I have yet to meet a REALTOR® entrepreneur who is willing to spend much more than 15% of their annual revenues on marketing.

Of all the many reasons to focus on a specific target market as your ideal client, the one I like best is that really happy clients become your unpaid marketing department.  Seriously, though, by focusing on a certain type of problem/solution for a specific type of client, you enhance your problem-solving skills and get really familiar with that category of issues (and therefore more valuable in the eyes of that client).

Once you are crystal clear about who your clients really are, the key elements of your marketing plan such as your niche, “‘Sound Bites’” or self-introduction, and the tactics you need to use to reach your clients, become so much easier to identify, which in turn helps you determine what you need to do to market yourself effectively.  And of course, marketing to a smaller pool of prospects is easier, quicker, and less expensive than marketing to a huge pool. 

So unless you have an unlimited marketing budget and nothing but time, money, and energy to spend, my advice as your marketing coach is that you focus on the easiest, quickest, and least expensive sale – your ideal client.  That is how you leverage all your natural assets, and make a spectacular success of your business.

Carpe diem,

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The magazine, Fast Company, recently declared that Americans are becoming a nation of “free agents”. They described a generation of consultants and professionals, all selling their services for the length of a project or until a problem is solved. That brings tremendous freedom, and new responsibilities to run our careers as businesses! Unfortunately, many “free agents” have never run a profitable business. The following are my list of critical issues in creating a career/business that will remain profitable for years to come.

1. Customer Benefits. You and your customers must clearly understand the benefits that your services provide. What are the 5 benefits of working with you vs. anyone else in your market place? Can you communicate that clearly? Customers buy benefits.
2. Extra Value. Customers must receive more in value than you charge for your services. Most of us don’t want a “fair” exchange; we want a bargain, the sense that we got extra value for our money. Can you communicate the 5 extra your customers get from you?
3. Superb Service. This means attention to detail. Answering the phone on the first ring, providing an 800 number and 24-hour customer service numbers are examples. L.L. Bean has made a fortune with it’s “no questions” guarantee. Do you have a guarantee?
4. Know your Audience. Who are you 5 best customer types.
5. Location. In the old days, this meant the street address of your shop or store. Now it means getting your marketing messages into your customer’s hands when and where they are receptive. Be certain your website is located at the top of the search engines.
6. Convenience. Customers expect to shop at their convenience, to pay by credit card, to call an 800-number, and to have their questions answered correctly the first time. Make it easy to contact you!
7. Innovation. New is good, newer is better. Customers expect the benefits of the most modern technology. At a minimum, they expect the convenience of email, voice mail, and efax. If there is a faster, better, cheaper and more reliable way to do it, adopt cutting edge techniques before your competition does!
8. Reliability. Consumers assume they can rely on your services. If they are purchasing your time and expertise, they rely on your availability, your advice, your attention to detail, and your follow-through. Durability may be less important in a throwaway age, but consumers demand 100% reliability. Be there for them every single time!
9. Planning. Planning takes on strange twists when a computer chip “generation” lasts 6 months and a website may be “old” in 6 weeks. Planning is the ability to monitor, influence, and profit from change. Planning means having a mission statement and the flexibility to respond instantly when new information allows you to fulfill your mission more effectively. Planning means you control your destiny.
10. Communication. This means instant, 2-way communication between every level and every branch of an enterprise. It means communicating with your vendors and competitors, and working with your customers so they become your most important designers, researchers and customer service experts. It means an “open door” policy and flat organizational models. It means listening is more important than speaking. It means ideas rule the world.

Carpe diem,

If you’re a member of a networking organization, chances are that there is a wonderful opportunity for you to significantly raise your visibility in the group, and to become known, liked and trusted.

And chances are that you haven’t yet taken advantage of this opportunity.

That opportunity is the “Hi, My Name Is…” speech - the five or 10 minutes that each of us are granted upon enrollment in most organizations we join to address the group, introduce ourselves and explain our business in detail.

Although most groups offer these opportunities to their members, too many of us don’t take advantage of them, or if we do, we don’t always exploit the “Hi, My Name Is…” to its full potential, and that opportunity is wasted, for both us as speakers as well as our listening audience.

But it doesn’t have to be wasted time--as a matter of fact, a “Hi, My Name Is…” speech can be a terrific business builder for you if you play your cards right.

First, you need to understand that a “Hi, My Name Is…” speech is NOT a chance to tell your life story or even how you got into your business, however fascinating that may be.

Your time in the “Hi, My Name Is…” Moment is your best chance to explain how you help your clients, and to provide a demonstration of your expertise to your audience. It’s your chance to achieve (in under 10 minutes) what matters most in business: To become known, liked, and trusted (because we all know that people buy from people they know, like and trust).

But how can you do all that in 10 minutes or less? Here are two words to keep in mind regarding your “Hi, My Name Is…” speech: Value and preparation.

Value is the single most important aspect of your speech, and you can easily offer information of real value in just a few minutes. Share tips, advice, explain a procedure, anything! And don’t just TALK about your services and what you offer, SHOW your expertise. (You get bonus points for involving your audience!) 

Once you’ve established the value of the services you’re offering, preparation is key to a successful speech. Here are several things you can do to make the most of your time (before, during and after) in the “Hi, My Name Is…” while you have your audience’s undivided attention:

• Provide an interesting paragraph or two for the press release, newsletter, or other marketing that the organization does for the meeting.
• Bring your own introduction. If you have one prepared, you can be sure that it sets the right tone for your presentation, and it keeps your introducer from having to make something up about you at the last minute. A good introduction will help establish your credibility before you speak, and actually extend your time in front of the audience, since your introduction is all about YOU.
• Look the part. When I did my “Hi, My Name Is…” speech recently, I wanted to make a visual impact and say more about myself than my business suit alone could say, so I wore a big button that simply said “Attract More Clients! Ask Me How.”  (See how that “Sound Bite” keeps coming into the picture?)  Between the content I presented and my handy visual aids, my audience understood immediately what I am about, and what I have to offer.
• Take advantage of the speaker table or other special opportunities offered to “Hi, My Name Is…” speakers. If there’s room (and there usually is for “Hi, My Name Is…” speakers), arrange your table as you would for a trade show, decorating it with information of your real estate services, giveaways, your business cards, and so on.
• Have a sign-up sheet on your table. Remember that this “Hi, My Name Is…” speech is a prospecting activity, so give people a place to sign up for more resources or your newsletter. Here’s another tip: Add a “call me” section so that hot prospects can indicate their interest.
• Include a photo on your one-sheet. A one-sheet is a marketing page that tells who you are, lists a few credentials and/or your services, and quotes happy customers, and so on. But more than that, it is a relationship piece that helps your prospects get to know you. It doesn’t have to be fancy; you can print it out in color on a piece of letterhead, back it with cardboard, and set it up with a small tabletop easel for display.
• Save time in your speech for questions. Organize your speech to share information first, but remember to leave one or two minutes at the end for some quick questions from your audience.
• Invite your audience to sample your services, and/or visit your display table. After the questions, thank your audience, and then mention any special offers or incentives that you have for signing up on your mailing list or setting up a consultation.
• After your “Hi, My Name Is…” speech, you’ve still got work to do. You’ll need to follow up with the people who signed up on your list or requested consultations. Give them a call to set up meetings, and send them whatever materials you promised.
• Don’t forget to thank the person who introduced you, as well as the person who booked your speech.

Because the purpose of networking groups is to establish and develop business networks, one would think that “Hi, My Name Is…” speeches would be highly sought-after opportunities, but it has been my experience that people are often afraid to take center stage.

This fear must be caused by the fear of the “Hi, My Name Is…” itself; it can be intimidating to stand up in front of a group and talk about yourself. It may help reduce that fear to keep in mind that you’re not up there talking about yourself; you’re sharing information of interest and value with your peers.

So please, don’t let fear keep you from taking advantage of this wonderful opportunity to speak. Speaking is a great way to build your own confidence, as well as credibility in the eyes of others in your organization.

Carpe diem,

You can also click on one of the following links to have the mastery coaching blog with helpful life and business tidbits geared to real estate’s elite delivered to your computer,

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I had two really good agents enter into an extended slump.  Not all that uncommon in this market.  After talking to them at some length I discovered they were spending way to much time in their cushy home offices.  So I took them away – not literally of course, but figuratively.  I told them that they had to close the door and they weren’t allowed in for 30 days.  Instead I asked them to go to Starbucks with their laptops and do their work from there. 

Within 2 weeks both of them were back on the side of positive momentum with fresh leads and activity from folks they had run into at Starbucks. 

Biggest thing when in a slump is to go to the people.  We tend to hide and bury ourselves with busywork to feel busy instead of focusing on productivity. 

Carpe diem,

Networking is one of the best business building strategies I have ever used.  As a matter of fact, I built my business through networking, so I know that it works.  I was truly inspired by the great book: Never Eat Alone! (Ferranzzi) http://www.keithferrazzi.com/

Very often, people tell me that networking doesn’t work for them. I used to wonder why networking was so good to me, but so useless for some folks, until I realized that the people who say that networking doesn’t work for them simply didn’t understand the concept.

Networking is about connecting with others.  Those connections might turn into sales, or they may yield a steady stream of referrals, alliances, advice, support, friendship, or extra special care when working on your projects.  All of these are valuable, although few will ever happen at the first meeting, because networking is a process that takes time and effort, so if you’re going to network, you have to do it right.

Here are Five ‘Secrets’ you need to know about networking to make it a great strategy for your business:

1. Networking is more than face-time; it’s about really getting to know others.  And most people make one of two mistakes when they’re networking — doing too much, or too little.

Doing too much networking means attending meeting after meeting, but failing to really connect with other people in a meaningful way.  Just showing up at networking meetings isn’t enough; you need to spend some time getting to know other people, learning about their businesses, and understanding how (and who) to refer to those folks, just as you are hoping they will do for you.

Doing too little networking means joining groups but not attending meetings, or attending meetings but not interacting with others in the group.  Just being on a membership roster isn’t networking, and if you really want to network, you have to be prepared to step out of your shell and actually talk with other people.

2. Where you network matters.  When you network, you are looking to connect with more than just your prospects — you are looking for referral partners, potential alliance partners, and perhaps even colleagues with whom you can partner on large projects, or send prospects who are not a good fit with you.  That means that at least one of your networking meetings should be with colleagues, another with prospects, and third with non-competing businesses who serve the same client you do.

3. Not every person you meet is a prospect, but nearly every person you meet can be a valuable part of your network.  Just because someone isn’t a prospect right now doesn’t mean she won’t be in the future.  And once you have her trust, she’ll be able to refer others in her circle of influence to you.

4. It is your responsibility to mingle and connect.  Too many people go to networking events hoping to make connections, but self-consciousness or shyness keeps them cowering on the sidelines, so the meeting is a waste of time, effort, and money.  Everyone at the meeting is there for the same reason — to connect — so there is nothing to feel self-conscious about.  Approach someone who is standing alone, introduce yourself, and ask him what he does if you want to get a conversation going. Do this three times at every meeting you go to, and soon you will know everyone there, and will be comfortable (not to mention popular!).

5. People get bored or turned off really easily, so you need to be prepared to speak clearly, concisely, and positively about what you do.  If the first words out of your mouth when someone asks you what you do are along the lines of “well, it’s complicated,” or “it’s hard to explain,” then you need to figure out what you can say that will be memorable, interesting, and explain what you do and for whom in just a few words.

Carpe diem,

You can also click on one of the following links to have the mastery coaching blog with helpful life and business tidbits geared to real estate’s elite delivered to your computer,

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I am not an advocate for very many outside products or services.  One, there are millions of them out there and two, I am very, very picky as to which ones I endorse and put my name behind.  But every once in a while, something comes across that is so innovative and spectacular that I feel compelled to put it out there.

Everyone is familiar with the FICO score.  It’s a predictive analytic that helps financial institutions guess who will pay their bills and who is more likely to default.  Imagine if we could have something similar to help us market or prospect more effectively by only focusing on those who are most likely to move in the next 6 months.

Now we can.  There is a group who had 3 PhDs working 24 month to create the Predictive Analytic algorithms.  By leveraging over 255 different variables they can generate a prospecting list ranked from most likely to least likely to sell in next 6 months.

I was skeptical, but looking at the data and results it became evident that you could cut 80% of your marketing budget and accurately predict almost half of the sales increasing your return on investment 235%.  For those who were slightly more savvy, they multiplied their market reach  5x and used the same marketing dollars they already allocated and they were able to increase their business exponentially.

There is a cost to the service, but it is amazingly affordable and is exclusive to you.  As I talked to the guys, we brainstormed for a few minutes and found at least two dozen ways to make a list like this pay off in spades.  If you want more info, shoot me an email to chris@mastery-coaching.com and I’ll send you over an info packet.

Carpe diem,

You can also click on one of the following links to have the mastery coaching blog with helpful life and business tidbits geared to real estate’s elite delivered to your computer,

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It is very important to determine this before you start your marketing campaign.   Most agents jump into the business and start pumping out whatever the office says to – usually farming clubs, teams or groups are set-up to share the idea of the week and soon you find yourself shelling out gobs of postcards and such with coloring contests, quotes, or whatever else strikes you at the moment. 

I was reminded of this as a local broker and his office was out doing a pumpkin patch this last weekend.  I thought about the money spent, the message that that gave and I thought it was fitting.  Not to be cruel, but the office, with 50+ agents, does less business as a group than many of my coaching clients do with a single agent or a husband and wife team.  Maybe they should be in the pumpkin business; after all, it doesn’t seem they are getting very far in real estate. 

The challenge with this approach is that it doesn’t work very well.  Yes, the laws of numbers will work in your favor if you do anything, however to maximize your ROI you need to define who you want to work with and craft a message that speaks to their needs.   Your marketing message needs to make sense.  If you are working with young families, coloring contests are appropriate, but contextualize them for those you market to – send out a black and white flyer that will become your next postcard design, because you are going to send postcards anyway and you value the input of the local kids and want to showcase their accomplishment in the process. 

You are your message – what your marketing material is simply a reflection of you, good or bad.  Be careful about what you are saying.

Carpe diem,

You can also click on one of the following links to have the mastery coaching blog with helpful life and business tidbits geared to real estate’s elite delivered to your computer,

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More and more we as an industry have distilled ourselves into the lowest common denominator. You see it on the plethora of real estate agent’s websites – “we work with buyers and sellers, investors, renters, those thinking about any of the above now or might be thinking about any of them in the future”, in one or more cities, counties and God forbid, states.  In fact, truth be known, most of the agents you know would work with almost anyone who would fog a mirror. 

I understand why people do this, they come from a place of scarcity and fear.  I mean, what if I lost the opportunity to close one sale, another opportunity may never come along again.   Most of the industry has never figured out the lead generation and rainmaking piece of their real estate business so every prospect is treated like it is gold.  Trust me, your attitude changes when you go from getting the random one new lead a week to having a steady flow of 100 a week. 

The problem is this – if we never focus, we never really get good at anything.  We become a jack of all trades and a master of none.  Being an expert is much more than declaring yourself one on your latest postcard.  It is really knowing the community you live and work in.  Not only where the schools are, but who the teachers are.  Who local business owners are, where the best places are for a romantic dinner out.  When are the best community activities and what are the future plans at city hall.  Much less how much Mr. Steven’s house down the street sold for.

Establishing value and creating a business that is worth having demands we get to the point where we can outshine every other agent in our area in something and the only way to get good at one thing is to give up holding on to the many things. 

Carpe diem,

You can also click on one of the following links to have the mastery coaching blog with helpful life and business tidbits geared to real estate’s elite delivered to your computer,

To subscribe to the mastery coaching blog via email

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I had two really good agents enter into an extended slump.  Not all that uncommon over the last couple of years.  After talking to them at some length I discovered they were spending way to much time in their cushy home offices.  So I took them away – not literally of course, but figuratively.  I told them that they had to close the door and they weren’t allowed in for 30 days.  Instead I asked them to go to Starbucks with their laptops and do their work from there. 

Within 2 weeks both of them were back on the side of positive momentum with fresh leads and activity from folks they had run into at Starbucks. Within 4 they were back in the saddle, flush with new transactions and able to re-enter their home office with a renewed focus and perspective.

The biggest thing when you find yourself in a slump is to go to the people.  We tend to hide and bury ourselves with busywork to feel busy instead of focusing on productivity.

Carpe diem,

Are you busy or are you productive? 

These are two very important questions that have to do with activity.  The first is what most agents will tell their friends, their spouse and themselves when they evaluate how they are doing.  The second is the one that matters. 

How productive are you?  How much of your day and week is spend in dollar productive activity?  Not administrative things, not organizational things, not file management things – but those things that bring in dollars, those things that directly affect income. 

How much of your time is spent in the following areas -

Carpe diem,