This morning, bright and early, I attended a seminar in Winnipeg put on by Fortune Builders that a fellow investor had invited me to. The room was packed with likely 300 eager Winnipegers all excited to "learn to invest in Real Estate".
Fortune Builders was obviously an American company because the first thing I had to do upon arriving was sign a waiver and disclaimer so that I would not sue them for using my picture in future marketing. They also explicitly told me that the techniques shown did not indicate results (The USA's courts are jammed with meaningless litigation).
The man putting on the seminar was Jon Steingraber, originally from New Jersey. One thing I LOVE about American real estate investors is how competitive and cutting edge their marketing is. Canadian real estate investors (especially Winnipegers) are about 30 years behind in their marketing and when I see an American teach marketing, I listen and take as many notes as I can. Americans have a vast, savage, competitive market with 10 times the population of Canada; To survive, you have to be an exceptional marketer.
One concept that Jon shared with us was Frequency. Frequency is an advertising term that is used to describe the amount of "touches" or contacts you make to a prospective customer. For example, it usually takes 7 times the effort and marketing dollars to obtain a new customer. In contrast, working with an existing customer costs almost nothing in effort and dollars.
Many real estate investors use letter campaigns to target motivated sellers. Most investors, if they do a newsletter, mail campaign or even blog, will send out one "blast" of marketing and then quit. The first "blast" is very ineffective and converts almost no one. This is because no frequency has been built up.
However, if we took the same concept and reduced the amount of prospects, but sent them 4 timed "blasts" or letters in sequence, our conversion rates would climb with every "blast".
Why send 1000 letters out once when you can send 250 letters 4 times over a set period of time?
Frequency is extremely important in marketing, advertising and branding
Frequency is the difference between a top investor with profitable private opportunities and a mediocre investor struggling to make an average deal.
Frequency establishes yourself in your market and helps your visibility, which adds to your credibility, which increases your profitability.
High frequency investors and entrepreneurs have their fingers on the pulse of their market and get first chance at opportunities as they come through the private networks.
How can you increase your frequency in your market?
Here are 7 ideas to start increasing your frequency in your market.
1) Start a newsletter, monthly is a good place to start.
2) Attend as many networking meetings and clubs as possible.
3) Start a daily blog or weekly video blog. Syndicate as much as possible.
4) Frequently share content related to your message on social media channels.
5) Letter campaigns can be very effective if you have built good lists of qualified leads.
6) Look for opportunities to speak in front of groups of people. This only counts as one "touch" but will likely lead to more speaking opportunities. Speaking in front of groups is very high leverage and can build frequency and credibility instantly.
7) Promote other people through your channels, they will reciprocate. Give first, then receive.
Remember, if you are going to communicate with your audience, be consistent and develop a frequency. Don't start to communicate then drop off the face of the earth, that will hurt you because it will send your audience a mixed message. Make a frequency part of your marketing plan, figure out how many touches you will do over time and stick to it. Consistency and persistency always win, don't just be a flash in the pan.
Thanks for reading,
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