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8x8 Plan Customization for Diverse Customer Profiles
Customizing the 8x8 Plan for Different Customer Types
Effective real estate marketing requires understanding and tailoring marketing plans❓❓ to meet the needs and expectations of different types of clients. The 8x8 plan should be adapted to suit each customer segment for maximum effectiveness.
Theoretical Basis: Market Segmentation and Consumer Psychology
Customizing the 8x8 plan relies on:
- Market Segmentation: Dividing the market into homogeneous subgroups based on shared characteristics.
- Consumer Psychology: Understanding the psychological motivations driving consumer behavior.
- Adaptation Theory: Emphasizing the importance of adapting marketing messages to the cultural and social context of the client.
Formula for Marketing Effectiveness:
E = R x M x F
Where:
- E: Effectiveness
- R: Relevance❓❓ - how relevant the message is to the client’s needs.
- M: Message - the strength and appeal of the marketing message.
- F: Frequency - the number of times the client is contacted.
Increasing relevance (R) through customization will significantly increase the overall effectiveness (E) of the plan.
Types of Clients in the Real Estate Market and Customizing the 8x8 Plan for Each Type
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For Sale By Owner (FSBO):
- Goal: Convince them of the value of using a real estate agent.
- Challenge: They are often skeptical of the value of agents and prefer to save the sales commission.
- Custom 8x8 Plan:
- Week 1: Personal visit to present an “FSBO package” with information on common selling mistakes, local market statistics, and tips on how to display the home effectively.
- Weeks 2-7: Sending postcards highlighting the five fatal mistakes in selling a home yourself.
- Weeks 4 and 8: Follow-up phone calls focusing on the benefits that a real estate agent can bring in selling the home at a higher price and in less time.
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Practical Example: Offer a free Comparative Market Analysis (CMA) to accurately assess the price of the home.
2. Expired/Withdrawn Listings: -
Goal: Convince them to relist their property with the agent.
- Challenge: They are often frustrated by the failed selling experience.
- Custom 8x8 Plan (within 8-16 days):
- Day 1: Personal delivery of an “Expired Listings Package” including an analysis of the reasons for not selling, a customized marketing plan, and testimonials from satisfied customers.
- Day 2: Phone call to offer empathy and experience in selling difficult properties.
- Day 3-7: Sending postcards or emails highlighting different aspects of the marketing plan, such as professional photography, online marketing, and relationships with potential buyers.
- Day 4, 6, 8: Follow-up phone calls to provide market updates and offer innovative solutions for selling the property.
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Note: This plan should be quick and intense because many of these properties return to the market quickly.
3. Potential Buyers: -
Goal: Build trust and convince them to sign a buyer representation agreement.
- Challenge: They may be hesitant to commit to one agent or unsure of the value of their services.
- Custom 8x8 Plan:
- Week 1: Sending a handwritten thank you note with a local market report and business card.
- Week 2-3: Regularly sending local market statistics to establish expertise.
- Week 4: Follow-up phone call to inquire about their needs and expectations.
- Week 5-6: Sending free reports or tips on real estate investment or home maintenance.
- Week 7: Sending a practical souvenir such as a refrigerator magnet or notepad with the agent’s name, logo, and contact information.
- Week 8: Follow-up phone call to remind them of the value of the agent’s services and offer assistance in finding their dream home.
- Application Example: Offer a virtual tour of properties that match their interests.
Practical Application: Creating a Custom 8x8 Plan Using a Customer Relationship Management (CRM) System
- Identify Segments: Identify the types of clients you want to target.
- Design Messages: Craft customized marketing messages for each segment, focusing on their needs and expectations.
- Program the System: Enter the customized 8x8 plans❓❓ into your Customer Relationship Management (CRM) system.
- Automate Tasks: Assign the appropriate tasks to team members and set due dates for each task.
- Track Results: Monitor the performance of the customized 8x8 plans and make the necessary adjustments to improve their effectiveness.
Additional Considerations:
- Legal Compliance: Ensure that all marketing messages comply with local laws and regulations.
- Transparency: Be honest and transparent in all your dealings with clients.
- Respect: Respect the privacy of clients and avoid sending unwanted messages.
- Continuous Improvement: Analyze the results of the customized 8x8 plans and make the necessary adjustments to improve their effectiveness.
Conclusion:
Customizing the 8x8 plan for different types of clients is a necessary investment❓ for success in real estate marketing. By understanding the needs and expectations of each client segment and adapting marketing messages to meet those needs, real estate agents can build strong relationships with potential clients and increase their chances of closing deals.
Chapter Summary
The chapter focuses on the importance❓ of customizing the 8x8 marketing communication plan to suit different customer types in real estate. The 8x8 plan is a structured communication strategy to build strong relationships with potential client❓s over eight weeks through specific contact points.
Applying a uniform 8x8 plan to all clients may not be effective. different client❓ segments (FSBOs, expired/withdrawn listings, potential buyers) have different needs and expectations, requiring tailored messages and communication channels. Customizing the 8x8 plan increases the chances of attracting potential clients, building trust, and converting them into actual clients, by targeting clients with relevant and useful messages.
The chapter provides examples of customized 8x8 plans:
- FSBO: Focuses on providing added value to sellers trying to sell themselves by providing information on avoiding common mistakes. It includes phone calls, an FSBO envelope with information, and cards highlighting and how to avoid common mistakes.
- Expired/Withdrawn Listings: Targets sellers who failed to sell their properties through an agent. This plan is implemented quickly (8-16 days) due to the property’s potential for rapid relisting, emphasizing the marketer’s expertise in selling properties others couldn’t. It includes an “Expired Listings” envelope, frequent phone calls, and messages highlighting marketing capabilities.
- Potential Buyers: Aims to build relationships with potential buyers who haven’t signed a representation agreement. It focuses on providing valuable market information and free consulting services, including handwritten thank-you notes, market reports, and phone calls to inquire about needs and offer assistance.
The chapter emphasizes the importance of using a Customer Relationship Management (CMS) system to organize and track the implementation of customized 8x8 plans, to define tasks, assign them to team members, set reminders, and note client interactions. It encourages modifying the basic 8x8 plan to fit individual needs and local market conditions by adjusting contact frequency, plan duration, or message content.
Customizing the 8x8 plan is critical for effective marketing communication in real estate, with understanding client needs being the foundation of successful customization. A CMS helps organize and track customized 8x8 plans. Flexibility and adaptation are necessary❓ to ensure the plan’s suitability to market conditions and client needs.
Customized communication plans increase the chances of attracting potential clients and converting them into actual clients, improve client relationships by meeting individual needs, increase efficiency through CMS use, and achieve a competitive advantage by providing a better customer experience.
