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8x8 Plan Customization for Diverse Client Profiles
1. Theoretic Basis for Customizing 8x8 Plans:
- Communication Accommodation Theory: Individuals change verbal and non-verbal behavior during communication to adapt to or differentiate from others. In 8x8 plans, this means adjusting messages, tone, and channels to suit client preferences and communication style.
- Social Exchange Theory: Relationships develop based on cost-benefit analysis. When customizing 8x8 plans, the focus should be on providing tangible value❓ (information, advice, solutions) to increase relationship continuation.
- Principles of Persuasion: Persuasion can be enhanced through:
- Reciprocity: Providing something of value first increases the likelihood of a response to a later request.
- Scarcity: Emphasizing limited opportunities motivates action.
- Authority: Demonstrating expertise increases client trust.
- Commitment and Consistency: Obtaining small commitments increases long-term commitment.
- Social Proof: Showing that others have taken similar action reassures the client.
- Liking: building❓ a friendly relationship increases the likelihood of a response.
2. Types of Clients and Customizing 8x8 Plans:
- For Sale By Owners (FSBOs): Requires an educational❓, value-focused approach. The 8x8 plan should include educational materials on common selling mistakes and the advantages of a real estate agent.
- Example:
- Week 1: Call to schedule property preview and provide FSBO information package.
- Weeks 2-7: Send cards about “How to Avoid the Five Deadly FSBO Mistakes.” (Mistake #1: Improper Pricing, etc.).
- Week 8: Call to inquire if they are considering an agent if they can’t sell themselves.
- Example:
- Expired/Withdrawn Listings: Clients are in a sensitive situation and need a fast and effective approach. The 8x8 plan should focus on understanding why the property didn’t sell and offering concrete solutions for future success. This plan is implemented in days, not weeks.
- Example:
- Day 1: Deliver “Expired Listing” information package.
- Day 2: Call to emphasize expertise in selling properties that didn’t sell before.
- Day 3: Send card “Your home didn’t sell? Did your agent…?”
- Day 4: Follow-up call.
- Day 5: Send market statistics or special report.
- Days 6-8: Additional calls and marketing materials.
- Example:
- Potential Buyers: The 8x8 plan should build trust and demonstrate the value an agent can provide in the buying process. The plan should include information about market trends, real estate investment advice, and an offer to help find the perfect home.
- Example:
- Week 1: Send a handwritten thank you note with a market report and business card.
- Weeks 2-3: Send market statistics.
- Week 4: Call to inquire about questions they have about buying a home.
- Week 5: Send a free report.
- Week 6: Send advice on real estate investment or home maintenance.
- Week 7: Send a refrigerator magnet or notebook with your logo and contact information.
- Week 8: Follow-up call to confirm desire to be their agent for life.
- Example:
3. Implementing Customized 8x8 Plans:
- Define segments❓: Identify different segments of potential clients and determine their unique needs and expectations.
- Develop Messages: Develop messages tailored to each client segment, focusing on the benefits they can gain.
- Choose Channels: Select appropriate channels to reach each client segment, considering their preferences and information consumption patterns.
- Track and Analyze: Track the results of each 8x8 plan and analyze data to identify what is effective and what needs improvement.
4. Mathematical Formulas:
- conversion rate❓❓ (CR): Percentage of potential clients who become actual clients after going through the 8x8 plan.
CR = (Number of Actual Clients / Number of Potential Clients) * 100
- Return on Investment (ROI): Measures the profitability of investing time and money in an 8x8 plan.
ROI = (Net Profit / Investment Cost) * 100
- Customer Retention Rate (CRR): Percentage of customers who continue to do business after completing the 8x8 plan.
CRR = ((Number of Customers at End of Period - Number of New Customers Acquired During the Period) / Number of Customers at Beginning of Period) * 100
5. Practical Examples and Experiences:
- Case Study: A real estate agency implemented customized 8x8 plans for different client segments (first-time buyers, investors, sellers). Results showed a 25% increase in the conversion rate and a 15% increase in customer satisfaction.
- Experiment: Two different messages were tested in an 8x8 plan for potential buyers. The message that focused on personal benefits (finding the dream home) achieved a 30% higher response rate than the message that focused on the agency’s general advantages.
Chapter Summary
This section focuses on customizing 8x8 plans for different client types. The 8x8 plan is an eight-week communication strategy to build❓ relationships❓ with potential clients and convert them into long-term customers, by tailoring plans to the needs and characteristics of different client types.
Key points: The 8x8 plan should be flexible, adjusted to the marketer’s style and goals, including the frequency of communication (mail/calls) or duration (more than 8 weeks). Different versions of the 8x8 plan should target specific client categories for more relevant and effective messaging. Examples of client types needing custom 8x8 plans include For Sale By Owners (FSBO), requiring intensive and personal communication focused❓ on the realtor’s value❓ proposition and helping them avoid common mistakes; Expired/Withdrawn Listings, requiring rapid and frequent communication within the first two weeks focusing on solutions to previous selling problems; and Potential Buyers, needing a plan to educate them about the market and demonstrate the agency’s value, especially without a buyer representation agreement. Detailed notes on each client interaction should be recorded in a CRM system. After completing the 8x8 plan, clients should transition to a “33 Touch” plan for long-term relationship maintenance. Examples of customized 8x8 plans are provided for FSBOs and Expired/Withdrawn Listings, specifying appropriate messages❓ and calls for each week/day.
Conclusions: Customizing 8x8 plans is necessary to increase effectiveness and build strong relationships. Understanding client needs and motivations helps design more appealing communication plans. Using a CRM system to track interactions and record notes is crucial for maintaining organized and high-quality communication.
Implications: Customized 8x8 plans can increase conversion rates by providing more relevant and valuable messages. They can improve client relationships by demonstrating genuine interest and providing tailored solutions. Customized 8x8 plans can enhance the agency’s reputation by providing excellent customer service. Customized 8x8 plans can increase team efficiency and productivity by organizing communication.
