Who Is Your Perfect Target Market?

target
Success in real estate sales involves constant evolution and adaptation to the ever changing market. Over the last 24 years I’ve been fortunate to have found success in a few different verticals within the real estate industry. Looking back I see a common series of steps that were taken to get to the point where the leads were coming in to my team at a steady pace and our sales cycle was even and profitable.

The first step is to determine your target market. This is really important. You cannot be everything to everybody. The more narrow your focus, the more accurate your marketing message will be for your targeted audience. You will have success in generating the right leads that will be seeking you out because you are a specialist in their particular need and you will have more sales as a result.

Here are some questions to help you determine a target market that could be a good fit for you.

1. Make a list of your top 10 favorite or most profitable clients from your past sales.

2. From the above group, identify those that have referred you.

3. From that even smaller group, find common demographic characteristics. (Neighborhood, city, age group, where you met them…)

4. Take some time now to understand the reasons that makes them ideal for you. Why were you your best when you were working with them?

5. Draw a fully developed biographical sketch to use as a marketing guide. Next you will develop a marketing plan to reach more people like these!

Create a spreadsheet for yourself as you go through this process. By identifying your ideal target clients based on your existing clients, you can build your strategy around this group.

What you’ll find by going through this process is that you will actually start saving money on your marketing. This is because you don’t have to waste money trying to be all things to all people. You can actually focus on a smaller, more focused group that produces better results. And best of all, they actually want your help.

Next time we will discuss how to be sure this group you are considering is a profitable target market.

Until Next Time, Happy Selling!

Posted on
Categories: Balance, Business Planning, Farming, Marketing, Prospecting, Sellers, Target Market
Disclosure of Material Connection: Some of the links in the post above are “affiliate links.” This means if you click on the link and purchase the item, I will receive an affiliate commission. Regardless, I only recommend products or services I use personally and believe will add value to my readers. I am disclosing this in accordance with the Federal Trade Commission’s 16 CFR, Part 255: “Guides Concerning the Use of Endorsements and Testimonials in Advertising.”