The Four P’s of Marketing

Every good marketer is familiar with the aspects that make a product successful, and those that don’t.

Especially when you are launching a new product there are a lot of bugs to work out, before you get your marketing copy nailed down and your sales pitch solid.

In real estate the same can be said of houses that are just going up on the market, or those pesky listings that sit there for two-hundred days, while you watch in horror as the price falls every week.

In order to understand how your listings are being received by other realtors and by the homeowners that will be looking for them, you need to think like a marketer, and treat your real estate company and your listings as your own brand and products.

One of the most popular pieces of sage wisdom for marketers are the “Four P’s.”

These four topics are meant to help you easily and effortlessly pinpoint your exact needs as a marketer and make sure that you are making the most of your listings.

Being up-to-speed in these four areas will significantly improve your ability to move quickly and make sure that you aren’t wasting time on action items that aren’t moving the needle forward.

Product

Every home that you sell or purchase for your client has something that is unique about it.

In order to make a sale or to make a purchase you have to have a complete understanding of all of the value that is associated with that house.

Without an appreciation of the product, you can’t begin to market it effectively.

You will need to have a concrete comprehension of how your product differs from other products in your market.

For example, if you are selling a house with a beautiful wooden fence are you able to identify an accurate estimate for how this helps your product?

Can you give an updated price estimate based on this information?

Product is pretty straightforward it comes down to knowing what you have and being able to package that in a way that makes prospective clients want it.

Price

Everyone’s favorite topic–okay, probably not is “how much is this going to cost me?”

Price is always going to be a determining factor in any business deal, and it’s just part of playing ball.

However, price is the differentiator, it’s the catalyst for getting your brand better positioning, and making clients flock to you.

There’s a reason that a MacBook computer costs three times as much as a PC.

Apple cornered a different aspect of the market and their products command that much.

Does this mean that you have to only work with expensive properties in order to have success?

Absolutely not.

However, you have to sell more and have a better streamlined system for sales if your pricing is lower.

This will affect your profit margins, and it will definitely influence the type of client you attract.

Promotion

You can have a great listing, but if know one knows about it you’ll never get it off the market.

Promotion is all about advertising.

Essentially, it’s getting your product out in front of people who are ready to buy it.

As an agent you need to be incorporating video, SEO, home listing websites, open houses, and you’ll probably need to get on the horn a few times.

Promoting a house is one of the greatest aspects of being a realtor, because that’s the only way that you are going to get someone to scoop it up.

Without promotion, you have a product that sits on the market.

With promotion, you have an interested client and you are one step closer to cashing your commission check.

Placement

Location, location, location!

This aspect of marketing holds true for the geographical location, and extends itself to the way it’s being promoted as well.

If your clients are finding you on an infomercial chances are they are at a different caliber, than if they received your business card at a high-level networking event.

When you talk about place you talk about your own branding and placement as well.

Remember, first impressions matter and so does the zip code.

When you have a great product you have to have great product placement.

When a lot of people see your ad and associate it with success, it’s going to attract more business your way.

There’s a reason that Pepsi isn’t beating down every independent studio marketing firm begging for business–it’s a waste of their time.

Be the best in your market by positioning yourself in the best places possible.

Also, if you aren’t already, try to get at least a handful of listings in the nicest neighborhoods of your local market.

Filed under: Headlines by daniel federowicz
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