How to bounce back from a direct mail campaign flop, and dominate your real estate market…
IN THIS EPISODE:
00:57 How to get money out of EVERY mailing campaign
01:44 The four factors for evaluating your direct mail campaign
02:26 The secret to dominating your real estate market
CLICK TO TWEET:
What To Do When Your Mailing Campaign Bombs
What do you do when you have a direct mail real estate campaign that bombs?
There are four things that you need to do when your mailing campaign doesn’t go as planned…
The first is to get your head straight
As soon as your competition sends out 10,000 post cards, and don’t get the return, they’re going to run for the hills. They think they have lost their investment. They think the sky is falling. Real estate investing is over. They’re gone. But if you’ve got your head straight, you know that this is a good thing. Because you’re going to be the only person left standing. I used to compete in a lot of triathlons. I used to look at adversity as the best thing. Because I knew the competition would crumble, and I’d be the only person left. So look at it as you’re going to be the only person standing. If you are consistent month after month after month after month you are the only one who is going to survive that up and down market. And mailing is always a 90-day cycle. We’ve seen that time and time and time again.
Two is to have your sales team be accountable for every single mailing campaign
If you don’t have a sales team – get one. It is critical. We share information back and forth. I let them know how much we spend on every campaign and how many pieces are going out. They are responsible and accountable to get money out of every single campaign. If it’s not from a wholesale deal, maybe it’s from a referral that we send to a real estate agent. Maybe they don’t get a deal from this campaign, but they dig back in the old campaigns, and scratch and claw, and find a way to turn in revenue every single week. Now you may have been that rabid dog in your own business. You’ve got to learn how to teach other people to be rabid dogs, and to value those leads just like you.
The third thing is to evaluate the actual mailing campaign itself
Evaluate the list. Maybe you need to freshen it up? Maybe you have to buy more highly targeted leads? Maybe you need to tweak that post card. Maybe you have to change the copy on that post card. Whatever you do; understand your numbers like nobody else. How much does it cost you to get a deal in your market? Maybe it’s $2,500. Maybe it’s $12,500. It doesn’t matter. What is the return on the investment? Because as soon as you know that, you can mail, mail, mail and mail. As long as you’re getting that return on investment and you teach your team to maximize every single marketing dollar.
The fourth is understanding that you need to dominate your market
This is from sales trainer Grant Cardone – “you must be light-years ahead of everybody else.” You’ve got to be better in every single facet. Are you sending better mail pieces? Are you mailing more consistently? Is your sales team better than everybody else? Do they handle objections with ease? Is that all documented? Are they showing up to your seller’s house with a logo on their shirt? Are they writing handwritten thank you cards? Everything that you’ve got to do to separate yourself, do it! Teach your team to do it. Make it a part of your culture and you’re going to have a seven-figure wholesaling business.
I hope I’ve inspired you to take a negative and turn it into a positive today. Rock it. Leave a comment. Let me know what you think…