Quality marketing research can give any business an advantage over the competition because knowing your target audience – and how to reach them – is the best way to bring in new clients. But getting to know your target audience can be difficult if you don’t have access to large-scale, quality marketing research. The same is true if you have the data, but don’t know how to turn it into an actionable marketing plan. For this reason, business owners who have this information and analysis provided to them, like Real Property Management franchisees, will always have a distinct edge over the competition.
While there is a vast market of property owners across the U.S., only a small percentage of these owners would make a good candidate for your property management services. Gone are the days when business owners could take a “more is better” approach to reaching potential new clients. This is especially true when trying to reach clients who may not even be looking for you or the services you offer. In our current digital marketing era, offering a service as specific as residential property management requires that you understand who your target market is and, at the same time, that you understand how to tailor your message to get their attention. Rather than waste valuable time and money trying to cast a wide net with your marketing, studies have shown that the more effective approach is to use what you know to focus on reaching your ideal client.
When it comes to running a residential property management franchise, your ideal client is not the entire population of your service area. In fact, trying to go too broad with your marketing could result in a barrage of phone calls and service requests from individuals who, for one reason or another, will never become a client. For example, serious real estate investors who already own multiple single-family properties would be a much more likely candidate to immediately contract for your property management services than an individual who views owning rental homes as a hobby, rather than a business. The latter group is often composed of individuals who do not really understand the benefits of hiring a property management company, and who focus solely on cost without understanding or appreciating the value a professional manager can bring to their asset.
Creating a profile of who your ideal client is should be one of the first steps in planning a marketing campaign. This is where big research studies, such as those conducted by Real Property Management or its parent company, Neighborly, can be an invaluable resource for franchisees. A national study can give franchise owners more insight into the current state of the industry, as well as the ability to plan strategically for the future. Such an advantage is rarely available to most small business owners, who may know their local area pretty well but lack the resources to get an accurate view of the bigger picture. For Real Property Management franchisees, this means that you automatically have the upper hand in any competitive market.
Once you understand who your marketing should appeal to, what motivates them, and where to find them, you can craft a focused and more efficient message to bring them to your door. By focusing your marketing in this way, your franchise can increase profits and decrease wasted time and effort all at the same time. At Real Property Management, we offer world-class marketing resources and materials to all of our franchisees. With quality market research and turn-key marketing resources, Real Property Management franchisees will always stay ahead of the competition.