Connect with us

Business Marketing

Are You An Opinion Leader?

Published

on

photo credit: www.rishimodi.com


Management vs. Leadership

Management is telling people what to do.  Leadership is teaching them how to think.  Opinion leaders tell people what to think.

Despite various surveys indicating how low the general public ranks real estate agents, some agents are highly respected by their clients and peers.  How does that happen? 

To understand how that is accomplished, first let’s look at the concept of influencing the opinions of others.  Various studies have shown that media communication intended to change someone’s buying or voting behavior seldom works directly.  The communication may be directly received by the person it is intended for but is mediated through their social relationships.  There are individuals (depending on the subject) that others consider experts and who are looked to for advice on that particular subject.  There are some people who act as Opinion Leaders – they see themselves and are seen by others as having an influence on others.

Finding Out What To Think

In politics and fashion, for example, there are TV shows hosted by people who have very large audiences who watch the show in order to find out what to think.  Yet, Opinion Leadership is not a trait some people have and others don’t.  Every person who has an elevated interest (and thereby knowledge) in an area, can serve as an opinion leader on that subject to those around them.  It is a natural part of everyday personal relationships.

Research suggests that, in the US, opinion leaders constitute roughly one in ten Americans, and that as a group they tend to serve as a leading indicator of popular trends, from public issues to new product adoption to social attitudes.  Many consumers today place more weight on the word-of-mouth insights of their more influential neighbors than on what they hear on TV or read in the newspaper.

Opinion leaders are people whose opinion on a subject/product is influential on the social group they belong to, although they may or may not have an acknowledged authority over them.  Opinion leaders are not necessarily traditional leaders in society, such as politicians and clergy (although they can be). Rather, they are perceived experts in particular domains – which is exactly the position occupied by a successful residential Realtor.  When it comes to correct pricing and effective marketing of homes there isn’t any substitute for a competent Realtor.  Notice I didn’t say real estate company, as it is the individual agent who is looked to (or not) as the expert.  A company may enjoy a wonderful reputation and there are many instances of an individual and his or her company seeming so inseparable that you can’t think of one without the other – but it would always be the individual that is the opinion leader.  One could join the largest, most successful real estate company in the world and this would not automatically cause them to be perceived as an expert.  Conversely, an individual broker could have a one person shop and be regarded as THE go to person in that area if you had a question concerning real estate.  Opinion Leader Realtors are trusted by their clients because the client can see that the agent has their best interests at heart. 

Scripts to Handle Commission Objections

There are many real estate instructors who teach “scripts” on how to handle commission objections.  The seller doesn’t want to pay “X” commission and they are advocating using a “technique”.  Think of someone you trust and go to for services – like a dentist or physician.  Isn’t that trust based largely on the belief that they don’t recommend a service you “need” based only on their desire for money?  (as opposed to they use “really good scripts”  to handle you).

There is a Scale of Motivation, it goes highest to lowest:

Duty
Personal Conviction
Personal Gain
Money

For example, when one is communicating to their clients about a needed price reduction from the viewpoint of personal conviction or duty, rather than “I want the money” – that “Care Factor” on the part of the agent is visible to all but the worst off in the society.  Please don’t think I am advocating earning less or not reaching all of your financial goals, I’m not.  I believe that great agents operate and handle their clients from the level of Personal Conviction or Duty.  They tell their potential sellers the whole truth every time and don’t hold something back because they might not get a commission.  This isn’t so they can be in compliance with the Code of Ethics, but is just the way they think and operate.

In the next year or so a great many agents will be leaving the real estate industry – but they were really on their way out before this latest crash arrived.  And they were primarily motivated by money or personal gain.  Not the highest level of motivation.  Ever.

Russell has been an Associate Broker with John Hall & Associates since 1978 and ranks in the top 1% of all agents in the U.S. Most recently The Wall Street Journal recognized the Top 200 Agents in America, awarding Russell # 25 for number of units sold. Russell has been featured in many books such as, "The Billion Dollar Agent" by Steve Kantor and "The Millionaire Real Estate Agent" by Gary Keller and has often been a featured speaker for national conventions and routinely speaks at various state and local association conventions. Visit him also at nohasslelisting.com and number1homeagent.com.

Continue Reading
Advertisement
5 Comments

5 Comments

  1. Vicki Moore

    September 3, 2008 at 10:35 pm

    This might be a stupid question, but…what do you see as the difference between the agent who will survive a shift such as this and the one who won’t? I’m seeing many very good, hard-working agents being forced to find other occupations.

    It seems to me that good doesn’t necessarily equal longevity.

  2. Russell Shaw

    September 3, 2008 at 11:43 pm

    The very same thing that is true in any market: the ability to get and keep customers. It makes no difference if your practice is prospecting based or marketing based – it is the ability to get and keep customers. What message or offer is required for successful lead conversion is completely different than in the market we had. But the fundamentals remain the same. Agents who seem “nice” or “honest and dependable” do not always have the ability to get and keep customers. A hot – on fire – market, where even the “we do nothing for less crowd” can sell homes is not much of a test of anything.

    It does not seem like a stupid question. Gary Keller has a new book, just out, called “Shift”. I just ordered two copies so Wendy and I could read it at the same time.

    If you are reading this you probably will want to order a copy.

  3. Jim Duncan

    September 4, 2008 at 5:41 am

    Vicki –

    One component is luck. Another is adaptability and the ability to survive this shift by hunkering/buckling down and preparing for the turn – all the while keeping a positive attitude and a facade of continuing success (and not letting others know about the possible fear and desperation one might feel).

  4. Vicki Moore

    September 4, 2008 at 12:17 pm

    Russell – I started reading The Millionaire Agent on your suggestion. It’s been a slow read because I’ve really had to read and digest – read and digest. I have a habit of reading multiple books at the same time so I guess I’ll just add Shift to the stack.

    “Agents who seem “nice” or “honest and dependable” do not always have the ability to get and keep customers.” – Can you elaborate on that. It strikes me as a really interesting point.

    Jim – I completely agree with the facade point. I’ve been networking with a mortgage broker who repeatedly tells me that she can’t get a loan done – she continually tells me how difficult it is and how many deals she’s lost. It sure doesn’t make me want to refer anyone to her.

    Positive attitude is a daily practice!

  5. Russell Shaw

    September 13, 2008 at 6:21 pm

    >>”Agents who seem “nice” or “honest and dependable” do not always have the ability to get and keep customers.” – Can you elaborate on that. It strikes me as a really interesting point.<<

    Lead conversion (the ability to GET customers) is a specific skill. Handling the customer to *their* satisfaction (keeping customers) is a different skill. Being nice, honest and dependable are all good traits but really don’t even imply that a person has the ability to get or to keep customers. In a “hot” market it is common for agents who lack both skills to succeed. When the market turns those skills or the lack of them make all the difference in the world.

    It is common for a person to believe they are already highly skilled at lead conversion, for example, when they are factually completely incompetent. It is the belief that they already know how to do it (or there isn’t anything to know) that prevents them from learning a simple but quite vital skill.

    The only valid test is: can the person find, get and keep customers. This is reflected in how well they are doing – regardless of “market conditions”.

    It is probably normal – I know it is common – to think of someone as “competent” because we really like them. It is perhaps true that people who never fall into that wrong-headed thinking aren’t very nice people. But how likeable they are isn’t a very good index of how good they are ad lead conversion.

Leave a Reply

Your email address will not be published.

Business Marketing

Use nostalgia as a marketing niche for your business today

(MARKETING) A market that is making waves is found in the form of entertainment nostalgia. Everyone has memories and attachments, why not speak to them?

Published

on

nostalgia

Is it just me or does it seem like there is something for everything nowadays? Let me clarify, as that is a rather broad question…

With the way communicating through technology has advanced, it’s become much easier to connect with those who have shared interests. This has become especially evident with interests in the entertainment community.

Entertainment nostalgia

It now seems like there is an event for every bit of nostalgia you can imagine. Autograph shows, meet and greets, and memorabilia collections of all kinds are held in convention halls all around the world. (To give you an idea of how deep this thing goes, there was a “Grease 2” reunion convention sometime within the last five years. Being that I’m the only person I’ve ever met who likes that movie, it’s amazing that it found an audience.)

This idea of marketing by use of nostalgia is something that is becoming smartly tapped and there are a variety of directions it can go in.

For example, the new Domino’s ads feature dead-on tributes to “Ferris Bueller’s Day Off.”

What’s your niche?

If you’re a fan of anything, it’s likely that you can find an event to suit your needs.

And, if you want to take it a step further, you can think outside the box and use nostalgia as a marketing tool.

I recently began dabbling in social media gigs that have brought me to a few different fan conventions. One was a throwback 80s and 90s convention that featured everyone from Alan Thicke to the members of N*SYNC. Another is a recurring convention that brings together fans of sci-fi, horror, and everything under that umbrella.

I was amazed by the number of people that came out to these events and the amount of money that was spent on the day’s activities (autographs, photo ops, etc.). I was energized by the fact that you can take something you have a great appreciation for and bring together others who share that feeling. Watching people meet some of their favorite celebrities is something that is priceless.

Hop onboard the nostalgia train

If you’re a fan of something, you don’t have to look too far to find what you’d enjoy – going back to the aforementioned “Ferris Bueller” example, there is a first-ever John Hughes fan event taking place in Chicago next month that will bring fans to their favorite Brat Pack members.

In the same thought, if you have an idea, now is the time to find others who share that interest and execute your vision.

Continue Reading

Business Marketing

5 tips to help you craft consistently high-converting email marketing

(MARKETING) Email may seem too old to be effective but surprisingly it’s not, so how can you get the most out of your email marketing? Try these tips.

Published

on

Email marketing

Email marketing might seem archaic in comparison to modern mediums like social media, blogging, and podcasting; however, it actually remains one of the highest converting options marketers and small businesses have at their disposal.

But Why Email?

Hopefully, you believe in email as an effective marketing channel, but in case you have doubts, let’s hit the reset button. Here’s why email marketing is worth investing in:

  • Email is one of the few marketing channels that you have total control over. Unlike a social media audience, which can disappear if the platform decides you violate their terms, you own your email list.
  • Email is considered very personal. When someone gives you access to their inbox, they’re telling you that you can send them messages.
  • From a pure analytics perspective, email gives you the ability to track behaviors, study what works, and get familiar with the techniques that don’t.
  • The ROI of email marketing is incredibly high. It can deliver as much as $44 in value for every $1 spent.

5 Tips for High-Converting Emails

If you’ve been using email, but haven’t gotten the results you’d like to, it’s probably because you’re using it ineffectively.

Here are a few very practical tips for high-converting emails that generate results:

  1. Write Better Subject Lines: Think about email marketing from the side of the recipient. (Considering that you probably receive hundreds of emails per week, this isn’t hard to do.) What’s going to make you engage with an email? It’s the subject line, right?If you’re going to focus a large portion of your time and energy on one element of email marketing, subject lines should be it.The best subject lines are the ones that convey a sense of urgency or curiosity, present an offer, personalize to the recipient, are relevant and timely, feature name recognition, or reference cool stories.
  2. Nail the Intro”: Never take for granted the fact that someone will open your email, and read to the second paragraph. Some will – but most will scan the first couple of lines, and then make a decision on how to proceed.It’s critically important that you get the intro right. You have maybe five seconds to hook people in, and get them excited. This is not a time to slowly build up. Give your best stuff away first!
  3. Use Video: Email might be personal, but individual emails aren’t necessarily viewed as special. That’s because people get so many of them on a daily basis.According to Blue Water Marketing, “The average person receives more than 84 emails each day! So how do you separate your emails from everyone else? Embed videos in your emails can increase your conversion rates by over 21 percent!”This speaks to a larger trend of making emails visually stimulating. The more you use compelling visuals, the more engaging and memorable the content will be.
  4. Keep Eyes Moving: The goal is to keep people engaging with your email content throughout. While it’ll inevitably happen with a certain percentage of recipients, you want to prevent people from dropping off as they read.One of the best ways to keep sustained engagement is to keep eyes effortlessly moving down the page with short and succinct copy.One-liners, small paragraphs, and lots of spacing signal a degree of approachability and simplicity. Use this style as much as you can.
  5. Don’t Ask Too Much: It can be difficult to convey everything you want to say in a single email, but it’s important that you stay as focused as possible – particularly when it comes to CTAs and requests.Always stick to one CTA per email. Never ask multiple questions or present different offers. (It’ll just overwhelm and confuse.) You can present the same CTA in multiple places – like at the beginning, middle, and end of the email – but it needs to be the same call. That’s how you keep people focused and on-task.

Give Your Email Marketing Strategy a Makeover

Most businesses have some sort of email lists. Few businesses leverage these lists as well as they should. Hopefully, this article has provided you with some practical and actionable tips that can be used to boost engagement and produce more conversions. Give them a try and see what sticks.

Continue Reading

Business Marketing

Here’s how one employer was able beat an age discrimination lawsuit

(MARKETING) Age discrimination is a rare occurrence but still something to be battled. It’s good practice to keep your house in order to be on the right side.

Published

on

Jewel age discrimination

In January, the EEOC released its annual accounting for reports of discrimination in the previous year. Allegations of retaliation were the most frequently filed charge, which disability coming in second. Age discrimination cases accounted for 21.4% of filed charges. As we’ve reported before, not all age discrimination complaints rise to the level of illegal discrimination. In Cesario v. Jewel Food Stores, Inc., the federal court dismissed the claims of age discrimination, even though seven (7) plaintiffs made similar claims against the grocery store.

What Cesario v. Jewel Food Stores was about

In Cesario, all but one of the seven plaintiffs had spent years with Jewel Food building their careers. When Jewel went through some financial troubles, the plaintiffs allege that they began to “experience significant pressure at work… (and) were eventually forced out or terminated because of their age or disability.” Jewel Food requested summary judgment to dismiss the claims.

The seven plaintiffs made the same type of complaints. Beginning in 2014, store directors were under pressure to improve metrics and customer satisfaction. Cesario alleges that the Jewel district manager asked about his age. Another director alleges that younger store directors were transferred to stores with less difficulties. One plaintiff alleged that Jewel Food managers asked him about his retirement. The EEOC complaints began in late 2015. The plaintiffs retired or were fired and subsequently filed a lawsuit against their company.

Age discrimination is prohibited by the Age Discrimination in Employment Act of 1967, (ADEA). The ADEA prevents disparate treatment based on age for workers over 40 years old. However, plaintiffs who allege disparate treatment must establish that the adverse reactions wouldn’t have occurred but for age. Because none of the plaintiffs could specifically point to age as the only determination of their case, the court dismissed the case.

A word to wise businesses

Jewel Food was able to demonstrate their own actions in the case through careful documentation. Although there was no evidence that age played a factor in any discharge decision, Jewel Food could document their personnel decisions across the board. The plaintiffs also didn’t exhaust all administrative remedies. This led to the case being dropped.

Lesson learned – Make perssonel decisions based on performance and evidence. Don’t use age as a factor. Keep documentation to support your decisions.

Continue Reading
Advertisement

Our Great Partners

The
American Genius
news neatly in your inbox

Subscribe to our mailing list for news sent straight to your email inbox.

Emerging Stories

Get The American Genius
neatly in your inbox

Subscribe to get business and tech updates, breaking stories, and more!