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How To Really Economize Your Business

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During slow market conditions the prevailing advice for us business owners is to “economize your business.”

At the surface level, this makes sense, right? Unfortunately, too many agents mis-interpret this advice and end up costing themselves more than they need to – it can even cost them their real estate career.

Savvy agents don’t think of economizing as slashing budgets, instead they make sure their marketing is going to get them the biggest bang for their buck.

Now, we could go down a tangent here and relate this to scarcity mindset versus abundance mindset, or reactive versus proactive but let’s stay away from ideologies and look at practical business sense.

Practical Business Sense

Your business is fueled by sales. Clearly, sales profits are the only true objective measure for business success. Without them, you don’t have a business you have a hobby. And as you know, marketing creates sales.

Those that mis-interpret “economize your business” to mean “slash your budgets” are going to be in a world of hurt.

Sure, you may have a full pipeline of prospects today but if you slash your marketing – the one thing that fills your pipeline – you’re going to run dry in about 3 months time and you will not have a sustainable business. Bye-bye real estate, hello retail sales.

How To Really “Economize”

First off, it’s important to recognize that there are two types of marketing – expensive and inexpensive. Savvy agents know that expensive marketing doesn’t cover the investment they’ve made, while inexpensive pays rich returns.

See, economizing has nothing to do with cost but everything to do with results. This is why it’s so important to track your sources of business.

Here are a few tips to follow:

  • Test your investment – before rolling out a large scale campaign, conduct a small test so you can track the results to see if a larger campaign is even worthwhile.
  • Focus on the past – stay in touch with past clients since they already have expressed their trust and faith in you. They’re in prime positions to give referrals and may even be ready to become repeat clients.
  • Commit to a plan – the bane of many businesses is trying to do a little of this and a little of that. In the end, there’s no major impact. Commit to a focused plan and stick to it.
  • Create timeless marketing – many agents waste money on marketing that must continually be updated and re-created. Make your marketing timeless. For example, rather than being in business for 7 years, say that you’ve been in business since 2001.
  • Target wisely – don’t waste precious time and resources on folks not likely to buy from you. Instead, turn your efforts to your most likely prospects and profitable clients.
  • Hire a pro – amateur marketing is an invitation to disaster. To get the biggest results it makes sense to hire a designer/copywriter/consultant to create a powerful template, then produce new materials following the same format.

Obviously, these tips are timeless and should be followed in both boom and down markets.

Here’s the thing: marketing creates sales and you need to market smart in order to survive.

Yes, economize your business – demand a return for your investments. But don’t start slashing the budget to that which fuels your business.

If you don’t invest in smart marketing today, you’ll have less to invest tomorrow.

What are you doing to “economize” and get the biggest bang for your marketing dollar?

photo credit

Mark Eckenrode is a Certified Master of Guerrilla Marketing raised on comic books, punk rock, and Pepsi. He's also the chief marketing trainer at HomeStomper where AgentGenius readers can learn unconventional methods for winning with social media.

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6 Comments

6 Comments

  1. Rob Aubrey

    November 27, 2008 at 8:46 am

    A shifted market makes you really look at each item on the budget and ask are you carrying you weight?

    It is healthy for your business to get rid of bad habits (spending money on crap that doesn’t create profit).

    The trick is to NOT CUT the quality of service.

    One of the things that will help an agent survive is to stop using words like up or down market.

    There is no such thing as a good or bad market. It is a buyer’s or seller’s market and the shift between.

    During the unprecedented seller’s market it was not always good for the buyer and no one called that a bad market. It was called a hot or great market, the people that it was great for were the unskilled, because they could make money in spite of their lacking.

    I would like to ad one more tip. Understand what is selling in your market and go there. It sounds very obvious. But most are not doing it. If you sold higher end homes, then you need to become a student of FHA and learn how to get people to the table, tht is what you are paid for.

  2. Missy Caulk

    November 27, 2008 at 10:25 pm

    Test, test, test. If it works continue on and if it isn’t then move on to what does, or put more money in the things that are bringing in business.

  3. Russell Shaw

    November 28, 2008 at 1:15 am

    Wonderful post, Mark! Great job. Real words of wisdom. This was something I had intended – for about a month – to write about and never got around to it.

    Cutting out all promotion to “save money” is a sure-fire route to complete failure.

  4. Mark Eckenrode

    December 1, 2008 at 9:42 am

    great additions and comments from folks. thanks.

    i find most folks are quick to cut their marketing because they don’t see returns from it – meaning, they don’t actually track where business is coming from.

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Business Marketing

Google Analytics will now filter out bot traffic

(BUSINESS NEWS) Bender won’t be happy that Google Analytics will now automatically remove bot traffic from your results, but it’ll help your business.

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In the competitive, busy world of online content, Google Analytics can help businesses and online publications deliver what their audience and consumers want. Now Google is finally taking the step of filtering out bot traffic in your Google Analytics reporting. This is excellent news!

In the world of websites, online news sites, blogs, and social media, bots are the bane of our existence. In their finest form, they are the electronic equivalent of junk mail. At their worst, they can carry malicious malware and viruses to your site and computer. They can even flood the internet with unfounded rumors that can have an impact on people’s opinions–stirring the political pot or lending misleading numbers to drive unfounded rumors, such as wearing a mask is dangerous. No it’s not! Chalk that nonsense up to bots and crackpots.

For businesses that rely on Google Analytics to determine what content is not only reaching but also resonating with potential customers, filtering out the bot traffic is crucial to determining the best course of action. Bots skew the data and therefore, end up costing businesses money.

Bots set up for malicious purposes crawl the internet looking for certain information or user behaviors. Bad bots can steal copyrighted content and give it to a competitor. Having identical copies on two sites hurts your site and can dink your SEO ranking. However, good bots can seek out duplicate content and other copyright infringements, so the original content creator can report them.

However, it is important for companies and content creators to know if their content is actually reaching real live humans. To this end, Google will start filtering out bot traffic automatically. The Interactive Advertising Bureau (IAB) actually provides an International Spiders and Bots list, through which Google can more easily identify bots. They use the list and their own internal research to seek out bots in action, crawling through the internet and confusing things.

Google says the bot traffic will be automatically filtered out of the Google Analytics results–users don’t have the choice. Some may argue there is a good reason to see all of the data, including bots. Many businesses and online publications, though, will be relieved to have a much clearer vision of what content genuinely appeals to humans, to readers and potential customers. It is a welcomed advancement.

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Business Marketing

Opportunity Zones: A chance to do good

(BUSINESS MARKETING) Opportunity zones offer a chance to breathe new life into economically-distressed communities.

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Opportunity Zones are a beautiful mechanism for growing communities that are struggling, but some critics have put this process in a negative light. The following is an expert’s perspective on just this topic.

Jim White, PhD is Chairman and CEO of Post Harvest Technologies, Inc. and Growers Ice Company, Inc., Founder and CEO of PHT Opportunity Fund LP, and Founder and President of JL White International, LLC. His new book is a heartfelt rallying cry for investors: Opportunity Investing: How to Revitalize Urban and Rural Communities with Opportunity Funds, launched March 31, 2020.

Dr. White holds a B.S. in civil engineering, an MBA, and a doctorate in psychology and organizational behavior. He acquires struggling businesses to revive and develop them into profitable enterprises using his business turnaround strategy.

In his own words below:

BY JIM WHITE, PHD

Every investment vehicle has a twist some folks don’t like. Real estate, stock options, offshore tax havens, and even charitable gifting can be criticized for certain loopholes.

Likewise, some detractors have pointed to opportunity zones, a newer investment vehicle unveiled in the Tax Cuts and Jobs Act passed by Congress in December 2017. This bold, bipartisan plan allows for private investment capital to be channeled into some of the most distressed communities in the nation, serving the struggling residents and the investors alike.

Personally, I believe it is one of the noblest initiatives to emerge from Washington in years.

I grew up in a sharecropper cabin in what would have been an opportunity zone in Salem, South Carolina. What would an influx of investment dollars have meant to my low-income community? More and better-paying jobs to offset unemployment. People relocating to my town for those jobs, reversing population decline and increasing real estate values. New life breathed into local businesses. The increased tax revenues could have helped improve failing infrastructure. Social challenges, like crime and drug use, could have decreased. Better resources for my family and our neighbors, such as health care and education, would have emerged.

Today, there are nearly 8,800 distressed communities dotting the country that have been identified as Qualified Opportunity Zones (QOZs). These neighborhoods were designated from census tracks, treasury, and state leaders as communities that would benefit from an influx of investment dollars directed through Qualified Opportunity Funds (QOFs) to reinvigorate businesses, rebuild infrastructure and bolster residents.

As our economy continues to falter, more and more businesses file Chapter 11 and unemployment soars under COVID-19, I believe we are heading toward a painful expansion in designated opportunity zones. Even with the latest round of CARES stimulus money many people will have no way to rebound from this crisis.

One of the unexpected consequences of the coronavirus quarantine is that many businesses are discovering that, in reality, they can succeed through working remotely. This success is a double edged sword, meaning that if a business can thrive with employees working offsite then commercial real estate will suffer. And when companies no longer require brick-and-mortar locations, a local domino effect ensues; ancillary businesses, from cafés to gyms to print shops in and around a commercial office environment will subsequently close. The ripples will be felt through many other industries, including construction, transportation, energy, and retail.

Qualified Opportunity Zones and Qualified Opportunity Funds are instruments that can help stop a downward spiral. When a sponsor is able to present a project that meets the objectives of the QOZ initiative, both the QOZ and the investors benefit. That’s a win!

And, it’s not only urban centers that benefit from investment dollars. Forty percent of opportunity zones are rural. Even with often plentiful food, water, energy and other natural resources, deep poverty exists, and too many of America’s 60 million rural residents lack access to education and healthcare. A declining population often goes hand in hand with failing infrastructure as tax money for repairs dwindles. Many households lack broadband, something the vast majority of Americans take for granted.

Despite the challenges, rural residents are often surprisingly resilient and resourceful. According to The Hill (“Rural America has opportunity zones too”), rural residents create self-employment opportunities at a slightly higher rate than the national average. Their challenge is to connect with investors and access funding, more of which is directed to small business investment on the coasts.

In fact, many entrepreneurs and small business owners don’t know about Qualified Opportunity Funds. If a business is located in an opportunity zone it is eligible for direct funding by reaching out to the QOFs with a specific request for funding.

More than any investment plan that’s come before, I believe opportunity zones have the greatest capacity for positive social and economic impact. Spread out over many communities, these investments can help our nation flourish as a whole.

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Business Marketing

Gloves that translate sign language in real time

(BUSINESS MARKETING) A new wearable tech translates American Sign Language into audible English in real time.

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Advancements in technology never cease to amaze. The same is true right this moment as a new technology has been released that helps translate American Sign Language (ASL) signs into spoken English in real time.

This technology comes in the form of a hand glove – similar looking on the front side to what one would wear in the winter, but much more advanced when in view of the palm. The palm side of the glove contains sensors on the wearer to identify each word, phrase, or letter that they form via ASL, and is then translated into audible English via an app that coincides with the glove.

This is all done in real time and allows for instant communication without the need for a human translator. The signals are translated at a rate of one word per second.

The project was developed by scientists at UCLA. “Our hope is that this opens up an easy way for people who use sign language to communicate directly with non-signers without needing someone else to translate for them,” said lead researcher Jun Chen.

The hope is to make communication easier for those who rely on ASL, and to help those unfamiliar with ASL adapt to the signs. It is thought that between 250,000 and 500,000 people in the United States use ASL. As of now, the glove does not translate British Sign Language – the other form a sign language that utilizes English.

According to CNN, the researchers also added adhesive sensors to the faces of people used to test the device — between their eyebrows and on one side of their mouths — to capture facial expressions that are a part of American Sign Language. However, this facet of the technology is not loved by all.

“The tech is redundant because deaf signers already make extensive use of text-to-speech or text translation software on their phones, or simply write with pen and paper, or even gesture clearly,” said Gabrielle Hodge, a deaf post-doctoral researcher from the Deafness Cognition and Language Research Centre (DCAL) at University College London. “There is nothing wrong with these forms of communication.”

What are your thoughts on this advancement? Comment below!

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