The Long Cold Winter
I’m reading around the media sphere and it seems that the economy is not just affecting real estate, but also the social streams. As more and more online companies compete in the social space for advertising revenue, the less some will make overall. Belts will tighten and some will surely dry up and fade away- much like real estate techs and pros.
Denial Will be Your Death
The reality is that there are, in fact, less buyers. Looking inward and trimming the time you invest on marketing problems and solutions is probably the first whack you take at survival, but is that really a good idea?
Prepare for The Best of Times not the Worst
The fact is, many can panic now over the slow market, and as we all do, we begin to assess whether maybe we are wasting our time on some things, and maybe we need less of the things that cost money- okay, that’s just good business. Or is it?
Invest in the Top
One strategy which I absolutely practice is “going all in.” My strategy is “investing in the top.” This means investing in me and things that will further my goals in order that I absolutely dominate in the good times. Think about it. Looking for faster conversion, many professionals will abandon and leave stagnant their online efforts, therefore, we are tripling ours. Our goal is to become mainstays where we’re choosing to dominate, and yes, I said choose… stabbing in the dark was your first mistake, right? You’re a member of every possible social network, right? Wrong strategy. Think about it, are you in every neighborhood?
What We’re Looking at
- SEO Clean up
- Site enhancements as well as farm sites
- Retooling and refocusing social structure, and consolidating
- Creating more strategic relationships with our national partners
- Technological investments that help us serve our national niche
It’s really easy when things are booming to let the files go, the systems sort of get thrown to the wayside, and you just try to take on more than you alone can propbably handle, but in the downtime, preparing for the great times that are brewing is probably the best strategy.
So when you’re not with a client, organize and prepare, rethink old strategies, implement new ones, and go all in- leave your competition wondering what in the hell you know that they don’t.
Tips and Suggestions
Here’s what you’ll need:
- Large to Extra Large dry erase board
- Outline your social communities with you in the center
- Determine if you are overloaded and overwhelmed
- Looking at the big picture, which neighborhoods seem more worthwhile?
- Trim the fat (I know, it hurts)
- Design your strategy and build it now
Things to think about:
- How much time and energy will I invest in this neighborhood?
- How am I going to bring my offline neighborhood into this online neighborhood?
- Once they are there, how and what will I feed them?
You’re an Entrepreneur
“There is no answer in a box.” No one is going to hand you the answers on a silver platter. If by what I’ve designed here, your juices aren’t flowing and you haven’t completely taken over in your own mind, then something may be wrong.
The alternative to going all in is to wait 2-5 years for when everyone else already dominates these online markets and think to yourself “oh, I wish I had done something back then.”
Go all in.
This image illustrates a mini-map we’ve outlined in how we’re organizing our sphere. Yours may look and act much differently.
June 17, 2008 at 3:09 pm
Okay, Benn – you must have been reading my mind!
I was just talking to a team member about scaling down my areas, while going all out in specific areas. I don’t have it completely drawn out yet – but in my mind – It is coming together and I have taken action on some items already. I had a better year last year when I focused on particular, smaller areas. This year my focus has been too wide. Or is that a lack of focus……
Can I just fly out to Austin and watch you in action – I mean, I see you everywhere I am online in social networks and think, man, something has to give for me, personally. How do you keep up with it all? It’s a matter of choosing what is most beneficial, trimming the mass and concentrating on the important.
On second thought, just give me the silver platter:)
June 17, 2008 at 8:07 pm
It’s really interesting that you’ve written this post at this particular time. This is where my focus has been for the last couple of weeks – asking myself these very questions. One thing I fully committed to at the beginning of the year was to network full steam with one group (offline). I’m also combining my efforts with a strategic partner – spending time brainstorming and fully reviewing where I’m going to spend money and time beforehand. I’ve also started recruiting other businesses to promote me – maybe I should post about that. It’s created results I wasn’t expecting.
Thanks for the reflective and informative post.
June 18, 2008 at 12:03 am
Paula, I am really very targeted, and spend little time wasting time. I’d love to say I am perfect, but far from it. I am very lucky in that I have great folks to help me, especially Lani and together we handle most things.
The key thing you mentioned here is limiting social spheres, and honestly, I do. I spend the time needed in them and move on. I spend really no time chatting or throwing sheep, but 99.9% of time talking to people who buy and sell real estate, and I generally use my phone to make those connections.
Another thing I do is get the hell off line as fast as i can into more personal relationships rather than keeping it online. This reduces my need to constantly be online to connect, and direct messages do the trick when the phone is out of the question.
Just in case you and Vicki need a boost of energy, I closed an online contact this past Friday, and will be listing & selling another online contact this week.
@Vicki that is awesome, and you’re welcome for the post. I can’t wait to hear those results!
June 18, 2008 at 7:04 am
I agree with your post wholeheartedly…funny thing is:
I don’t think you won’t be waiting 2-5 years to see those online markets get dominated. In many cases they already are. Time will only entrench them deeper.
June 18, 2008 at 8:30 am
Eric, I may not have been absolutely clear in that though, and I apologize. When I say that, I mean micro brand and niche, not so much the forums themselves- am I reading you right here?
June 18, 2008 at 12:52 pm
Another great post Benn. I definitely need to define micro niches for myself, my area is a little tricky. Getting off line is a key one…I seem to get caught there and time flies, but I’m here alot, so learning! Thanks.