Using Marketing Metrics To Forecast Potential Industry Shifts (Tools)
Greetings folks, and welcome back! We hope you enjoyed Thanksgiving and were able to spend time with your families as the year winds down. Today, we're discussing a topic that can be subjective depending on where you are in the country - marketing budget. As investors, our main focus should be helping motivated sellers solve their real estate problems. As such, we understand the role effective marketing plays in connecting us with new clients so we can share our expertise. As your business grows, you should maintain a watchful eye over your marketing costs; the capital you invest to advertise that you buy deals should net you a positive return in the form of distressed or under market properties that you can flip or hold for a profit. However, as the market changes and technology advances, the methods you previously used might become outdated. If you're not aware of new developments, you could be throwing money at a strategy that no longer yields profitable returns and ends up wasting capital you could be using to acquire properties.
Additionally, understanding how and why your marketing budget fluctuates over time can give you unique industry insight and effective ways to advertise going forward. An increase in marketing dollars that leads to an increase in deals acquired is ideal, whereas an increase in dollars that leads to a static or decreasing number of deals could signal you need to adjust your marketing strategies. But what would a decrease in marketing budget that produces the same or more deals tell you about the state of your local market? If you're still trying to figure it out, have no fear! Donny's here to explain how he uses his personal marketing metric to forecast the Colorado Springs & Denver markets and what his figures are telling him about real estate in Colorado as we transition into 2021. You don't want to miss the details, so tune in, and make sure your marketing campaigns are setting you up for success!
Mentioned in today's episode:
Propstream
Batchleads
FreedomLogic
Here's a link to the article Donny discussed in today's episode:
2 Pandemic Housing Trends With Staying Power
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