 |  |  | | ||
|  8-Step Personal Marketing Plan Elements of a Budget 3 Sample Marketing Plans 2 Marketing Plans: Made Even Better 8 Personal Marketing Mistakes to Avoid Becoming Your Own Brand Advanced tip Finding Your Niche Advanced tip Broker tip Getting the Word Out Personal Marketing in Print Advanced tip Advanced tip Personal Marketing Online Broker tip Gifts and Giveaways Personal Marketing in Person Measuring Your Marketing Advanced tip Quiz: Personal Marketing Bright Ideas: Personal Marketing More Resources: Personal Marketing Code of Ethics: Personal Marketing | 8-Step Personal Marketing Plan (continued) 5. Determine the Best Media. Select two or three media to convey your message and allow for cross marketing among several different sources. Media choices include print advertising, online advertising, billboards, bus benches, in-person marketing, and more. TIP: Match your media choices to your target market. Your media choices should reflect the interests, habits, and needs or your prospects. 6. Create Your Action Plan and a Schedule. An action plan is a to-do list for a set period that lists every activity you need to do to market yourself and your services. Consistency is a key component to successful marketing. Advertising experts say that people must hear a message 11 times before they remember it. Make a commitment to use one marketing approach for at least six months, and budget accordingly. TIP: Don’t change your marketing message because you’re bored; you have heard it many more times than the average prospect. Repetition is what builds recognition. 7. Prepare a Detailed Budget. The most challenging aspect of creating a personal marketing budget is estimating costs. Rather than guessing, call your suppliers and service providers, tell them you’re preparing a budget, and ask them to provide estimates of the price you can expect to pay for each item. Ask your suppliers about quantity discounts and other ways to cut costs. The total cost for your personal marketing effort will depend on the size of your target market and the media you choose. TIP: The cost per item of printing 2,000 brochures at one time is less than the cost of printing two groups of 1,000 brochures each. Take advantage of these marginal savings if you can. But be sure you have a specific use in mind for the extra 1,000 brochures, or you are just wasting your money. 8. Measure your results. Are you achieving the goals you set forth in your plan? You'll never know if you don’t measure. Always ask callers where they heard about you, and keep track of their responses. Use small letter codes of direct mail to identify each piece for easier tracking. Analyze the results of your measurement and use your conclusions to update, revise, and improve your personal marketing campaign. Don’t continue to spend money on something that isn’t working. As you measure results, keep track of your costs. One way to do this is by calculating the cost per contact. If you mailed out 500 brochures at a cost of $2,500 and received 10 inquiry calls, your cost per contact is $250. Set up a separate savings account for your marketing funds so you won’t be tempted to dip into them for other expenses. Typically, you should allocate 10 percent of your funds for personal marketing, 30 percent to reach new prospects that fit your customer profile, and 60 percent for repeat business, according to marketing guru Jay Conrad Levinson, author of Mastering Guerilla Marketing. Tip: The surest way to build a war chest for personal marketing is to set aside a certain percentage of your income on a regular basis. Real estate columnist Ralph Roberts recommends reserving 10 percent of every commission check for personal promotion. If your income is already well into six-figure territory, you might be able to shave off a few points. Elements of a Marketing Budget > | |