I was recently reading an article in Entrepreneur Magazine written by Robert Kiyosaki of RichDad.com. The article was titled “Rich Returns – Go Big or Go Home. Even in a bad economy, one truth about marketing still stands: You have to spend more to make more.” I can understand why you might want to stop reading there, however there was some excellent points to be made in this article. One of which is the idea that those who maintain during rough times will soar during good times. Even though this article was not specifically written with the Real Estate Agent in mind, the principles are still the same.
Below is an excerpt from this article that is definitely worth a read:
“A few days ago, I spoke at a luncheon with approximately 500 local business leaders. I began with these words: “I have good news and bad news. The good news is you will have fewer competitors next year because many of your competitors will be out of business.”
I then showed them my local newspaper, pointing to the headline “Businesses Are Struggling.” I opened the newspaper and said, “I can tell you who will be in business.” I pointed to a full-page ad for a local appliance store, “I’ll bet money that this business will be here next year. Why? Because this business is advertising more aggressively than its competition.”
I’ve written about the importance of advertising and promotion in the past. I’ve shared my rich dad’s lesson that when business drops off, many entrepreneurs listen to their accountant’s advice and cut back on advertising and promotion. That’s the worst thing you can do. When times get tough, your job is to promote more, not less.
My rich dad’s lesson was to never stop promoting: Promote whether the economy is strong or weak; promote even when you may not have the money. If you have no money, stand on a street corner at lunchtime with a sign hanging around your neck promoting your product or service. Not only will you meet new customers, but you might also save money on lunch, lose some weight and get a suntan.
Obviously it takes more than just promotion to do well. To be successful, a business also requires strong fundamentals and a desirable product or service. During tough economic times, though, even some good businesses fail; some businesses shrink and other grow. When a business closes, its customers migrate to the business that fights hard and stays open. Businesses that promote while others cut their ad budgets have a better chance of getting bigger…even if the economy is shrinking. ”
Now I hope you take a minute before you dismiss everything you just read because you think it doesn’t apply to you or your business in general. Although no one can tell us for sure when the economy will bounce back, we can be certain that at some point it will. So now is the time to make an impression in your local community. By being present now you will may not only survive but exceed your expectations of what can be done in this market.
If you’re unsure about your current marketing plan or just want to explore additional opportunities within your community we’d be happy to help!