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Marketing Monday: Planning Your Business for 2021

By MNR News posted 11-22-2020 09:15 AM

  

planning your businessMany of us are ready to say goodbye to 2020, and with 2021 just around the corner, it’s essential to take time and plan for the new year. Though creating a business plan may seem challenging, it is a rewarding effort that can actually be fun. Here are some helpful tips to get started on your objectives:

 

Setting Goals
2020 has been a tumultuous year, but it also has a powerful reminder of how resilient, hardworking, and essential Realtors® are for Minnesota. As we look ahead, it may feel daunting to create goals for the year but creating short and long-term goals is an essential part of marketing planning. Check out this helpful list from Inman of tips for writing your 2021 plans.

Budgeting
Each Realtor® is different, but many Realtors® use the 10% rule (spending 10% of their budget on marketing) to carve out marketing dollars. Check out this article in the Minnesota Realtor® newsletter on tips for setting your marketing budget!

Utilizing social media. As folks continue to socially distance and work from home, it’s clear that social media is a powerful tool for reaching new clients. As you look to 2021, it’s essential to audit your social media and make sure you’re utilizing this vital tool by reviewing your metrics. Are all of your channels performing? Is there a new channel you want to try like LinkedIn or maybe TikTok?

Creating ads or posting daily on social media can be an easy way to generate business, but it’s also essential to measure their performance. Each app creates metrics, and by carving out time each week to review them, you can better utilize your social media channels. Many apps can pull reports that show everything from which hashtags brought the best engagement to the best time to post. Here’s a handy list for utilizing your social media in 2021.

Create benchmarks throughout the year. After you’ve created your long and short-term goals, make sure to develop criteria throughout the year to stop and assess these goals. Do they feel plausible? Are they too easy? Are you on track to beat a year-long plan in a month? Pencil in time, either monthly or quarterly, to review your goals and adjust them to fit your needs and career goals. Most importantly, don’t be afraid to celebrate those benchmark milestones.

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