Five Ways to Build a Bigger, More Lucrative Target Audience

By MNR News posted 11-22-2021 09:30


Targets with an arrow hitting bullseyeAs Realtor®, it’s vital to identify and understand your target audience, so you know exactly how to market to them. Here are five ways to tap your network for referrals that build your target audience and expand your client base.

1. Stay in touch with past clients

Past clients are one of your most valuable resources. These are people who like and trust you because they already know what to expect when working with you.

Unfortunately, agents often close the deal and then close the relationship by failing to stay in touch. They falsely assume that the customer won’t need their services again for years to come. Remember, most past clients give an agent excellent repeat-and-referral business in between transactions.

2. Expand your pipeline

There are two groups of people — people you know and people you don’t know (yet). Which one is bigger? The people you don’t know, of course. Which one should you be prospecting? The answer is both.

Most agents tend to pick one or the other. The lost opportunity is thinking that your current source of income is good enough. In truth, it isn’t. You should consistently add new prospects to your pipeline .

3. Partner with colleagues

Your relationships with other real estate professionals can be a rich source of opportunities. By partnering with a colleague in another part of the state, country, or real estate segment (commercial vs. residential), you can develop a consistent source of referrals.

4. Cultivate vendors and ancillary partners

You refer people to your favorite lender, inspector, title company or lawyer all the time. Are they referring business back to you? If not, it’s probably because you’re not asking for the business. Stay top-of-mind by sharing opportunities, testimonials and mutual referrals with your vendors and ancillary partners.

5. Enlist friends and family

Working with close friends and family as customers can be challenging, to say the least. However, they are often our biggest and most enthusiastic fans. Are you training them to rave about you? Get them stoked to sing your praises by delivering content that showcases your successes, experience, and capabilities. Ask them to spread the word via testimonials, shares and conversations. Then thank them for supporting your business through their referrals.

Start segmenting your database against these five key audiences and develop and deliver content that’s relevant to each group.,September%2010%2C%202020