In the wholesaling world, there is no shortage of marketing strategies you can use to take your business to the next level. But how do you figure out which one is the best fit for you? That’s the question Chris Arnold addressed in this episode!
Chris is Wholesaling Inc’s new rockstar coach. Chris runs the REI Radio Program, an advanced online training that shows wholesalers how they can bring in loads of highly motivated sellers with virtually NO competition.
In this episode, Chris shared the system they’ve set up that has helped them easily and accurately identify the best marketing strategy for their business.
So say goodbye to time-consuming trial and error and stop wasting your money on marketing strategies that are not right for you. If you’re looking for the best marketing strategy for your business, this is one episode you can’t afford to miss!
- Why listing down the characteristics you are looking for is recommended
- What a filter allows you to do
- What reverse prospecting is
- Why it’s crucial to know your preference
- What exterior costs are
If you are Ready to Explode Your Wholesaling Business, Click here to Book a Free Strategy Session with me right now!
Subscribe to Wholesaling Inc
Welcome to the Wholesaling Inc podcast, America’s number one podcast for new real estate investors, where finding discounted properties is the most proven path to financial freedom. I’m your host, Chris Arnold, and of course, if I can do this, so can you. So thanks for tuning in today. Here is what we’re talking about. I’m going to be walking you through just myself today on how to choose a lead generation strategy. Now, there are a ton of strategies out there available to us to really apply in our business to find discounted properties, but no one really talks about how to make that decision. And so I want to walk you through really an exercise, something that I did years ago in my business that we still use today. And I’m really glad that I set this up, because for us as a company, when we get thrown all of these different lead generation options, ways to find motivated sellers, we actually now have a system and a process that will make that decision better and more simple and more efficient.
So let’s talk about this higher up first. There are a ton of lead generation strategies out there. And the first thing I’m going to tell you, philosophically, that I know to be true, is almost all of them work. I don’t care if it’s direct mail. I don’t care if it’s bandit sign, radio, television, outbound cold calling, RVM, text blasting. Let me tell you this, they all work. And the way that I know that this is true is because I have friends throughout the country that have built their businesses successfully on different pillars like I’m talking about. And what I’ve learned over time is that every pillar for the most part works, if you take the time to get in and to become an expert at that.
So you could build a lead generation pillar in your company of bandit signs. I’m not a fan of bandit signs, but I have buddies that have done an incredible job of building out that system. And so what I find with people, though, is they tend to bounce. They bounce from one lead generation source to another. And what they’ll communicate is that none of these work, and what I want to tell people is they all work, the problem is you’re not working them correctly.
So here’s what I want to push forward today, is I want to talk about creating a filter, a decision making grid for how you can analyze a piece of lead generation, a way to find a discounted property, and to know whether or not it’s a fit for your business. Nobody talks about this. And so I’m going to talk about it through the idea of dating, and we’re literally going to play off of that concept. If you ever had thought about getting married, are getting married, or whatever that looks like, have been married for years, there’s this old concept of taking the time to sit down and write out the qualities and the characteristics of the person that you should marry, so that while you’re dating and meeting different types of people that could be a potential future spouse, if you’ve actually taken time to write down the list of qualities, that becomes a filter.
And that filter allows you to quickly, through the dating process, after a couple of dates, to determine whether or not you should continue seeing this person, and the reason this is so powerful in writing it down is because it keeps you focused in the moment. You meet people. There are a lot of what we call even in the investment side, when it comes to marketing, shiny objects. That applies to all types of things out there. We get distracted. And what a filter does, a list of qualities does, is it allows us to have an anchor.
And so let’s talk about this on the lead generation side, when it comes to marketing. So what we did is we took the idea of writing down the characteristics like we would about the person that we want to marry, and we actually took that concept and applied it to marketing. And so, yes, we actually have a list of multiple characteristics for us in our company that we have decided are the best fit for us. And here’s the most important thing I want you to understand, a lot of times why lead generation might not be working for you is it’s not that it doesn’t work. It’s just not a fit for the way that you’re wired, the value system that you have, the way that you want to run a business, your ultimate goal, your preferences. That’s true. There could be one particular potential spouse that is a fit for one person, but not another.
And so what we’ve actually done and come to realize is that there’s a lot of lead generation strategies out there that work, but we have to find the ones that best fit our company and our style. And so let me walk through some typical examples here of what I mean by qualities, and these are the ones specific to us. What I’m encouraging you to do is not adopt ours, but to actually sit down and write out your list so that when you start making decisions around lead generation, it becomes much simpler.
So here’s an example. We prefer marketing that creates an inbound lead, not something that we have to do outbound. So that is our preference as an organization. We do not want to do outbound lead generation, for example, like cold calling. We want to make all of those leads come inbound. We’d rather talk to somebody that is initially reaching out to us. That is also called reverse prospecting. So does that mean that cold calling does not work? No, it works. We believe in it. It just means that as an organization, we prefer to make the phone ring than to actually have to call somebody cold. That’s just our preference, what we’ve decided over time.
Let me give you another one. We prefer something that is money-based over time based. And what I mean by that is we’d rather spend the money to make the phone ring than to do a lead generation source that requires a lot of time. You can definitely get in and you can make it work. Over time, though, what we preferred is to do something that’s low competition. I’d rather size up a marketing strategy and go, how many people are already doing this? Is this saturated or is it not saturated? And so another characteristic we prefer is low competition.
I’ll give you one more, and I’ll start to wrap this up, because I think you’re beginning to understand the power of a filter. The other thing you have to consider is when you launch a marketing source, like radio or direct mail or anything else, there also becomes exterior costs that go around that. For example, on direct mail, some exterior costs are you might have to hire a call center to be able to deal with the volume of leads. So that might be an example of that. So when I size up something, I want to know whether or not there’s going to be the marketing budget, but am I going to have to pay for a bunch of ancillary things in order to support this process? And I prefer to have something that’s low exterior.
Now, you might be saying to yourself, well, Chris, that’s a phenomenal list. You’re speaking about the perfect lead generation source. And what I’m telling you is, yes, this is my ideal. And are we going to find something that fits all of the characteristics that I gave you, plus the five or six that I haven’t even mentioned? No, but if I’m sizing up three different marketing strategies at the same time, and I filter them through all of those qualities, then one of those are going to come out with more check boxes checked by the end of the day, and it becomes very simple for us to go, we have three options here, but based on our preferences, based on things we’ve done in the past that we don’t like, this one definitely fits our company.
And so now you understand why it’s so powerful to create this type of filter. It saves us a lot of time. It makes decision-making easy. And more importantly, we succeed on our lead generation strategies because we’re doing things that we like to do. We’re done, as we did in the past, choosing things just because they work, because not only number one, do they have to work, but number two, you have to enjoy actually working them. So for example, we don’t do ringless voicemail and mass text blasting. It works. But for us as a company, we just don’t like the way it feels, spamming people. That’s just us. You might be listening to this and go, you know what? I don’t care about that. It works for me, this whole issue of spamming. Fine. And this is not black and white, right or wrong. What I’m getting you to understand is the importance of preferences.
And more importantly, just like dating and choosing your spouse, everyone’s going to have different opinions about what the best spouse is for them, but what we can all agree on, that the most important thing we can ever do is make sure that we align ourselves with the spouse that is going to be a unique fit to us. That’s what makes marriage work, by making sure we align with someone that aligns with us. And the same is true on why or why not your lead generation strategy is going to work. The key word I’m going to give you to take away is alignment. Are you aligning your values, your experiences, all the things that make you you, your business you, with a lead generation strategy that’s the best fit for you?
So I’m giving this to you from my past experience. I don’t hear a lot of people talk about this. This is something we’ve done internally. And I was talking to someone the other day about this and they brought it up, and it reminded me why it’s so important to be able to do this. So I hope you run with this exercise. It would not take you long to do it. Sit down, write out the qualities, but I’m telling you, it’s going to save you a lot of time. It’s going to save you a lot of money. It’s going to save you a lot of heartache.
So if you’re listening and you want to know more about radio, you’re like, man, I need something in 2020 right now, I need something I can depend on, I can tell you right now, radio is strong for us. People are like, well, people aren’t driving around. Yes, they are. Some people are still commuting. People are getting out and going to the grocery store. People are still advertising on the radio. And the reason we know that is because last month we actually exceeded our monthly goal on executed contracts by a profit of $3,500. And I stood back and I said, “Wow, I’m grateful that we have radio right now.” So if you want to know more, you want to see if your market is open, and you actually want to figure out right now that radio stations are the most negotiable I’ve ever seen them. They have softened. I’ve not seen this in my nine years of doing radio. They are hungry for business.
Ask questions, book a call, learn more about this. Go to wholesalinginc.com/reiradio. Again, that’s wholesalinginc.com/reiradio.