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!
A Simple Formula for Choosing the Right Marketing Strategy . . . for YOU
Here is what we’re talking about. I’m going to be walking you through how to choose a lead generation strategy. There are a ton of strategies out there available to us to apply in our business to find discounted properties, but no one talks about how to make that decision. I want to walk you through an exercise. It’s something that I did years ago in my business that we still use. I’m glad that I set this up because for us as a company, when we get thrown all of these different lead generation options and ways to find motivated sellers, we now have a system and a process that will make that decision better and more simple and efficient.
Let’s talk about this higher up first. There are a ton of lead generation strategies out there. 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, bandit sign, radio, television, outbound, cold calling, RVM and text blasting. They all work. 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 what I’m talking about. What I’ve learned over time is that every pillar for the most part works if you take the time to get in and become an expert at that.
You could build a lead generation pillar in your company with 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. What I find with people though is they tend to bounce from one lead generation source to another. What they will communicate is that none of these work. What I want to tell people is they all work. The problem is you’re not working them correctly. Here’s what I want to push forward. I want to talk about creating a filter, a decision-making grid for how you can analyze a piece of lead generation, and a way to find a discounted property and know whether or not it’s a fit for your business.
Marketing is just like dating. You have to find which strategy best fits you.
Nobody talks about this. I’m going to talk about it through the idea of dating. We’re going to play off of that concept. If you ever had thought about getting married, are getting married or whatever that looks like, or 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 and if you’ve taken time to write down the list of qualities, that becomes a filter.
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. The reason this is so powerful when writing it down is that it keeps you focused on 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 apply to all types of things out there. We get distracted. What a filter or a list of qualities does is it allows us to have an anchor. Let’s talk about this on the lead generation side when it comes to marketing.
What we did is we took the idea of writing down the characteristics as we would about the person that we want to marry. We took that concept and applied it to marketing. We have a list of multiple characteristics for us in our company that we have decided are the best fit for us. 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 and preferences.
That’s true. There could be one particular potential spouse that is a fit for one person but not another. What we have done and come to realize is that there are a lot of lead generation strategies out that work but we have to find the ones that best fit our company and style. Let me walk through some typical examples here of what I mean by qualities. These are the ones specific to us. What I’m encouraging you to do is not to adopt ours but to sit down and write out your list so that when you start making decisions around lead generation, it becomes much simpler.
Here’s an example. We prefer marketing that creates an inbound lead, not something that we have to do outbound. That is our preference as an organization. We do not want to do outbound lead generation. For example, in cold calling, we want to make all of those leads come inbound. We would rather talk to somebody that is initially reaching out to us. That is also called reverse prospecting. Does that mean that cold calling does not work? It works. We believe in it. It just means that as an organization, we prefer to make the phone ring than have to call somebody cold.
That’s our preference. What we have decided over time. Let me give you another one. We prefer something that is money-based over time-based. What I mean by that is we would rather spend the money to make the phone ring than to do a lead generation source that requires a lot of time. You can get in and make it work. Over time though, what we preferred is to do something that’s low competition. I would rather size up a marketing strategy and go, “How many people are already doing this? Is this saturated or not?” Another characteristic we prefer is low competition.
You can’t just do things just because they work; you have to actually enjoy working on them.
I’ll give you one more and 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, direct mail or anything else, there also becomes exterior costs that go around that. For example, on direct mail, an exterior cost is you might have to hire a call center to be able to deal with the volume of leads. That might be an example of that. When I size up to something, I want to know whether or not there’s going to be a marketing budget. Am I going to have to pay for a bunch of ancillary things to support this process? I prefer to have something that’s low-exterior.
You might be saying to yourself, “That’s a phenomenal list. You’re speaking about the perfect lead generation source.” What I’m telling you is this is my ideal. Are we going to find something that fits all of the characteristics that I gave you plus the 5 or 6 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 checkboxes checked by the end of the day. It becomes very simple for us to go, “We have three options here but based on our preferences and things we have done in the past that we don’t like, this one fits our company.”
You understand why it’s so powerful to create this type of filter. It saves us a lot of time, makes decision-making easy, and more importantly, we succeed in 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 because they work. Not only do they have to work but you also have to enjoy working with them. For example, we don’t do ringless voicemail and mass text blasting. It works but for us as a company, we don’t like the way it feels spamming people. That’s just us. You might be reading this and going, “I don’t care about that. It works for me, this whole issue of spamming.”
That’s fine. This is not black and white or right or wrong. What I’m getting you to understand is the importance of preferences. More importantly, just like dating and choosing your spouse, everyone is going to have different opinions about what the best spouse is for them. What we can all agree on is 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 for us. That’s what makes marriages work. It’s by making sure we align with someone that aligns with us. The same is true for why or why not your lead generation strategy is going to work. The keyword I’m going to give you is alignment.
Are you aligning your values, experiences and all the things that make your business you with a lead generation strategy that’s the best fit for you? 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 have done internally. I was talking to someone about this. They brought it up and it reminded me why it’s so important to be able to do this. I hope you run with this exercise. It would not take you long to do it. Sit down and write out the qualities. It’s going to save you a lot of time, money and heartache. If you want to know more about radio and you’re like, “I need something in 2020 that I can depend on,” radio is strong for us.
People are like, “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. The reason we know that is because we exceeded our monthly goal on executed contracts by a profit of $3,500. I stood back and said, “I’m grateful that we have radio.” You want to know more, see if your market is open, and figure out 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, and learn more about this. Go to WholesalingInc.com/REIRadio.
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About Chris Arnold
Chris Arnold is a 15 year Real Estate veteran who has closed over 2500 single family real estate transactions in the DFW metroplex.
Chris is the founder of multiple companies that are managed by a US virtual team, which allows Chris to run his organizations while living in Tulum, Mexico full time.
His passion for leaders has led to the creation of Multipliers brotherhood which serves the top 5% of real estate entrepreneurs out of the US. Most recently Chris has launched his REI Radio coaching program.
This program is designed to teach real estate investors the marketing stream that everyone knows about but NO ONE is doing!