Let us crush a very common misconception: many people believe that the more marketing channels they use, the more leads they can generate and the more opportunities that will come their way. However, nothing can be farther from the truth.
While using several marketing channels can seem like a smart move at first glance, it is actually counterproductive. In this episode, Wholesaling Inc.’s Cody Hofhine will tell you why.
In addition, Cody also shared the marketing channel that has worked for him when he was starting out. He also talked about the other awesome marketing channels that are available at your disposal.
If you want to know what marketing channel is right for you and why focusing on only one is deemed ideal, this episode is for you!
Why Too Many Marketing Channels Can Destroy Your Wholesaling Business . . . And How To Avoid It With Cody Hofhine
I am going to break down why having too many marketing channels running at the same time, why it can be the death of your wholesaling business, especially for beginners, those that are barely getting in the game. Why is it that too many marketing channels can hurt your business versus the natural thought would say, “No, it’s going to bring in more leads and opportunities. We’re going to close more deals?” Let’s break this down.
I want you to think about the sniper and the duck hunter. We’ve got two different people that are shooting guns. You’ve got the sniper shooting one bullet at a time and the duck hunter that shoots a shotgun and a ton of BBs come out at the same time. What’s the difference in approach here? The difference is, as a duck hunter shoots, the reason why they have to put so many BBs in each bullet or shell is because every time he shoots, not 100% of those BBs are hitting the target. He may be lucky if 10% of those BBs are hitting the target. It’s crucial that he has a ton of BBs going out there to give him the shot of hitting that duck.
Who would you be more afraid of if you were out in the distance or you were out and about? Are you more afraid of the duck hunter shooting a shotgun or the sniper shooting one bullet at a time? I’m going to answer for myself. It’s the sniper every single time. These guys are trained to hit their target 100% of the time, only shooting one bullet at a time. It’s not a machine gun spraying everywhere. It’s one bullet at a time, a sharpshooter hitting the target every single time.
When you get into wholesaling as you begin, you have to remember you cannot be doing what everyone else is doing. Many times, we get into this business and we think, “I’ve got to be doing what Cody or Tom is doing. I’ve got to be doing what this business is doing that’s doing $2 million or $3 million a year.” You’ve got to remember, each and every one of us, myself, Tom and any other big business that’s out there, started somewhere. They started where you’re at right now. If you’re at the beginning stages, we’ve been there before. The surest way to succeed is doing the sniper approach and only shooting one bullet at a time.
If you know us at Wholesaling Inc, the one that we absolutely love and which everyone thinks is dead, which I love when they say that because it leaves more deals for us, is direct mail. If you’re going to get into marketing, why I love direct mail, we’re going to talk about this and why you should focus on at least one marketing channel until it’s up and running. There is a time where you’ll bring on more marketing channels. I personally do more marketing channels, but I started with shooting one bullet at a time like the sniper.
Why did I choose direct mail? Direct mail allows you to get out in front of a lot of people. My personal story, I was still working a full-time job doing insurance. I didn’t have a ton of time during the day to pick up the phone, be proactive and say, “I’m going to start calling through a bunch of lists.” I had very little time because I had to make money still doing insurance. The time I had was maybe 2 to 3 hours a day. I didn’t have eight hours a day to spend on wholesaling.
When you get into wholesaling, you cannot be doing what everyone else is doing.
My best way to grow that, scale that and get to that position quickly was through direct mail. Direct mail went out and did all of the heavy lifting for me to make the people that are motivated and some people that weren’t motivated call me back so that simply when I had the time when I had a break, I could go to my voicemails, find out who left voicemails and messages and then start calling them back.
Now, the sniper approach. If I were to do direct mail, Facebook and PPC, which is pay-per-click, and do a little bit of each and dabble at the beginning stages, it’s no different than, “Let’s go with the NBA. You’ve got Steph Curry and so many good shooters out there. Why are they the best shooters? Why do they have the highest percentage? Why do they make the most points?” It’s because they take the most shots. They’re the individuals that are shooting the most.
Statistically, when you shoot the most and when you’re pretty good at it, you’re able to make more points. The same thing with your wholesaling business, it’s all about volume. At the beginning stages, when the budget is tight and you don’t have a big budget starting off, you want to make sure that you’re spending that whole budget in one area, like Steph Curry getting a ton of shots. The more you shoot, the more you make. That’s the name of the game.
If you spread that out between multiple channels, the issue is you’re not getting powerful at any one of them and it ends up being the most broke investors. The ones that go out of business, the fastest and die the quickest, are the ones that do too many marketing channels right out of the gates. They never become a master of any of them. They simply dabble in each one of them, not getting enough looks and shots.
At the end of the day, it kills your business. It’s going to put you back into that 9:00 to 5:00 that you’re trying to escape or maybe you’re trying to find a way to make ends meet or pay your bills. It’s going to put you right back into that cycle or place that you don’t want to be that you’re trying to get away from. Make sure at the beginning stages, it’s super crucial that you act as a sniper. Shoot one bullet at a time. Pick one marketing channel.
Let’s say you have plenty of time and have a very little budget. Cold calling might be the way to start. If it’s like what I had to do where I’m working a 9:00 to 5:00 job and I’m busy doing that, I have very little time. That’s why I went direct mail. How much should you be spending? I tell everyone, “As much as you can.” You can’t simply dabble. Make sure you’re sending out at least 2,500 mail pieces every single week. Not month, every single week. That means about 10,000 pieces a month.
Those 10,000 pieces don’t go out all at once. Notice that I broke it down granular, 2,500 pieces a week. Always consistently market each and every week so that every time you market consistently, it’s going to lead you to get on the phone consistently with motivated sellers, getting consistently in appointments in their houses, making offers and ultimately, getting contracts or agreements signed, which leads you to our final step, getting paid.
If you want to make this work and you truly want wholesaling to be something that can help you get away from whatever you’re trying to get away from or turn it into a business where you can grow to the point where you are doing what you’re looking for as a goal as a future, $2 million, $3 million or $4 million a year, you can do that. Make sure you start where everyone started and that’s like a sniper, shooting one bullet at a time.
Thank you so much for reading. If you’re looking for help to build your wholesaling business, head on over to WholesalingInc.com. That’s where you can book a call with our team, be able to talk with our team members and find out if it is a good fit for you to be in the tribe. We’ll see each one of you in the next episode. Take care.
About Cody Hofhine
Utah Sell Now, LLC provide win-win solutions to help homeowners who want to sell their homes quickly, without the hassles of a traditional listing. For a deal to work for us, it has to first work for you! We believe in going above and beyond to help you sell your home. Whatever obstacles you are facing logistically, we are ready to help! Selling your home does not need to be stressful.