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!
- What the surest way to success is when you’re just starting out
- Why the sniper approach is considered ideal
- Why he chose direct mail
- The ideal marketing channel if you have plenty of time but little budget
- Number of mail pieces you should be sending out weekly
- Why consistent marketing is crucial
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Hey guys, Cody Hofhine here with Wholesaling Inc, the number one wholesaling coaching program. And 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 wholesale business, especially for beginners, those that are just barely getting in the game. So let’s break this down. Why is it, why is it that too many marketing channels can actually hurt your business versus the thought, the natural thought, would say, “No, it’s going to bring in more leads, it’s going to bring in more opportunity, and we’re going to close more deals”? so 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 you’ve got the shotgun, 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 in each shell is because, every time he shoots, not 100% of those BBs are actually hitting the target. He may be lucky if 10% of those BBs are hitting the target. So it’s crucial that he has a ton, a ton of BBs going out there to give him the shot of hitting that duck. Now, the sniper, on the other hand, who would you be more afraid of? If you were out in the distance or you’re out and about, are you more afraid of the duck hunter shooting a shotgun or are you more afraid of the sniper shooting one bullet at a time? I will tell you, 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 just spraying everywhere. It’s one bullet at a time, sharp shooter, hitting the target every single time. And when you get into wholesaling, as you begin, you have to remember you cannot be doing what everyone else is doing. So many times we get into this business and we think, “Oh man, I’ve got to be doing what Cody’s doing.” Or, “I’ve got to be doing what Tom’s doing.” Or, “I’ve got to be doing what this business is doing that’s doing two million a year or three million a year.” But 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. So if you’re at the beginning stages, we’ve been there before. And the surest way to succeed is doing the sniper approach and only shooting one bullet at a time.
Now, 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. So 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 just one marketing channel until it’s up and running, I can tell you, there is a time where you’ll bring on more marketing channels, I personally do more marketing channels, but I started with just shooting one bullet at a time, just like the sniper. Why I chose direct mail, direct mail allows you to get out in front of a lot of people, because at the beginning stages, a lot of us, in fact, my personal story, I was still working a full-time job doing insurance and so I didn’t have a ton of time during the day to pick up the phone and just be proactive and say, “Hey, I’m going to just start calling through a bunch of lists,” I had very little time because I had to make money still doing insurance.
So the time I had was maybe two to three hours a day. I didn’t have eight hours a day to spend on wholesaling. So my best way to grow that and scale that and get to that position quick 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 just go to my voicemails and find out who left voicemails, who left messages, and then start calling them back. Now, the sniper approach, if I were to do direct mail, and if I were to do Facebook and PPC, which is pay-per-click, and just do a little bit of each and just dabble at the beginning stages, it’s no different than, let’s go with the NBA, you’ve got Steph Curry, you got so many good shooters out there, why are they the best shooters? Why do they have the highest percentage? Or why do they make the most points? It’s because they take the most shots.
They’re the individuals that are shooting the most, and statistically, when you shoot the most and when you’re actually pretty good at it, you’re able to make more points. The same thing with your wholesaling business. It’s all about volume. So if you, at the beginning stages when the budget’s really tight and you don’t really have a big budget starting off, you want to make sure that you’re spending that whole budget in just one area. Just like Steph Curry, getting a ton of shots, because the more you shoot, the more you make. That’s just the name of the game. So 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 brokest investors and 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 and they never become a master of any of them.
They just simply dabble in each one of them, not getting enough, looks not getting enough shots, and at the end of the day, it kills your business and it’s going to put you back into that nine to five that you’re trying to escape maybe, or maybe you’re just trying to find a way to make ends meet or to pay your bills. It’s going to put you right back into that cycle, right back into that place that you don’t want to be, that you’re trying to get away from. So make sure, at the beginning stages, it’s super crucial that you act as a sniper. Shoot one bullet at a time. Just pick one marketing channel. Let’s say you have a ton of time, you have plenty of time, and you have a very little budget, cold calling might be the way to start. But if it’s like what I had to do where I’m working a nine to five job and I’m busy doing that, I have very little time, that’s why I went direct mail.
And how much should you be spending? I tell everyone, “As much as you can.” You can’t just simply dabble. Make sure you’re sending out at least 2000, 2,500 mail pieces every single week. Not month, every single week. So that means about 10,000 pieces a month. Now, those 10,000 pieces don’t just go out all at once. Notice that I broke it down granular. 2,500 pieces a week. Always consistently marketing each and every week so that every time you market consistently, it’s going to lead you to getting on the phone consistently with motivated sellers, getting consistently in appointments in their houses, making offers, and ultimately getting contracts or agreement signed, and then which leads you to our final step, getting paid.
So 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, two million, three million, four million a year, you can do that. But make sure you start where everyone started, and that’s like a sniper shooting one bullet at a time. Thank you so much for listening to the podcast today. If you’re looking for help to build your wholesaling business, head on over to wholesalinginc.com, and that’s where you can book a call with our team and be able to talk with our team members and find out if it is a good fit for you guys to be in the tribe. Thank you so much, guys, and we’ll see each one of you guys on the next episode. Take care.