Posted on: January 05, 2022
WI 856 | Radio Marketing

 

Radio is outdated. And it is why investors and agents likely confuse themselves with their target audience, avoiding radio advertising and switching to another marketing channel all at once. But what you don’t know is, if you are an investor looking for deals in your area, your target demographic is very much likely to be into radio!

Today we will be sitting down with Grace and Lauren as they debunk radio myths and tell you everything you need to know before jumping into the world of radio. Learn about what works, what to avoid, and how to incorporate radio in your virtual wholesaling business.

A Peak Behind the Curtain at Why Radio is Still One of the Most Profitable Marketing Channels

Episode Transcription

I’ve got a fellow coach with me, Grace Mills, Coach of REI Radio 2.0. I love inbound marketing methods. Leads are calling me. I am not calling them. It is a completely different side to sit on when they are calling you. Inbound leads are more motivated and a little bit nicer. You feel as though they want to talk to you, so I love inbound, TV ads, and the idea of radio ads. I have never done radio. I direct mail, all for those reasons. I want to learn more about how I can use a radio in my virtual wholesaling business, so I’ve got an expert here. Grace, welcome to the show.

Thank you so much for having me on, Lauren. I’m excited to be able to talk this over with you. This is a question that comes up for a lot of people.

Grace, tell us a little bit about yourself.

Some of you may already be familiar with me. I popped on quite a few shows previously with Chris Arnold and Brent Bowers. I am the Coach of the REI Radio 2.0 Program. Some of you may have recognized me from the initial rollout of REI Radio, doing and helping Chris with some of the fulfillment in terms of coaching and guiding the students there. The REI Radio 2.0 Program is slightly different in the sense that we are re-rolling it out in this way where you can take it into any market of your choosing.

We are re-rolling it out with you as the lead coach. Now we have Grace as the other female coach because I was getting a little bored with all the men around me. I’m so excited about having another female other than me. It’s awesome to see that you have been the silent, behind-the-scenes coach this whole time. We know who’s the brains and the beauty behind it. It’s good to have you. We are super excited to have you a part of our coaching group here. I’m interested in learning more about radio for your wholesaling business. Can you explain what radio ads are and how a wholesaler can use them?

If you don’t have an inbound marketing source, I don’t care what you are doing. You need to have one. In the grand scheme of marketing, you want to keep a balance of outbound and inbound marketing channels that are coming in, so you have at least one source where you are like, “I don’t have to do so much work. At least I have a source that’s going to generate someone contacting me.”

With radio, it’s all about slicing it down to finding where you need to be on a station. It’s no different than any other marketing source or channel. You want to pin down a target audience, “Who am I trying to get myself in front of? Will this work?” It’s all about getting the right message and the right ad in front of the right people. It sounds simpler but it’s a learning curve. We split tested this for the last couple of years, getting it down to a rhythm that works for investors and finding distressed, motivated home sellers through radio.

A sales rep is a sales rep regardless of the marketing channel.

I wouldn’t even know to begin to get an ad on the radio. How do your program help students navigate that?

I have made a lot of mistakes. The only way this comes full circle and makes me feel better about all the mistakes I potentially made is by helping other people avoid them. That is the stage of helping you figure out, “Who do I need to contact?” That sounds simple but it’s a lot more difficult when you are trying to find an actual point of contact for radio. Is there a point of contact for one station? Is there a point of contact for all stations? Does it work on a company basis?

The course will walk you through how to find those contacts and what you need to say. You want to make sure you establish the mighty round of rapport and build up your credibility as you are speaking to these radio sales reps. I will help you navigate language, emails, how to understand lingo, terminology, like, “If I do pick up a station, how do I know if I’m being taken advantage of pricing-wise?” A sales rep is a sales rep, no matter where you go. It’s so different from radio. They get fancy with lingo to confuse you even further, so then you go, “Whatever price this guy pitched me, it’s got to be right.”

You don’t even realize that you can negotiate the price of your ad.

There is a system for buying a radio. It’s all in the way that you approach your conversation with your sales rep. They know when you are fresh out of water. They can smell that. They are like, “You don’t know what you are talking about.” It’s easier for them to take advantage of you in that way.

It sounds like you know the average rates they should be paying. Do you help with negotiation prices?

Yes. It helps you get a foundation and understanding of how radio works in general. You have a much more confident conversation. You can go in there, call someone and say, “I can negotiate this myself.” Having to split test this for the last few years, we have already found the system to cut down that learning curve time of like, “Here’s the best phrasing to use right out of the gate. Here’s the best way to rebuttal a certain phrase like this. Here’s how you read a contract. Here are loopholes that they are going to potentially play with.”

They are sales reps. That’s their job. They are looking at what’s best for the company line. They are going to throw you out whatever package they throw out to people. One of my favorite phrases from students is, “The sales rep I talked to got experience in real estate. I believed him.” I’m like, “Sales 101 is to find common ground. He’s going to say that.”

WI 856 | Radio Marketing

Radio Marketing: In the grand scheme of marketing, you must have an inbound marketing source. It’s good to have a balance of outbound and inbound marketing channels.

 

You are going to say, “I’m an investor. I own a real estate company.” His or her response is, “I know a little bit about real estate.” They don’t. In that particular case, it’s a sticky situation for you all to allow that person to come up with a package or point out a station that they think best works for you when they are not an expert in real estate, let alone wholesaling.

I have never done radio. I’m asking questions that a lot of people want to know. Does radio really work? Do you get leads that way?

You have to think that in every market, there are homeowners everywhere. It’s a matter of getting in front of them. Radio is so much more helpful than other marketing channels in my experience. It produces a much more high-quality motivated seller from the standpoint that once you are on the radio, it’s the perception of it. People go, “If you are on the radio, you’ve got to be legitimate. Radio must be so difficult and expensive to get on.”

If that person is advertising their business on the radio, they’ve got to be the go-to person. It creates this space and lane for you to own or almost dominate their way of thinking that they go to you for all of your real estate problems because you are the only person they have heard on the radio like that with a service like this in their market.

They will go, “I have heard this ad a couple of times.” It may take them a couple of times. It’s marketing in general. Maybe they would go through a brand awareness stage of, “Who is this person? What are the services?” They hear you a few more times, and they are like, “This has to be legitimate. I have heard this person multiple times on a radio station that I have been listening to. Let me give this person an actual call.” It’s much better, and because it’s inbound, they are contacting you when they are ready.

A lot of people don’t listen to the radio anymore. I listen to Apple iTunes or Spotify. Who’s listening to the radio?

You would be surprised. Some people went, “Even during the pandemic, are people listening to the radio?” Absolutely. A part of what the course will teach you is how to track that. Stations track the listenership. You always have an idea of what’s going on. Is it going up? Is it going down? Has it remained stagnant? There are almost 250 radio markets across the United States. I have seen over 200. There’s not a market in that I have not seen anything yet. Nothing is brand new. I’ve got a pretty good pattern of what goes across the United States in terms of what average listenership should look like. If there’s a red flag there, it’s much easier for me to point it out.

There are homeowners in every market; you just need to know how to get in front of them.

I don’t listen to the radio. I also wouldn’t sell my house to a wholesaler. You have to think the customer you are going after is a customer who listens to the radio and watches daytime television. They are not subscribing to Netflix, Peacock, Spotify, and all these things. That is not the customer you are looking for. I knew you would say that but I had to ask the question because somebody reading this is wondering, “Who’s listening to the radio? I’m listening to a podcast. I don’t listen to the radio.”

Distress sellers are in a sticky situation. They don’t have the beauty of working nice 9:00 to 5:00 jobs. Some of them are working the graveyard shift. Some of them are working 2 or 3 jobs. They are in and out of the car going from one shift into another shift. Your target audience is how you have to approach this. It’s not a matter of, “I don’t think anyone is using radio.” It is your target audience there. There’s plenty of data that the course will help you understand how to utilize and pin that down.

Are your radio ads going to the radio stations that have talk radio? Are they in between talk radio stations or is it music stations?

That comes up a lot for students. It’s like, “What’s better, AM or FM stations?” Most talk or sports stations are going to be roughly on AM, and you are going to find more music stations on FM. I have utilized all of the above. It comes down to data because not all stations are made even. Everyone reaches a different target audience in terms of stations and who they pull in in terms of listener type. You have to be very careful about navigating that. You can find who your target audience is. In the grand scheme of things, you will end up on both potentially if their data makes sense for you to spend money to be there because sometimes it doesn’t.

That’s interesting to think about. I would think our customer base listens to AM radio.

They could vary. I have seen some AM stations that reach very affluent individuals, people that are very well off. Sometimes, the AM station makes it a point to reach an affluent population. That’s why I say that not all stations are made even. Some companies want a station to specifically meet certain groups of people to have it underneath their umbrella. The radio company may want, “I want to make sure I have a station that does meet someone more or in the rural area and more blue-collar. There’s an affluent population here. I’ve got to make sure that this station comes up with programming that would pull in the affluent audience in this particular market.”

I would have made mistakes if I tried to do this on my own. Radio is something you need to navigate. I wouldn’t know the language, who to call, the right stations to be on, and how much to spend. This is a technical marketing channel. Outbound marketing like texting and cold calling is great but it’s a low barrier to entry and a low price point type of marketing channel. If you don’t have a lot of money to spend and you are on a budget, I highly recommend starting with cold calling or texting. It’s a job in itself.

WI 856 | Radio Marketing

Radio Marketing: Knowing whether to advertise on AM or FM all comes down to data. Not all stations are made even. Everyone reaches a different target audience in terms of stations.

 

There’s a lot to learn and navigate, and that takes time.

It’s ongoing because even if you hire it out, you have to manage a call center, and now you are a Call Center Manager. What I love about the inbound is that it’s not another job. Once you figure it out, it’s a set it and forget it. I love that. Radio would work so well as a virtual model once you set it up in one market. If I’ve got it going in Oklahoma, why can’t I get it going in Louisville or Florida? It’s the same process. It’s a rinse and repeat. It would work well with virtual wholesaling.

That comes up for a couple of my students. They have gotten to a point where they started to grow and went, “How do I move this into another market?” They go, “Would it be successful?” I’m like, “Radio is going to produce if there are home sellers there and you get your message right.” The course will walk you through messaging as well. They are like, “If I could move into a market, would it be successful?” The homeowners are there. It’s a matter of, “Can that person move properties there?”

It’s all about a mindset thing. A lot of people don’t think that you could go virtual and can’t do radio virtually. You have to change your perspective and have that mindset shift that you can do it. I love what you are doing. I want to give radio ads a try because I love inbound. Grace, thank you so much for sharing with us. If anybody was interested in getting help with their radio ads, where would they go?

If that is something you are interested in or curious about finding some more information, you can go to WholesalingInc/reiradio. Go ahead and book a call. Maybe you have some questions that need to be clarified if this is truly something you are ready to pick up and hit on.

It doesn’t hurt to book a call and find out what your options are. Grace, thank you so much for chatting with me and teaching me a little bit about radio.

Thank you so much, Lauren, for having me. It was exciting to be able to talk to you. These questions come up for people. If there is any way that I can help, I love to be able to hop on here and add any value. The show is great to collect any gems from.

Thank you so much for reading, and I will see you next time.

 

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About Lauren Hardy

WI 489 | Negotiation TacticsLauren Hardy is a Virtual Investing expert and Real Estate influencer who owns multiple companies in the real estate industry including real estate investment, coaching, and software companies. She is also a Wholesaling Inc coach and co-host of the Wholesaling Inc Podcast.

Her experience in the last decade has been focused on real estate investing and creating products and services to serve the real estate investing community. If you are interested in investing in real estate virtually, house flipping, or virtual landlording, Lauren’s your girl.

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