Wholesaling Marketing
This is a continuation of “3 Small Tweaks” Part 1…
Now that’s just a general overview, that’s not even part of the three tweaks. Here is the first one of the small tweaks you can do, and it talks about scaling your business. I talked about this before, but scaling your business is incredibly important. When you’re first starting out, you want to focus on one channel, and a channel I talk about is marketing. So what are channels? A channel is direct mail. And it might be direct mail to absentee owners, it might be direct mail to an inheritance list, or it might be direct mail to a probate. Those are all separate channels of marketing. When you are first getting started, what you do is you focus on one specific channel, and you reinvest 15% back into marketing. So if you make $10,000 in potential profit, when that profit that comes in, you would reinvest $1,500 back into your marketing budget. Then the next month, if you turn around and make $20,000, you’ll reinvest $3,000 into marketing.
What will happen is you’ll get to a point in your business where you cannot spend 15% of a month on marketing. To where you are making so much income, you cannot even spend $20, $30, $40 thousand a month just on marketing. So when it comes to scaling, realize that if you continue to reinvest 15% back into your marketing, it will grow exponentially. Now, from the start, focus on one specific channel. I would recommend starting on direct mail and if you have inheritance in your area, call Lance at U.S. Lead List and get an inheritance list. If you can’t get an inheritance list, focus on direct mail to absentee investors. Send them what’s called a yellow letter. You can get that from Yellow Letter Mail.com, talk to Michael Quarles.
So, what you are going to do is focus on one channel, direct mail. You mail out whatever you can afford to get it going or maybe you’re already mailing right now. What you want to do is mail that out, and then, you’re going to increase, you’re going to go deep with that channel. So what does going deep with that channel mean? That means, if your total available absentee owners (investor owned rental properties where the owner lives out of state) in your entire market that you’re focusing on is, say, 20,000, but you can’t afford to do 20,000 or you don’t have the support or the team to be able to handle the amount of leads coming in, what you do is maybe send out 2,000. You send out 2,000 yellow letters and you manage those leads coming in and you reinvest. Going deep would be where you’re hitting those 20,000, and that’s the channel that you stay in and you scale into.
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