While preparing to write this article, I did a quick Google (and even Bing) search for “Lifecycle Marketing for Property Managers.” I was completely flabbergasted to find no relevant blogs, articles, videos, or other web content related to this topic.
Lifecycle marketing is not really a new concept. In fact, it is a critical part of running a successful business. During my 4+ years as an Infusionsoft consultant, trainer, and product documentation specialist, I taught hundreds of small business owners about lifecycle marketing. Now, property management professionals, I guess it is time to teach you (especially if no one else is doing it!).
Launching a successful lifecycle marketing strategy for your property management company involves these steps:
- Step 1 – Identify your perfect client
- Step 2 – Understand your client relationship stages
- Step 3 – Establish business goals for each stage
- Step 4 – Create marketing messages for each stage
- Step 5 – Deliver marketing messages at the right time
Relationship stages don’t differ much from business to business. In fact, Infusionsoft developed the following graphic to define the stages and serve as a framework for developing a successful marketing strategy. A framework like this helps you organize your marketing and be more intentional about what you do and how you do it.
But, I’m getting a little ahead of myself…let’s start with Step 1, Identify Your Perfect Client.
If you’ve ever read Stephen Covey’s 7 Habits of Highly Effective People you may have heard the phrase, “begin with the end in mind” (Habit 2). The end goal for your property management business is to have a passel of low-maintenance clients who are so pleased with your services that they post glowing reviews online and send you referrals every chance they get!
Marketing is all about creative, appropriate communication. Think about the conversations you have throughout your day. The words, volume, tone, and demeanor you choose change based on the person you’re talking with and the reason for the interaction. Effective communication relies heavily on understanding a bit of what’s going on inside the head of the other person. The same is true with marketing.
You may be thinking, “that’s great, Dee, but how do I actually identify my perfect client?” Well, it’s easier than you may think.
First, look at your existing property management client list. Identify your 10 happiest clients and list their general attributes.
- What types of rentals do they invest in?
- How many investment properties do they own?
- Where are these properties?
- Do the owners live in the area or in another city, state, or country?
- What are their general demographics? (e.g. age, gender)
Next, get inside your perfect client’s head. We often make assumptions about what people think based on our own experiences and expectations. To get a well-rounded vision of your perfect client, gather a group of your personnel together to brainstorm answers to questions like these:
- What kind of questions did these owners ask us when they were evaluating our company?
- Why were they seeking professional property management?
- What did they hope to accomplish by hiring a property manager?
- Why did they choose your property management company?
- What kind of positive and negative feedback do you get from these clients?
- What are their ongoing expectations?
Identifying characteristics for the kinds of clients you want to attract helps you tailor your marketing strategy and messaging. The “perfect client” profile will help you choose the right words and set the right tone. Does that mean that you’ll only get those types of clients? Not necessarily. However, it does mean that you are likely to get MORE of them.
In the coming months, I’ll cover some of the other steps in successful lifecycle marketing. In the meantime, take some time to think about your perfect property management client.
Disclaimer: LandlordSource does not represent the article content in this website as legal advice. It is shared information only and up to the reader to use this information responsibly, seeking legal advice as necessary to their business.
A good blog post from Seth Godin about The Unreasonable Customer. Identifying your perfect property management client will not only help you attract better clients, but also know when an existing client is not a good match for your company…
[…] September, I wrote an article about identifying the “perfect client” for your property management business. This is a critical first step toward developing a strong lifecycle marketing plan. It helps you […]