The end of the year is always a time for reflection and a time to look ahead at the upcoming year. You may be considering resolutions and personal goals for the new year, but you should also be reviewing your business model, strategy, and goals from the year we are leaving behind. Consider the areas you did well in, where you could see improvement, how you would like to expand, and something you’d like to try. Let’s take a look at how reflecting on the past can help you create a successful marketing and business plan for the future.
Strengths, Weaknesses, Opportunities, and Threats
In the marketing world, we call this a SWOT analysis, and it’s one of the most important planning tools you can use to outline your current situation.
- Strengths – Think about what you and your company do really well. You can even reach out to previous clients and get their feedback or review any testimonials you have to see what people enjoy most about your business. What are the advantages of working with you over your competitors?
- Weaknesses – Ask yourself if there are any areas that you could improve on. What resources do other REALTORS® and brokerages have that you may be lacking? How do other agents and brokerages in the industry see you, and what are the weaknesses that they may identify?
- Opportunities – Discover some chances that are open to you and think about how they can affect your business. They can be big or small, but identifying the openings now and taking steps to better yourself and your business can make you a leader in the field, someone who people turn to for inspiration.
- Threats – Dive into the competition and think about businesses and procedures that could harm your grasp on the market. These can be iBuyer programs, a slow in new home construction, a large closing of a company that employs people in your community. Think about what could potentially make it harder for you to find and keep clients.
We will always come back to your target market. Look back at the clients that you helped in the last year. What do a majority have in common? How did they find you? Were they buyers, sellers, or investors? How long did the process take before they made a transaction? All of these factors will help you understand who is most drawn to work with you and can help you build out ways to invite more of that market share to do business with you over your competition.
Tactics and Strategies
Tap into the analytical side of you and think about the tactics and strategies you used in the last year. Think about property marketing, social media, newsletters, website engagement, print marketing, networking events, etc. What worked well for you and what fell flat? Were there strategies you had hoped to implement this year but didn’t get to? Did you see any growth from the strategies and tactics used?
Understanding the good and bad from the last year is the best way to plan for the new year. Try your best to take your biases out of the equation and get feedback from those working closely with you, as they may have insights you wouldn’t think about otherwise.
If you’re having trouble coming up with successful marketing strategies or you’d like us to weigh in on what you should focus your time and energy on, contact Agent Operations. (512) 400-2345 or [email protected]. We’re here to make you SHINE in the new year!