What is marketing?

Often, we are challenged by clients about the need to invest in marketing when it comes to marketing their homes.  The most common question is “why the need to advertise on other channels as most buyers are going to this particular website for their searches”?  Most agents would reply along the lines of “you need to be on this website or that magazine because 10% of your buyers are here and the other 8% are on print.”    

I disagree as my view on marketing is this: “Be seen and be everywhere”.  Not only do I recommend this to clients when it comes to marketing their beautiful properties.  I also apply it to my own business.  Many of you would have seen my billboards, my advertisements both on print and digital media, flyers, sponsorships, merchandise etc.  Just like most sellers, I dislike spending money on marketing, but it is necessary.  Just because some marketing cannot be quantified exactly in terms of return on investments (ROI) doesn’t mean that the investment won’t work.  For example, I can never quantify the ROI of a billboard based on how many clients engaged with my services because they saw my billboard.  However, I can assure you it works.

Instead of measuring the effectiveness of marketing by way of Return On Investment (ROI).  I think we should think in terms of “opportunity cost”.  What is the opportunity cost of not being on the full-page advertisement next time you market your home?