Property Management Newsletters: Simple but Effective Marketing
Let’s start this conversation by defining marketing.
- the act of buying or selling in a market
- the total of activities involved in the transfer of goods from the producer or seller to the consumer or buyer, including advertising, shipping, storing, and selling.
- the action or business of promoting and selling products or services, including market research and advertising.
Marketing is the process of communicating the value of a product or service to customers, for the purpose of selling that product or service.
Marketing can be looked at as an organizational function and a set of processes for creating, delivering and communicating value to customers, and customer relationship management that also benefits the organization. Marketing is the science of choosing target markets through market analysis and market segmentation, as well as understanding consumer behavior and providing superior customer value. From a societal point of view, marketing is the link between a society’s material requirements and its economic patterns of response. Marketing satisfies these needs and wants through exchange processes and building long term relationships.
The first two definitions of marketing are overly simple, focusing on advertising and selling. They don’t address what I consider the most important aspect of marketing – communication that leads to a long term customer/client relationship. When you start with the premise that marketing is an ongoing relationship-building conversation between your company and your current or prospective clients, it becomes easier to see the value in content marketing, like newsletters.
Newsletters are an inexpensive, simple, and effective way to build strong long term relationships with your clients. Here are a few ways newsletter marketing adds to your bottom line:
- Newsletters build relationships.
People do business with companies they “know, like, and trust.” You can use newsletters to help clients & prospects “get to know you” better and develop a sense of trust with your company.
- Newsletters promote loyalty & retention which increases “customer lifetime value.”
I read somewhere that businesses lose 10% or more of customer goodwill every month that goes by without communication. As goodwill decreases, the likelihood that clients will shop competitors or be easily swayed to transition increases. A newsletter that is delivered on a consistent schedule is positive communication that reminds clients and prospects of the value you provide.
- Newsletters showcase your expertise.
As a property management professional, you take steps to educate yourself and your staff, acquire new skills or technology, and develop partnerships that benefit your clients. You can highlight your knowledge and professionalism through newsletter articles. This fosters trust and shows clients / prospects that you care about delivering excellent services.
- Newsletters keep your company visible.
Unless you are a mind-reader, it is tough to know when a client or prospect has a need you might be able to satisfy. When you send newsletters regularly, you stay top-of-mind and can remind prospects and clients about ways you might be able to serve them – portfolio expansion, selling a property, add-on services or referrals. In an age of ad inundation, many traditional advertising methods are ignored. Newsletters are generally not viewed as advertising so subscribers are more likely to pay attention to what you are saying.
- Newsletters are easy to share.
Newsletter articles are easy to pass along to friends and family members. This share-ability increases your potential reach and makes you visible to even more people who may become prospects and/or referral sources. AND, there is no additional cost involved in getting in front of these people.
If you invest time and effort into a newsletter marketing program, you want it to be successful. Here are some common newsletter marketing mistakes you should avoid:
- Inconsistency – Once you start a newsletter, be faithful in delivering it on a regular schedule. If you go long periods between newsletters, they lose their effectiveness and their business-building potential drops or disappears.
- Boring or Irrelevant Content – It’s tough to earn someone’s time and attention these days. Make sure your newsletter content is interesting and relevant. Educational articles should provide useful or actionable advice. Include personal articles from your team that showcase their personalities and talents. Communicate company updates and important reminders. Throw in a fun article now and then, but make sure it is something your readers will relate to. Don’t make your newsletter too “pitchy” or include a lot of ads. Remember, your goal is to deliver consistent value so that your subscribers WANT to read (and share) your newsletter.
- Poor Newsletter Layout / Design – Make sure your newsletter is attractive, matches your branding, and is easy to read or skim. Some degree of predictability in layout helps readers quickly find the information that interests them the most.
- Giving Up – It can be hard to determine ROI on a newsletter because things like retention and lifetime customer value are trending measurements that are tracked and calculated over time. Don’t start a newsletter marketing program on a whim, deliver a couple of issues, and then give up. Think about longevity and how to deliver the most value to your clients. Giving up too soon damages your credibility.
Story by: Dee Allomong