You must read Marketing Outrageously by Jon Spoelstra.
This book is a no b.s. guide for increasing revenue on a shoe-string budget. I spent years at NYC ad agencies and this book taught me a lot that can be applied to real estate investing.
It was referred to me by one of my clients after I told him about an idea I was implementing. The idea is to give my residents of a large apt community a $1 scratch off lotto ticket if they pay the rent on time and have a zero balance.
He said, “oh, that’s marketing outrageously.” I was like, “yeah, I guess so.”
“No, I mean there’s an actual book on those types of tactics,” he said.
And after reading this book, boy did I get inspired to continue and enhance my current outrageous marketing ideas.
Here are my top 10 takeaways:
- In every marketing project, think outrageously.
- Earn at least a $4 to $1 ratio of revenue to ad cost
- Go for dominance when placing advertisements – forget reach and frequency
- Ask these two questions every day:
- What’s it going to take to make this to best company in the industry?
- What did I do today to make my company money?
- Ask what business are you really in? (ex. NBA teams aren’t in basketball biz, they are in entertainment biz)
- How to improve revenue:
- Get regular customers to buy more
- Steal customers from your existing business
- How to structure a biz for success:
- Adding more salespeople
- Having a nice work environment
- Training, training and more training
- More tools for sales people
- Big-time database marketing
- Give away product for free them get them to stay for the long haul (ex. AOL did this with their disks)
- Invent new ways to market your product every six months
- Make the most important people in your business your employees, then customers then investors/shareholders – this hierarchy will produce the best results for all involved
Go buy the book – you’ll learn so much applicable stuff it’s, well, outrageous.