In a recent visit to Tallahassee, FL, I spoke with my Dad about how he’s been able to reverse the trend of higher vacancy rates for the rental properties he owns.
About 3 years ago, my father hired a rental management company to rent and manage his rental properties. At that time, his average vacancy rates were less than 5%. After about two years his vacancies shot up to 15%-20%!
How did his vacancy rates become so high? The management companies he hired were order-takers instead of sellers.
The critical difference between my dad’s success renting a house and the management company lack of success boils down to salesmanship. A salesman, my dad, asks a potential renter what is keeping them from signing the dotted line. An order-taker doesn’t find out what issues are preventing the sale.
Next time you hear ‘no’ from a prospect, summon your 4-year-old self and ask why. Successful salesmen understand why prospects think the way they do and offer solutions that render their objections moot.
Posted in Sales
In North Carolina, we tend to get a good snowfall at least once or twice every few years. These “snow days” can wreak havoc here in the Triangle. Driving in the snow and ice is not a North Carolinian’s strong suit, so many civic, school, and business organizations close as a safety precaution.
When a snow storm comes, local media is abuzz about it and updates scroll the bottom line of network TV. Most of these updates are about area closings and openings. These updates offer a great marketing opportunity for small businesses.
By tapping into the media, businesses can gain exposure by sharing updates about their office hours. The result – free brand impressions on network TV (this year these updates were paired with ACC basketball games, broadcasts drawing a huge number of viewers in North Carolina).
The next time snow or ice is closing down offices in your area, seize the opportunity to share your business’ schedule with local viewers glued to the TV while the snow falls down. This tactic takes little time to deploy and reminding local viewers about your business without having to run an expensive advertisement is sweet! Even sweeter, if you don’t need to close you can still gain exposure by reporting your regular closing or opening times.
It’s Super Bowl Sunday!! A time when advertising comes into focus. This year, however, I’m thinking less about the commercials and more about event marketing around Super Bowl XLIV.
There are opportunities for your business to piggyback on the excitement of a big event. DirectTV has implemented a well-timed marketing tactic by setting up tables in Sam’s Club and offering a SuperBowl promotion. This is a great strategy for DirectTV! Football fans, one of the drivers behind HDTV adoption, often consider upgrading their TV sets before the SuperBowl and DirectTV can sweeten their purchase by offering attractive HD sports packages.
Shopping for new TVs is one side-effect of the SuperBowl, and there are certainly others. Let’s consider food consumed on Super Bowl Sunday. Hot wings, pizza, chips, dips, and beer are foods that come to my mind.
If you’re a chicken wing supplier, demand leading up to the SuperBowl is bound to rise. Chicken wing suppliers and distributors can raise their prices and enjoy better margins than other times of the year. If you run a hotel in Miami, host of Super Bowl XLIV, demand for hotel rooms and other entertainment venues will be high too. Plan accordingly.
My advice, think about upcoming events in your area and implement aligned event marketing tactics to capitalize on the event’s excitement.
What event marketing tactics have been effective for your business?