How to Market a Product

Recently, we came across an article on wikiHow describing the steps to
take in order to successfully market a product.  Although articles like this are generally written about
marketing retail products, there are so many parallels between getting a retail
product ready to sell and getting a home ready to sell that we simply had to
point out the similarities. After all, a home should be thought of as a new
product that the seller is getting ready to market anyway. When thinking this
way, there are many marketing techniques that the seller should utilize and
pitfalls they should avoid in order to ensure a successful sale. 

Like inventors and marketing professionals, home sellers are
in love with their product (home). 
Many home sellers believe they have an excellent home (product) and that
it is ready to market just the way it is. Unfortunately, this is rarely ever
true. Looking at a home objectively and following successful marketing
techniques will optimize the product/home and help increase the demand from
buyers. 

The fifteen points below are from the product marketing
article. Hopefully, you will look at your home as a product and use these
points to help market it successfully. To help, we have expanded each one and
related it to home marketing.

1.     Conduct
research to see if the product is a good one and it has a viable target
market. 

For a homeowner, that means
checking out the other homes for sale in your area that are similar to
yours.  You obviously want your
home to stand out from the others but it cannot be priced out so far that
buyers ignore it.

2.     Make
any required changes to improve the product.

Upgrade, paint, stage, etc. and get
your home ready to sell. Check out recommendations on EnergizedSeller.com. You
need to take a serious look at your home with an unbiased eye.  Make improvements and make sure that
you are presenting the best possible product to your potential buyers. A home
stager would be a great asset during this pre-market time.

3.     Assume
that the product is “terrible” and that you are simply in love with your
product.

Just because you think you have a
great product (home) to sell does not mean that the homebuyer will think
so.  Take a look at new home
construction and at other homes in your area.  Make sure that you can compete in the market and if you
can’t, make smart decisions on changes you will make. You want to get the most
bang for the buck!

4.     Assess
financial capability to support product-marketing initiatives.

Take a look at what you hope to
gain by selling your home.  What
are you willing to spend in order to make it happen?  Obviously, you will need to budget your improvements in a
way that makes sense but in all likelihood, you will have to spend money in
order to make money.

5.     Create
an inventory of all the tangible and intangible assets available to the
company.

Decide what you are going to include in the sale of the
home.  Will the appliances stay?  How about customized lighting, window
treatments or that swing set?  
All of those things need to be considered when getting your home ready
to put on the market.

6.     Understand
the value proposition, target market, goals and environment.

Again, know your market.  Research similar homes for sale in your
area because you are all competing for the same buyer.  Make sure that your home is a
contender. Remember that first impressions go a long way and you have got to
focus some attention on the landscaping and condition of the outside of your
home.

7.     Clarify
timeline, plan, target market needs, priorities and objectives.

Take time to put your home on the
market.  Do not just throw it out
there without proper planning. 
It’s like the old adage, “You only get one chance to make a good first
impression.”  Buyers are looking
for new listings and you need to make sure that your home is completely ready
for showing.  If you make
improvements after the fact, the buyer may not ever see them because your home
will already be out of contention.

8.     Examine
all processes within the company (operations, financial and internal/external
marketing)

Examine all the rooms of the
home.  Leave nothing out.  Make a plan for improvements.  Make sure to set limits so that you
don’t over improve your home beyond the means of your buyer. Hire professionals,
Realtors and stagers, who have years of experience and training in marketing a
home. They will make sure you don’t miss any opportunities.

9.     Make
all required improvements to the internal processes.

Put processes in place for home
showings.  You need to make sure
that your home is presented in the best possible light.  Get a quick plan in place to throw
kids, pets, and toys into the car and get out.  If you have to make a buyer wait to see it, you may lose the
sale.  Decide what concessions you
may be willing to make in order to get your home sold.

10.  Improve
the marketing materials.

Get a Realtor to help you get your
home sold.  They have access to SO
many marketing products that are specifically designed for selling a home.  It’s their job and in their best
interest and yours. Home professionals know what to do to make sure that your
home is advertised in all the right places and in the best possible way.

11.  Design
an external marketing strategy and process.

You need to have a competitive strategy.  You also need something that differentiates your home from
all the other ones out there and to make sure that it is priced correctly.  The best way to make sure that you
cover your bases is by hiring a Realtor. 
They know the market and understand current trends.  While appearances are important, pricing
is critical and the one place you do not want to make a mistake.

12.  Focus
your efforts by finding the Leverage Point, analyzing networks, trends,
technology and alliances.

Once you are in full seller mode,
you want to make sure that you stay focused.  It is so easy to stray from the goal because you are
focusing on the little things. 
Your Realtor is constantly analyzing trends and will be a valuable ally
when you get your home on the market. 
They will help you step back and look at the big picture.

13.  Get
the right people into the right places at the right time.

Timing is so important.  If you put your house on the market
before it is ready, then you have missed opportunities.  You might not even get the right buyer
to look at your home if it’s not ready. Just make sure that anything you may
have put off can get done in a timely manner before that first showing.  A home stager can help you get it done
and make your first showing really highlight your home’s positive features.

14.  Leverage
all the appropriate tangible and intangible assets and execute on the strategy and
process.

It’s time to get that house on the
market. Do what it takes to get the house sold.  Be tenacious about getting your home looking as good as it
can even if it means throwing away or storing treasures. Get your home
professionals to help you look with a non-biased eye.  While you may love some of your home décor, it simply may be
too personal and could be distracting.

15.  Review
the process and make any necessary changes. 

So, you’ve had your first
showing.  Get feedback!  What did they like and what didn’t they
like?  Can you make further
improvements?  How did the plan for
showing the home work out?  Were
you able to get the home ready in a timely manner? Don’t ignoresuggestions from
professionals and prospective buyers. Their input could be money in the bank…
for you!  Correct any oversights
and follow the appropriate suggestions before the next showing.

Whether you are marketing a retail product or home, the desired result
is still the same: Find as many buyers as possible.  Make them see that they need your product.  Show them how much better life will be
if they have it.  From a marketing
standpoint, it simply doesn’t matter if the product is a new kitchen gadget or
if it’s a home for sale.