In his book, Good to Great, Jim Collins talks about the principle of the flywheel to describe the inflection point when a company gains momentum, then acceleration followed by a sudden burst of velocity that leads to the achievement of stratospheric results. There is an important lesson here about momentum for luxury real estate marketing professionals that can be applied to building a thriving practice in any economic condition.
Mr. Collins describes the nature of an actual flywheel as a “massive metal disk mounted horizontally on an axle, about 30 feet in diameter, 2 feet thick, and weighing about 5,000 pounds.” By consistently moving the wheel forward incrementaly, gravity eventually takes over, creates a momentum, and the wheel begins to spin on its own.
To build a strong momentum and eventually gain (or regain) velocity in your luxury real estate practice stay on track by consistently promoting. Experiment with various promotional methods until you discover what works best. Discard what does not work. Then keep on repeating what works. Become like a monorail on a single track to success, building speed through consistency.
Here are three ways to build momentum and velocity.Consistently stay in touch with your contacts. When was the last time you sent out an email to your database, took a friend out to lunch, or remembered someone’s birthday?
Keep track of your results from various promotional vehicles. Become discerning when it comes to selecting advertising venues, direct mail campaigns, internet marketing methods or other promotional means. Compare and measure their effectiveness.
Leverage your time and your money. Co-market with other agents. Co-advertise with compatible non-competitive professionals like lenders.
This is part of an ongoing series about Luxury Real Estate Marketing. Get Fluent. Get Affluent! Subscribe to The Language of Luxury by Email or RSS Feed. Comments? Please use form in left column.