This time, I want to talk about a very, very important strategic plan, and that is all about measurement. You see, it’s one thing to be that entrepreneur and finally recognize I need a clear vision, I need an organized strategic marketing plan so I know to whom I’m trying to market, then I need to actually follow up with the people that want to and show some interest in communicating with me, but is it all working? And how I know that?
Measure Your Progress
Well, you measure it. So when entrepreneurs get their first introduction to measurement, the first thing they think is a look back, an income statement, A minus B equals C, did it work? And look, shame on the industry for not teaching this, because here we are so many people still running to the shoebox sometime after the end of the year, and running to the accountants only to find out uh oh, I didn’t escrow enough for taxes and I’m behind, or I didn’t make enough of my quarterly payments, whatever it might be. That is the bare minimum that you need to pay attention to. Hire a good bookkeeper, even if you’re only doing a few deals a year, get some guidance. But more importantly, it’s the operational measurement that leads to A minus B equals C look back. So in other words, what do you need? You need lead indicators, meaning they’re in front of the result, they’re milestones. So you’re measuring milestones early on in the process. How many leads did I get from people I don’t know, or referrals from people that I do know? It doesn’t matter, I need to pay attention to that flow that’s telling me maybe I’m in trouble if there’s not enough, or maybe things look pretty good and I might have strategic follow-up challenges to follow.
Measure Your Engagement
Next, am I manufacturing a higher level of engagement? In other words, when somebody comes in, am I measuring how many of those people were really just whimsical inquiries that are never going to engage me, and am I moving them out? So I’m measuring my trash, I move them out. I don’t mean to talk about people like that, but get them out of the way if they don’t want to do business with you. Business is ruthless, you don’t have time to make friends. So now, moving those leads onto prospects where people are beginning to give you a chance. It’s like dating, I got a second date, a third date – I’m starting to build relationships here. So lead becomes a prospect. Are you measuring that? That is a huge milestone. The next thing to measure is, of course, how many active clients you working with and not getting stuck there and saying well everything looks good back here. No! It may or may not. You have to get up high above your business and see it as a measurable operation along the way, so that when you finally get the A minus B equals C it’s a pretty good story when you look at the bottom line.
About Danny Griffin
Danny Griffin hosted #60SecondsToSell a 7 episode TV show that premiered on A&E.
The show was the product of his work as the founder of TheRealtyClassroom.com, a company specializing in the coaching and training of real estate agents and The Griffin Realty Group, a residential real estate brokerage serving home buyers and sellers in Massachusetts.
He learned as the ultimate business apprentice with stops in the investment banking, venture capital and family retail wine businesses before starting his real estate career.
Danny was an experienced investor and commercial developer before becoming a licensed real estate agent in 1999 for Realty Executives, where he became the #7 agent worldwide and then went on to found Danny Griffin Real Estate, now known as The Griffin Realty Group.
Danny was mentored personally by Craig Proctor, the 2x #1 ReMax agent worldwide and spent 7 years as the head coach of Proctor’s Mastery Coaching program before starting his own coaching company.
Danny practices before he preaches every day as an active real estate broker, working directly with home buyers and sellers.
Most importantly, he’s grateful that his wife and 5 children still tolerate him!
Danny can be found pursuing his passions at:
To hire Danny for a speaking event, call him directly: 774-836-6172