Sometimes extracting that extra one per cent is a much better idea than ripping a strategy up and starting again. There’s a lot to be achieved from marginal gains, yet many businesses don’t focus on the incremental differences that can have a significant impact.
It’s the same in the world of letting agents, where performance is everything. So should you be looking at marginal gains to help your agency achieve more clients and take on extra stock? In this guide, we’re making a case for how marginal gains can help your letting agency.
Stand out from the crowd
Marginal gains are something we often see in the sports’ world but not so much in the renting and letting environment. There aren’t too many agents thinking about that extra 1% to drive their business forward. However, by taking this approach you’re essentially already differentiating yourself from the competition.
You can grow your market share as you focus on the specifics and really drill down into areas of the business. All the while, you’re likely to be the only letting agent taking such a laser-focused approach to aspects of the business where you can squeeze out that little bit more.
The numbers don’t lie
Making small improvements isn’t exactly headline news, which is why many agents shy away from using marginal gains as an effective strategy. After all, reporting a one or two per cent increase doesn’t exactly sound like a big win.
But even a one per cent increase in conversion rate each month equates to significant gains over 12 months – and you can realistically aim higher than one per cent. Lots of small wins amount to a big victory in the long run.
How to achieve marginal gains
So how do you gain that extra few per cent from your efforts? When it comes to marketing, it’s all about maximising your content. If, for example, you’re spending money on social media ads or SEO optimisation without trying to maximise your efforts, you’re essentially walking away from money.
Is that blog post best optimised for SEO? Have you really thought about the specifics of the target market for your PPC ads? And is your website performing at the right speeds for Google to index and rank it? These are the areas where you can improve output marginally without much effort, yet still see significant results.
Setting out a marginal gains plan
Configure your goals
Start by setting out a plan of action and achievable goals. The obvious one is to increase net income, but you'll want to drill it down and look at the areas where you can make small short-term improvements.
Take an in-depth look at your set-up, measuring and tracking everything. From the day-to-day running to where leads come from and how you convert them, cast an eagle eye overall operations to see where the best areas are for marginal gains.
Settle on an area for improvement
If you decide that you want to increase organic traffic, focus on core areas of your content. This might include blog posts, email marketing, social media presence, or even podcasting. You can then look at how that content previously performed and ways in which you can get more out of it for better conversion.
It’s all about those gains
After putting a plan of action in place, you’ll be able to implement ideas and start seeing small results that amount to big wins later down the line. At that point, you can focus on other areas of the business until you have a well-run machine where each section of your letting agency is making small improvements in their output.
Get in touch
If you want to know more about how marginal gains and other business tactics can propel your letting agency, check out the Agent Hub. And if you’d like to get your stock in front of 750,000-plus renters, get in touch about listing your properties on Movebubble.