Commercial Real Estate Situation Analysis

You begin to develop your commercial real estate marketing strategy the same way you usually begin a marketing strategy (Exhibit 30.2), with a Situation Analysis that covers 1. Customers. Potential sellers and buyers 2. Competitors. Other organizations vying for the business 3. Organization. The capabilities of your organization what you are good at and not so good at 4. Environment. The key players and key trends in your marketplace what you think will happen next All these areas have been...

Assembling the Advertising Strategy

You assemble an advertising strategy the same way you assemble an integrated communications strategy (see Chapter 18), by setting the advertising objectives and message content, then building it up by selecting different media and vehicles. First you would fill out the objectives row for your overall advertising strategy in Exhibit 19.8, paying attention to both the intermediate objectives and the action objectives, and how they must be coordinated. If you use the objective and task approach,...

Assembling the Distribution Strategy

You start with your target customer in your target market. How can you get your product or service to them You need to find out where they currently buy products or services similar to yours. You may want to distribute your product or service in those outlets, but you might also decide to use a different method entirely. Once you have decided on the general type of reseller to use, you need to refine your choice of reseller by considering your objectives. Your objectives will also help...

Assembling the Integrated Communications Strategy

Given your target market, your business objectives, and your desired message, you can now put together your overall communications strategy. At the Exhibit 18.5 Product or Service Space Soap Benefits 1 and 2 Exhibit 18.5 Product or Service Space Soap Benefits 1 and 2 Expected performance (ideal point). Actual performance. Source Arrow Guide Product Space Analysis, The Arrow Group, Ltd., New York, NY, 2008. Used here with permission. top of the worksheet shown in Exhibit 18.7 is the summary of...

Assembling the Sales Promotion Strategy

Overall, you want to be sure that whatever promotions you use, they support the positioning of your product market strategy and the message of your communications. Sales promotion is especially helpful when you would like to stimulate purchases. For example, perhaps you operate a motel and want to increase occupancy during the off-season. You might use promotion methods to attract more customers. You need to look at your overall communications objectives and decide where your purchases might...

Assembling the Sales Strategy

The selling strategy begins with the sales objectives. (See the downloadable worksheet in Exhibit 22.5.) You must consider how those objectives will be attained and, consequently, what will be the necessary objectives for each of the sales representatives. Next, you make an allocation of selling time. These time allocations are based on the sales objectives, the selling time each sales representative has available, and their abilities and selling efficiency (time required to get a sale). The...

C1

How to Use the Most Powerful Ideas in Marketing to Get More Customers and Keep Them Copyright 2010 by Trump University. All rights reserved. Published by John Wiley & Sons, Inc., Hoboken, New Jersey Published simultaneously in Canada No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning, or otherwise, except as permitted under Section 107 or 108 of the 1976 United...

Conclusions

Commercial real estate consists of many different types of property, each requiring its own expertise. The commercial real estate practitioner must be clear as to what types of property he or she will handle. In addition, he or she must decide what types of services to provide. These choices form the basis of their business strategy. Their marketing strategy needs to define their customer targets and their positioning. In turn, that marketing strategy orchestrates all the activities required to...

Creating Your Most Va luable Asset

Your brand is probably the most important and most valuable asset of your organization. Each of the 10 most valuable brands in the world is estimated to be worth billions of U.S. dollars (Exhibit 12.1). Compare these brand value estimates with the market value of the companies owning the brands and it is easy to see how powerful brands are. For consumer market companies, well-managed brands typically represent about 50 to 80 percent of a company's total value for industrial markets companies,...

Determining Your Focus for Growth

After you have decided on your overall growth path, you need to consider exactly how you will achieve that growth and how you will approach your target customers to provide that growth. You can grow in the product (or service) direction or in the customer (or market) direction. However, knowing the general direction you will move does not really give you the details you need for how you are going to go about it. You need to have a growth focus so that you can make decisions regarding marketing...

Developing Identifiers

Developing identifiers is both science and art. The science part is making sure that the attributes you want attached to the brand are associated with the identifier. The art part is graphic design making sure that the appearance of the identifier is clear, balanced, and appealing. Developing identifiers is both science and art. When Burger King revised their logo, they considered a number of possible logos that showed flames an association with their longstanding flame-broiled burger benefit....

Developing Yo u r Growth Plan

You want more growth for your organization. You have established your products and services with customers, but you feel that you can increase your revenues and profits. Marketing can help guide you to the most attractive growth path for your organization the growth path with superior profits and lower risk. Organizations without growth plans are often tempted by targets of opportunity ventures with short-term returns, but that may not lead anywhere or, worse, may create risk for the...

Evaluating Promotion Budget Health Club Example

For example, suppose you are running a small health club for people whom you provide personal trainers. A typical membership includes 20 workouts. To enroll more members, you are thinking of running an ad in the local newspaper offering a free workout with a trainer. Just as you did with the soap example in the advertising chapter (see Chapter 19), you estimate that of the people who see the ad, maybe 1 percent will follow up on the offer. Of those who have the free workout, you believe maybe...

Farming

Residential real estate farming consists largely of cold calling and can be difficult work. You need to target part of your geographical area and cover homes in that area. If you call at homes in person, be prepared for a fair amount of rejection. Most people are not sitting in their living room waiting for an agent to arrive and ask them if and when they are going to sell their home. Telephone contacts are more efficient except rapport may be harder to establish during a telephone call than if...

Info

Measuring and Managing Your Perceived Va lue Perceived value depends on your customer 's needs and wants, and how those customers evaluate your product or service relative to all your competitors. Perceived value is the maximum that a customer is willing to pay for a product or service. The price you can charge and the amount of units you can sell both depend on perceived value. For example, if you allow customers to perceive that the value you give them is just above your costs, then your...

Managing Your Marketing Programs

Y ou implement your marketing strategy with your marketing programs. The most common programs are design, advertising (including the Internet), identifiers (for example, name, logo), sales promotion, personal selling, public relations, pricing, and distribution. These programs are often referred to as the marketing mix. Each marketing program has its own strategy. For a marketing strategy to be successful, all marketing program strategies must be executed well and they must all support the...

Marketing 101

Trump University Real Estate 101, Second Edition Building Wealth with Real Estate Investments Trump University Commercial Real Estate 101 How Small Investors Can Get Started and Make it Big Trump University Marketing, Second Edition How to Use the Most Powerful Ideas in Marketing to Get More Customers Trump Entrepreneurship 101, Second Edition How to Turn Your Idea into a Money Machine Trump University Branding 101 How to Build the Most Valuable Asset of Any Business Trump University Wealth...

Method of Contact

You may conduct a survey in a variety of ways for example mail, Internet, telephone, in-person, and observation. Mail is the slowest method with respect to receiving a response and also likely has the highest nonresponse rate. Internet can provide rapid feedback and is especially useful for questions regarding choices. Telemarketing has lowered the response rates in telephone surveys, but telephone can still be used for targeted research. In-person surveys provide the interviewer the...

Predicting Actions DryCleaning Example

In the dry- cleaning illustration, it looks like one of the more formidable competitors to DES Cleaners might be Carol 's because they already have a relatively high score on the very important benefit clean clothes. A possible scenario would be Carol 's improving their stain removal capabilities so they could compete directly against your strength. If they were to do so, then DES Cleaners might need to improve their performance on cleaning clothes (which probably they should be doing anyway)....

Primary Data

You may collect data with random or nonrandom sampling. When you use random sampling, typically the data you obtain can be analyzed with various statistical tests and can be extrapolated to all customers, resellers, suppliers, or competitors. If you do not use random sampling, then usually you cannot generalize from the data you collected. Data obtained without random sampling are used primarily to uncover ideas and hypotheses that you can later check with data from randomly selected samples. A...

Product Service Design

Good design, from a marketing perspective, means tailoring your product or service so that it successfully meets the needs of your target customers. A sales-oriented organization sells what they make a marketing-oriented organization makes what will sell. The difference between the two is design. In this chapter you will learn how to systematically evaluate your design compared with those of your competitors and how to determine the ways you can make the design of your product or service more...

Prospecting

Your first step in prospecting is to target a market (or, possibly, a few markets). Especially in commercial real estate, it is very difficult to be everything to everyone. Trying to cover numerous types of properties will cause you to try to be an expert in many areas and you may end up not being an expert in any one of them. For example, if you are dealing mainly with Class A or B high-rise office buildings, you probably would find it difficult to be an expert on garden apartment buildings....

Sales Objectives

Objectives in the sales strategy are usually expressed as unit or monetary sales and are based on objectives stated in the marketing strategies for the products or services being sold. You should state these objectives quantitatively and break them out by product or service and by market. These objectives are the overall sales objectives for the sales manager, who then allocates these objectives among the sales representatives whom they direct. For example, the annual sales objectives for the...

Sales Objectives by Product and Market

Sales objectives should be made clear for specific products or services and for specific markets. Without that focus, sales representatives may spend their selling effort on the products they prefer and on the customers they prefer, rather than on those where the company would like selling effort. For example, Exhibit 22.3 shows a growth matrix (similar to what was discussed in Chapter 13). Sales objectives should be made clear for specific products or services and for specific markets. Suppose...

Sales Strategy The Strategy of the Sales Manager

The strategy for personal selling is known as the sales strategy. An effective sales strategy provides a plan for where and how members of a sales force will spend their time, especially their time interacting with customers. The sales strategy described here is the strategy that the manager of a team of sales representatives develops and uses. Note that there are similar sales strategies for national or regional sales managers, or for the sales representatives themselves. Each of those...

Segments and the Decision Making Unit

You can sometimes add another level of precision to the segmentation identification analysis. In a given segment, consider who might be involved in making the purchase decision. For example, in the real-estate example, with a young couple you would imagine that both the wife and the husband will have a significant role in the choice of a new home. However, in their choice of real estate agent, each may not want exactly the same benefits. Perhaps the wife is somewhat more concerned with...

Selecting Your Key Ta rget Market

After you have identified potential market segments, you face the crucial choice of selecting which of those segments will be the target of your marketing strategies. The target market choice is one of the most important decisions you make in developing your marketing strategy. If your target market decision is wrong, you may not be able to find any marketing strategy that will work. You should spend a lot of time, effort, and thought on selecting your target markets. If you do make a mistake...

Surveying Your Customers Art Association Example

Suppose you are the chairperson of the marketing committee of a small not-for-profit arts association and you would like to know more about your members. Your budget for your entire study is just a few hundred dollars. You decide to do a mail survey because it is relatively cheap and you already have a mailing list of your members. You take a random sample of200 members to whom you will send your questionnaire with a stamped, addressed return envelope. You develop the questionnaire by first...

Target Return on Investment Pricing

The target return on investment (ROI) pricing approach can make sense in situations that are not open market. The process starts by defining a specific return desired for the investment being made. Given that target ROI, financial calculations are made to determine the price that would need to be charged. The main problem with this method is that the volume needs to be known before the price is set. In an open-market situation, price influences demand, and you cannot estimate demand without...

Tough economic times do not affect all products and services or all customers to the same degree

During tough economic times, credit is scare and product purchases that usually require credit such as automobiles and major appliances will likely be postponed. More generally, one survey of consumers found that approximately twice as many consumers were planning to cut by 20 percent their expenditures on clothing, personal care, home furnishings, and travel than were planning to cut by 20 percent expenditures on food, education, housing, and health.5 Whatever your line of business, tough...

Competitive Parity Pricing

With the competitive parity pricing approach, you simply match the prices ofyour competitors. The first problem is that you may ignite a price war, which no one will win except perhaps the customers. The second problem is that, if you price at the same level as a competitor, what are you suggesting to the customer Often, the customer will assume the two offerings are the same and there is no need to compare them. If you have a strong position for your product or service, you want your customers...

Increasing Your Customer Satisfaction

What is the one thing you need to have a business Is it a product A factory A service A license Inventory A location Employees The one thing you need to have a business is a customer. A customer is someone who thinks your product or service is worth paying for and who purchases it. Without customers, there is no revenue, no profits, and no cash flow, and therefore no business. Satisfying your customers should be at the heart of your marketing efforts although keep in mind you need to do so at a...

Advertising Objectives

Advertising Objectives

The objectives of an advertising strategy are what you would like the customer to do, think, or feel as a result of the advertising. Advertising objectives include both action objectives for your target customers, such as trying the product or repurchasing the product, and intermediate objectives, such as awareness or preference Exhibit 19.2 . Advertising objectives are not the same as the business objectives in your product market strategy such as market share or profitability, but they need...