Why marketing your business makes sense

Real Estate Weekly, May 4, 2005 by John Farrell

In commercial real estate, brand awareness and positioning are paramount to achieving your business goals. However, in today's competitive field, many firms are finding it difficult to be noticed. Some of these companies are start-ups while others, like Helmsley-Spear, have been around for over 100 years and seek to reinvigorate their presence. Regardless of size or age, companies must realize the importance of marketing. Not having a well thought-out marketing plan is often the Achilles heel of many businesses. While it is difficult to take time away from chasing the next deal, giving brand awareness the attention it needs is well worth the effort. Proper exposure is tantamount to success.

Marketing is more than just advertising. It is a process that allows a firm to attract customers, opportunities and employees. Properly crafted, your marketing mix will support and supplement your sales team. After all, it is about closing the deal.

Here are few important components of a successful marketing plan:

1. Find and analyze your customer's needs: You will not be successful unless you know who you are trying to reach and what it is they need or want. In fact, it is often said that people buy what they want, not necessarily what they need.

2. Niche markets: Find a niche within the industry and target that defined market. Targeting a specific area will assist your rise to the coveted position of an authority and a top-of-mind player in your chosen arena. Such tangible recognition will enhance your ability to attract and close new business.

3. Know your competition: This is a must. Know what they do, what their message is, and how they are perceived by their customers. This knowledge will assist in your desire to stand apart, sending a unique marketing message, and grabbing the attention of your market.

4. Formulate the overall message: Establish a main concept, theme, or motto--something smart and catchy--that will stick with your target customer base and shape the path of your promotion. This message should be related to a unique offer. Be creative, consistent and precise. Drawing on our company's years of experience in the real estate industry, our message is quite concise, yet deftly powerful: "Helmsley-Spear, Inc.... 139 Years Ahead." This tagline not only projects wisdom and permanence to potential customers but serves as a powerful message to our competitors--We're here and very much in the game.

5. Host a strong and effective Web site: While most companies have Web sites, some are easier to understand and navigate than others. Still others are better at delivering the core messages or themes. Often treated as an afterthought, make sure visitors can easily locate the company's phone number and address on the site.

6. Advertise: Certainly, your choices of media outlets are plentiful. Choose outlets that will reach your target market. If you are on a limited budget, stay with the core industry publications. Repetition in a small grouping of essential outlets is better than casting your net too wide and too far. Frequency, frequency, frequency!

7. Publicize: Participate in public relations initiatives that result in stories about and/or that include your firm and your business. Some examples are bylined articles such as this, photographic opportunities, events and more provide invaluable exposure and third-party media endorsements. A comprehensive and consistent PR effort is an integral and cost effective part of the marketing mix.

Since I re-joined Helmsley-Spear just four months ago, we have been working hard to reinvigorate our marketing plan to address our core areas of commercial and residential management, leasing and sales brokerage. It's a very exciting time at Helmsley-Spear as we establish our approach and place a forward face on our Web site, the media, target markets, business objectives, our service promises and even our office function and design. Changes already implemented have resulted in exponential growth for all of Helmsley-Spear's ventures.

New initiatives include the repositioning of the Helmsley-Spear "look." This new "look" will be evident on the Web site, advertising, print material and signage. The pending renovation of our office, including the lobby/reception area, has created a new buzz among employees and clients alike.

Building upon our long-standing reputation as an industry leader and expert, we are also working to create new perceptions of our company and the services we provide. Our strongest selling point is our unprecedented level of experience, expertise and depth and breadth of services. We are reestablishing many of our contacts and creating stronger relationships while nurturing and growing new ones.

Marketing is a business tool essential to the success of a real estate company. Your marketing plan should be evaluated on an ongoing basis to ensure the appropriate message is reaching your target markets through the proper outlets.

The result is a clear plan that yields greater business relationships, sales, contracts, employees and of course, profits. So what are you waiting for?