Marketing Matters
Marketing in a Recession
by Tracy Lucas
Thomas Jefferson said, "The man who stops advertising to save money is like the man who stops the clock to save time." At no time has this been more true than today! Now more than ever, it is crucial for builders who wish to stay in the game to continue to be smart about their marketing in 2009.
While many marketing budgets are being trimmed, it's important to continue to plan an effective and integrated marketing campaign that continues to build on the brand name you've worked so hard to establish. If we have learned anything from previous recessions, it is that companies that continue to advertise end up weathering tough economic times. With several players struggling to capture the same market share, smart builders are keeping their names out there to remain competitive.
These tips are based on what T.W. Lewis has been doing in Phoenix to continue our brand presence via mass media while supporting relationship building in our sales offices and online.
Work with media reps to stretch your ad dollars.
Gone are the days of media campaign blitzes across multiple media venues. Shrinking budgets are forcing builders to be choosey. When selecting where to advertise, builders should carefully vet advertising options and focus on mediums that best reach the desired target audience. Happily, media outlets are beginning to revisit their pricing structures and respond to builder needs.
Don't be afraid to ask for help from your media contacts. In these tough times, account representatives may be able to work with you to renegotiate pricing or suggest some "value-add" options not previously considered that may broaden your limited advertising dollars.
Refine your Web presence.
Your website remains your most cost-effective advertising vehicle and should be user-friendly, informative and up-to-date. As a general rule, crucial shopping information such as pricing, driving directions and floor plans should be accessible in no more than three clicks from your home page. If not, look at your website from a design perspective to identify what can be done to streamline the online shopping experience.
Online shoppers cite pricing inaccuracies or omissions as a major source of frustration, and builders need to take heed. Pricing should be consistent from the standpoint of someone visiting your website and then visiting your sales office. Finally, your website's "calls to action" should be numerous and allow for as many types of contact as your organization can handle.
Tie it all together with a targeted public relations campaign.
You should have someone, whether internally or on retainer, who is keeping your company's name in front of key media contacts. Your organization will be more likely to be asked to provide a quote or participate in a feature article. The resulting unpaid media exposure is huge in terms of establishing the credibility of your company's brand name from the viewpoint of an unbiased third party. Builders who don't utilize a publicist are missing a critical element in their marketing mix.
Refine your focus while being creative.
In Phoenix, we are also using this "downtime" to refine our focus in terms of redefining our target market and understanding what product features are still appealing to them. This is achieved by being on the front lines where prospects are shopping (sales offices and online) and seeking to separate their financial concerns from their hot buttons. By doing so, we can truly understand whether our product's unique selling proposition still resonates.
The current emphasis on price will eventually fall by the wayside (not soon enough!) and in the meantime, you can prepare to be one step ahead, ready to tout your product's revitalized features and benefits. However, there's still plenty to do while the emphasis remains on price. Marketing teams should be working with company leaders to share their findings so solutions to buyer problems can be developed and then creatively marketed.
As builders, we're still in the business of delivering the American dream, and there are hundreds of "dreamers" still shopping but waiting on the sidelines for that perfect combination of desire and opportunity. Let's continue to give them something to dream about!
Tracy Lucas is Marketing Director for T.W. Lewis, based in Tempe, Arizona. She is a 2004 silver award recipient for Marketing Director of the Year from the NAHB Sales & Marketing Council. Ms. Lucas was also winner of two Clarion Awards in 2005 from the Association for Women in Communications.
