PR & MARKETING
Danielle Simpson’s,
monthly ‘call to action.’ Relationship Marketing can greatly enhance your profit margin.
I
f you want to add to your New Year’s resolutions, why not resolve to invest time and energy into ‘relationship marketing’. With the right approach, it
can enhance profit margins in the long run. Market research tells you a lot about
the relationship people have with your brand and staff: how your sales force and company are perceived, where you ‘rank’ in relation to the competition and which aspects of your ‘product’ are preferred – or not. If you choose to undertake this form of research, it’s common practice to pass the findings onto your sales teams for comment and/or verification. The most successful companies encourage open lines of communication between the sales force and other departments, so that everyone knows how current market demands line up with what the company is currently advertising – and planning to promote. Some estate agents have cultivated an
‘aggressive’ approach to sales and without any market research their market positioning is obvious. Take Foxtons for instance; whilst many Londoners have almost been knocked over by a speeding, testosterone-fuelled Mini, it’s my estate agent of choice in London because I know full well they’ll get the best price for my home. However, if I were letting my property I’d entrust it – and any advice I receive about my legal liabilities – to an ARLA accredited, specialist lettings agency like Fitz-Gibbon, known for building trust and long-term relationships. But what one consumer may like about your brand, another may not. For that reason, it’s important to review your products and determine the market’s consensus of opinion. So research your market, review your branding and re-position any products if needed.
20 MARCH 2010 PROPERTYdrum
Market research tells you a lot about the relationship people have with your brand and staff
Pinpoint areas and products that best meet current market demands and determine whether the action you plan to take on the others will increase your revenue streams short-term or long-term.
ENCOURAGE STAFF FEEDBACK
Whilst market research can direct your company policy and be used by the sales force to counter the competition, your sales force themselves are often best placed to provide information to your marketing team because of their close contact with customers. It’s vital that company directors encourage a ‘low blame’ culture so staff feel comfortable delivering negative news as well as positive feedback. Without it, the efforts of your marketing department are hampered and they may be promoting your local expertise when what the market actually wants is longer opening hours. A sales force is more effective and can
more easily close a sale when they can capitalise on your company’s advertising messages. For this reason, brand leaders recognise that all forms of marketing communication are interrelated parts of the communications mix. And that’s the great thing about marketing – and ‘relationship marketing’ in particular. The market is not static, relationships change and consumer loyalty can no
longer be taken for granted unless positive steps are taken to develop and uphold it. In today’s global marketplace, economic, environmental and other circumstances change continuously and so consumers’ opinions and preferences are constantly changing too. Whilst consumers may have preferred longer opening hours in 2009, this year they may favour money saving offers and brands with green credentials. Companies need to find out what their target market wants, to serve their clients better and to appeal to new audiences. Although relationship marketing first
emerged in the services sector it’s now widely used throughout the business sector. Whilst short-term profits are still viewed as important, market leaders no longer see immediate profit as a measure of their success. Rather success is determined by the extent to which both parties can profit through co-operation and dependable long-term relationships. Consumers today are more savvy than
ever and with that comes a significant shift in the role and purpose of marketing; from manipulation of the customer to genuine customer involvement. So whilst ‘telling and selling’ has given way to ‘useful communication’, marketing has moved away from generating as many one-off sales as possible to a function which looks for long-term, interactive exchanges. Good marketing communication develops relationships based on ‘partnership’.
Danielle Simpson is Creative Director of thebrandeffect which manages marketing campaigns for leading companies. For more information, visit www.thebrandeffect.co.uk.
Any tips marketing to share? Go to
www.propertydrum.com/articles/prmar
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