Classic vs new-age marketing: Which wins?
Either way, there is no greater argument than a long-standing commitment to customers, quality
Marketing has become a multi-faceted and expensive tool that often separates the top-one percentile. Kotler would definitely approve of its growing significance in not only the company’s operations, but also its budgetary piece of the pie. It begs the question whether marketing and its many forms are the only way to get your brand a distinct standing. We are facing a significant change in the way we market, and it seems to be continually evolving too with the advent of social media bearing down heavily on it.
In the midst of content marketing, influencer marketing and other newer techniques, there is still a school of thought that believes that quality creates its own market, especially in an industry like real estate and property development, with its extended gestation period and infrequent products. Parameters that form a stronger foundation not only serve as useful marketing tools but also augment your firm’s core policies and practices.
What you deliver is more important than how you deliver it
If one breaks it down to its bare basics, marketing is nothing but the simple act of informing and persuading people in favour of your product. There is no greater argument for that than a longstanding commitment to quality. A firm is only as good as its last product and delivering and setting a precedence of distinction is an excellent way to capture the audience. At the end of it all, marketing is an auxiliary function, and our primary focus should always be to provide substance to the market.
It would not be wrong to say that a product that follows the requirements of the audience is destined to do well with or without a sizeable marketing budget. Marketing wizard Seth Godin, the author of Purple Cow, has the right idea when he says: “Don’t find customers for your products, find products for your customers.”
Goodwill hunting
There is one thing that no marketing strategy in the world can buy, and that is goodwill. It is the only intangible asset that features so prominently in the accounts of a firm and is earned through commitment and dedication. Performing consistently over a period of time culminates into building stellar goodwill in the market. However, what we often discount is that your stakeholder profile is not just the end-consumer. This assumes even greater significance in the real estate industry where relationships among vendors, the government and investors are your most significant assets to providing solutions.
Goodwill includes not only the satisfied customer but also vendor management, government liaison and investor relations. The adage, no man is an island, is particularly true for the real estate market as collaborations, partnerships and permits are the very fundamental operations of any venture. Creating goodwill amongst the stakeholders and partners is the key. For instance, a property project delivered before the projected time builds goodwill and trust amongst investors, customers and partners.
Invest in people, not plans
Human capital is probably the most underrated area of development in any firm. We value sales targets, impressions, reach but forget to acknowledge the force behind it all — the people. Recruiting the right person for the right profile is an arduous task and one which has no right way to do it. Even after selection, they require substantial training and development to perform to their potential. Investing in these people will undoubtedly drive the firm to achieve its objectives. A business should have a close-knit team of people who drive the company in its intended direction rather than a have a large workforce on its roster.
We believe that small teams yield big results and a small, motivated team will yield even bigger results. Apart from the team, even the determination of the right investor or partner might make all the difference between success and failure. Your team is the propelling force behind your vision, make sure it is the right one. On the other hand, investing wisely in partners and stakeholders is a must.
What is your legacy?
A firm cannot exist for the sole purpose of production and profit, and not be an active member of the community it is a part of. While we clamour onto the marketing bandwagon, we must first and foremost, establish our own story. Building your status as a firm that aims to make a difference and has a definitive guiding principle also performs the marketing function of defining your brand. For a firm it is essential that they not be just another name or brand added in a respective industry but be distinguished by the way business is conducted.
Decisions should be based on hard facts and research, but we also trust our gut when it comes to making strategic decisions. In the day and age of trendy marketing gimmicks, we are thriving with the simple word-of-mouth marketing.
While one cannot deny the importance of marketing in the grander scheme of things, it remains to be seen whether it is, in fact, the only scheme to get your brand through. With marketing not being an exact science, the returns on such investment may not be as expected either. With the environment continually evolving to have a significant effect on the use of the marketing funnel, a firm would be better equipped to lay the bets on its own products and values.