3 Principles Used in Determining Marketing Strategy
I have been an admirer of David Schooff, Cristen Manthe and the team at Coldwell Banker Commercial Fisher Group for quite some time. This group is among some of the most innovative and hardworking individuals that we have been honored to be affiliated with.
Though they are located in the secondary market of Mankato, Minnesota, about a 90 minute drive from Minneapolis, they use big time marketing ideas and interesting initiatives to break through the clutter and gain greater visibility for the office, sales agents and listings.
I recently asked Cristen, who is the office’s Director of Business Development and Marketing, to help share a few of their trade secrets.
-Jason Silfies, VP Marketing
- Length of time – We prefer to support new initiatives in the community for 2-3 years, particularly those that we are passionate about, and help them succeed. This timeline works for many reasons: it gives the financial backing needed to sustain the initiative, the flexibility we need to be able to move on and support other opportunities, and gives the impression within the community that we are involved in and support a variety of causes.
- Impact and Effect – Who is our target audience? Marketing includes a broad spectrum of ways to connect with the target audience. Whether it be print, social media, signage, or through a sponsorship, our goal at Fisher Group is to make a significant impact – to create the “wow factor.” When we do something big, we want to be noticed.
- Excitement In Marketing – Creating excitement with our marketing is very important to us. In 2013, we rebranded our company with a new print format, using the 3D logo, a new company statement – all for a fresh new modern look. In the past two months we have really extended that branding into two very unique ways.Company Vehicles – Fisher Group is not only a brokerage firm, but a sizeable property management firm in the Greater Mankato market. Our maintenance team was driving hundreds of miles a month using their personal vehicles and we realized we were missing out on an opportunity to promote our company and services. We purchased 2 Ford F-150 trucks and designed a vehicle wrap that mirrored our print ads. The trucks turned out beautifully and we receive a lot of positive feedback from clients, landlords, various professionals and friends
Minnesota State University – Mankato, Men’s Hockey Sponsorship – The MSU Mavericks are a Division 1 and are ranked top 5 in the country for hockey. We have found there is tremendous value in sponsoring a promotional event. Our sponsorship package offers a lot of publicity and exposure for our company such as being the presenting sponsor of the Mavericks pre-game show, 2 large logos on the dasher boards around the arena, various PA announcements throughout the game (PA announcements are also done at Mavericks basketball games in a separate arena), and an opportunity to sponsor a hockey night and distribute 1,000 branding items to patrons.
What is our most creative marketing tactic? As mentioned previously, in all of our marketing we strive to have an impact and create excitement. We want to be the front runner in ingenuity. The vehicle wrap has been our most creative, I believe.
How do we determine our marketing spend? Though are market is showing a lot of growth, I prefer to be conservative with my budget and focus on value and impact with our marketing dollars. I do not take a percentage of the gross revenues because that is so unpredictable from year to year. We generally have a good feeling each year of where we can spend the money. Because we control much of the market with having 70% of listed properties, our signage is abundant. This creates a lot of brand recognition and assists with keeping our costs lower.
How do we measure our success? For more than 40 years, we have been the leader in commercial real estate in the Greater Mankato area. We attribute much of our success to the trusted Fisher name and the relationships that have been created over the years with our clients, landlords and business owners. We feel our success has also come from us changing with the times and trying new methodologies for our business as well as continually bringing our clients the results they expect.
What differentiates us from our competition? We are innovative and are willing to try new things. We are continually educating our agents on more contemporary approaches to engage clients and strive to provide unparalleled service. Though our market may be smaller than most, many of the same principals apply. Our team is solid and together have more than 125 years of commercial real estate experience. Each of them has a unique way of looking at and assessing the market. It is this unique perspective that brings results. Our company motto is “Right Perspective. Successful Results.”
It’s with dedication and commitment from the team that make Coldwell Banker Commercial Fisher Group stand out from the crowd.
Coldwell Banker Commercial Fisher Group