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July 02, 2008

Comments

Todd

I'm assuming then that the Natty Ice crowd is some where below the Budweiser crowd?

Or that the Coors Party Ball scene of the early nineties would be run parallel to the current marketing frenzy over the Heineken mini-keg?

If I dressed as a Yeti would I be selling Fosters then?

Jeff Allen

If you were selling Foster's you would have to include it with a DVD package of Crocodile Dundee and the Crcodile Hunter. Besides Foster's, all Austrailian exports are croc-related.

John Watne

Well stated, sir. I'll have to have a look out for the "Jeeves" beer selling guy next time I want to partake in a cold frosty at the 'dome. I like your analysis of how some of us want to appear like we indulge in a higher form of sophistication, be it beer or housing.

Tanya Ericksen-Troska

Well put Jeff.
I would go one step further with that and emphasize not only choose a niche to which you would like to focus your marketing strategies on, but then also adapt the materials you use as well. I've seen on many occasions where someone starts off with a dragnet approach, then fine tunes down to a particular defined area or group of like-minded people, and focuses their marketing to that area, but fail to update the marketing materials to coincide with this defined niche. I certainly wouldn't run the same magnitude of ad, run the ads in the same forum, or create a home-style sheet reflective of an uptown condo to just then use these same formats for an acreage home in Corcoran, yet I've seen it done over and over again. With that said, it goes even a little deeper than that. It comes down to a business management strategy that not only real estate agents fall short on, but they seem to be notorious for, and that is: taking your marketing & advertising budgets and applying them as equal terms to every circumstance across the board, and expecting similar results for each. When you say it out loud, it seems ridiculous to think that I would spend the same amount of resources on a 1970's townhome in Hopkins as I would on a completely renovated 1920's two-story Tudor in south Minneapolis, and you would even tell yourself... "No way", but it happens time and time again. So… in a challenging market with equally challenging economic times, if you want your business to thrive then you not only have to define your niche market... but redefine how you run your business reflective of that niche market.

Jeff Allen

Excellent thoughts, Tanya.

What's your beef with Hopkins though? :)

-- Hopkins High School, Class of 2000

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