Working Together for Strong Communities Reaching Target Markets Through Effective Marketing

Working Together for Strong Communities

Reaching Target Markets Through Effective Marketing

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• Examine how changes in the market mandate making strategic marketing an organizational priority.

• Discuss the importance of aligning business goals with your marketing goals.

• Importance of understanding your targeted markets

• Examine marketing Best Practices

Objectives



Who are the people we are talking to?



• Beliefs on spending, saving and investing.

• Beliefs on work ethic (owning business versus working for a business).

• Beliefs on education.• Beliefs on Homeownership.

Cultural differences in these markets?



Embracing Multicultural Markets

Means…• Recognizing that minorities markets are

continuing to grow. • In order to be sustainable non-profits

must connect to these markets in a broader way.

• Laying the framework for new partnerships.



Multi-Cultural Homeownership Data



Elements of a Marketing Strategy

• Marketing is a key way to accomplish your organizations business goals (fund raising, increasing homeownership rates, etc.)

• Marketing takes time, planning and commitment

• It must be strategic (designed with outcomes in mind)



10 Elements of a Marketing Strategy

• 1.Goals: Goals address what you seek to accomplish. Your goals should be SMART ( Specific, Measurable, Achievable, Realistic ,Time sensitive) and directly connected to your organization’s business and marketing goals.




• 2.Target audiences : those people you must reach to achieve your goals.

• 3.Market Research/ Analysis: research used to obtain reliable information about your audiences- where are they and what are they’re preferences, etc?



• 4.Product Profile: products you have that match the demands of each of your markets.

• 5.Messages: speak directly to your target audiences and address what they want.

• 6.Marketing Strategy & Tool Development: Designates how your message will be delivered. Be creative while focusing on your goals, audiences and messages




• 7.Training the Team: each person in your organization is an ambassador to the public about your organization.

• 8.Timetable: Decide who will do what, when

• 9.Budget: Be exact and realistic when putting together your budget

• 10.Evaluation: determines whether or not your strategy is successful




• Market through affiliates to leverage impact– Real estate Professionals– Employers– Faith based organizations– Neighborhood associations

Marketing Best Practices



Effective cultural resources









• NAREB, NAHREP, AREAA have developed a 5 point plan to address minority homeownership

• “Creating A Sustainable Path to Homeownership” was unveiled during the 2010 Multicultural Real Estate & Policy Conference in Washington, DC

National Homeownership Collaborations



Creating A Sustainable Path to Homeownership

• Point Two: Mandate pre-purchase homebuyer education and household budget management.

-Studies have shown lower default rates for homeowners who had pre-purchase counseling & education.



Developing culturally effective marketing plans?

• Identifies a strategy to engage a market.• Will help organizations identify the most

effective outreach efforts for the communities they serve.

• Considers potential funding opportunities. • Helps drive better programmatic outcomes



Multi-Cultural Women’s Marketing Toolkit



• More than 20% of homebuyers are single women. Only 10% are single men.

• Female headed household homeownership rates for minorities lag behind white females.

• The 2nd edition Toolkit provides strategies for outreach to Latinas, Asian and Russian women.

Why Minority Women???



Included in the Toolkit

• Radio PSAs • Door Hanger Template• Guidance on how to write success

stories• Talking points• Sample agency fact sheet



• Coupon • Talking Points• Pitch Letter• Sample Op-Ed (persuasive article about a

current situation or rebuttal to a previous article )

• Fact Sheet• Success Stories

Included in the Toolkit



Other Toolkit Features

• Community outreach guidance- Advice on how to build trust- Understanding of cultural

differences.- Tailoring your messaging to

the target audience



Strategies for Reaching Minority Communities??

• Recruit volunteers and board members that can help

• Roundtable discussions• Churches and Places of Worship• Work on building your circle of

contacts



DC NTI Symposium

HO910

The Mind of the Homebuyer: How Consumers Decide and

Act


HOC Marketing Working Group

• Share tips and strategies• Peer-to-peer sharing• Assist in generate new marketing

strategies • Develop best practices

Sign up today !

Documents

Working Together for Strong Communities Reaching Target Markets Through Effective Marketing