Working Together for Strong Communities
Reaching Target Markets Through Effective Marketing
Working Together for Strong Communities
• 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
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Who are the people we are talking to?
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• 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?
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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.
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Multi-Cultural Homeownership Data
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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)
Working Together for Strong Communities
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.
Working Together for Strong Communities
10 Elements of a Marketing Strategy
• 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?
Working Together for Strong Communities
• 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
10 Elements of a Marketing Strategy
Working Together for Strong Communities
• 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
10 Elements of a Marketing Strategy
Working Together for Strong Communities
• Market through affiliates to leverage impact– Real estate Professionals– Employers– Faith based organizations– Neighborhood associations
Marketing Best Practices
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Effective cultural resources
Working Together for Strong Communities
Effective cultural resources
Working Together for Strong Communities
Effective cultural resources
Working Together for Strong Communities
• 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
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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.
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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
Working Together for Strong Communities
Multi-Cultural Women’s Marketing Toolkit
Working Together for Strong Communities
• 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???
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Included in the Toolkit
• Radio PSAs • Door Hanger Template• Guidance on how to write success
stories• Talking points• Sample agency fact sheet
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• 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
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Other Toolkit Features
• Community outreach guidance- Advice on how to build trust- Understanding of cultural
differences.- Tailoring your messaging to
the target audience
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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
Working Together for Strong Communities
DC NTI Symposium
HO910
The Mind of the Homebuyer: How Consumers Decide and
Act
Working Together for Strong Communities
HOC Marketing Working Group
• Share tips and strategies• Peer-to-peer sharing• Assist in generate new marketing
strategies • Develop best practices
Sign up today !