Standing out above the din in this dismal time

Despite the fact that many consumers are holding off on purchasing houses and cars, companies are finding ways to communicate with consumers and ultimately building trust. Michael Fischer, VP Marketing for Coldwell Banker Real Estate is one executive that sees an opportunity in these challenging times. His philosophy on marketing troubled products and services: “build trust.” No one wants to trust their hard-earned dollars to someone or a brand they have questions about," says Mr. Fischer.

Recently, Fischer was interviewed by Advertising Age and explained that he is enthusiastic about the opportunity to reach out to the “dreamers” and boost web efforts. Fischer referred to the fact that Coldwell Bank is celebrating its 103-year-old legacy, and he has touted this information in its marketing efforts. When he was asked if real estate is just an impossible sell right now, he optimistically explained that there are tens of millions of people who are in the “dreaming” process and that they’re online looking at listings. So what is the important piece to the puzzle to get consumers to make a purchase? According to Fischer, consumers are looking for brands they can trust when there is a downturn in the economy. Since he thinks trust is important to consumers, he has made an effort to tell the firm’s story and boast the heritage of Coldwell in his communications strategy. Colbert Coldwell and Benjamin Banker, the founders of Coldwell Banker, play an important role in their marketing efforts. The interesting aspect of their marketing plan is that they have created Facebook and Twitter sites for their founders.

Even though the marketing budget at Coldwell Banker is tight, Fischer said spending is shifting from TV to online and alternative media. Last year 30% of the budget was dedicated to online, while the 2009 allocation is 40%. It seems rather contemporary for a 103-year-old firm to be on Facebook and Twitter. But the reality is that Fischer and his teams have done their homework. In other words, they’ve conducted market research and know where their audience is. Furthermore, since their audience is online they’ve discovered that digital platforms are the best way to start or continue the dialog. Fischer knows that purchasing a home is an important milestone and people need a little hand-holding to get to the finish line. Additionally, he knows that his prospective customers love the empowerment of the Internet and that when it comes down to making a purchase they need to engage with a real-estate professional. Ultimately, Facebook and Twitter not only presents an opportunity to have a conversation with consumers, but it also gives them a great opportunity to talk to more than 100,000 global agents that represent Coldwell Banker.

In the midst of a recession, people might not be purchasing, but they are online and thinking about moving forward into more prosperous times. If companies know where their audience is and how they feel towards a category, they can use this knowledge to their advantage and make a connection. Having conversations with consumers can present an opportunity to start a relationship and ultimately build trust, which according to one CEO is essential.