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Business Intelligence for Custom Integrators

Tuesday Morning Coffee

Tuesday Morning Coffee

VITAL Question # 64

Posted on June 3, 2015 at 12:55 AM

What Kind of Advertising Does Your Brand Need?

[very little, in our opinion]

You don’t need to be wealthy to recognize the names of luxury brands like Rolex, Coach, and Ferrari. As a company, though, you would need to spend an extraordinary amount of money to make your brand so widely known.

 

Fortunately, CI’s don’t need their brand widely known. They need it known primarily to people who buy/live in expensive homes, along with people who know the people who buy/live in expensive homes.

 

These are the “1%’ers”, typically millionaires and, for most integration companies, the very customers with whom they already do business. The trick is to expand the network of millionaires who know and recognize your local brand as something special. You can do this by managing your brand, and managing your relationships.

 

Your brand stands for something. You need to know what that something is (it’s not low prices). Your brand is a promise you need to be able to communicate, and that your entire staff must support through its daily actions. And, once a client commits to your brand, you must continue to remind them of that promise. Frequently, and forever.

 

Now, you don’t do this with daily e-mails promising a special price or product. That might work for wine and other “transactional” goods (trust me, it works for wine). But for expensive, complex systems offering benefits of which many clients are not even aware – let alone of in need – the communications must be informative, valuable and even enlightening, without sounding as if you’re trying to sell… anything.

 

When your regular communications (at least once per month) engage clients with topics they find interesting, they will not only better remember you, but their trust and respect for your brand will actually grow. They will move from being satisfied, to becoming loyal, to becoming an advocate. Once an advocate, they will regularly remember your brand to their millionaire friends and colleagues, including ones who don’t live in your area.

 

Relationships thrive on regular communication. The customers a company already has are its most important relationships. Properly nurtured, these relationships can grow an integrator’s brand faster, and for less cost, than any affordable amount of “advertising” ever could.

 

Imagine if this relationship-building approach could be scaled for a single brand shared by integration companies across the US. In short order, it could well become the most powerful CI brand in the industry. We’ll talk about the power of scale next week.

Talk About A Luxury Brand . . .

40 mil watch 4

Ever heard of Graff? They recently unveiled a $40 million watch. Read about it here…

http://www.forbes.com/sites/robertanaas/2015/03/18/graff-diamonds-unveils-150carat-diamond-convertible-watch/

 

Categories: VITAL QUESTIONS

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