Marketing strategy of Keller Williams Realty B

Posted by Zander Henry on Aug-22-2018

1. The vision of Keller Williams Realty B

The vision of Keller Williams Realty B is to be the leading quality service and product provider for customers. Being the best and the leading player means that Keller Williams Realty B marketing strategy and operations focus on:

• Providing high quality of products and services
• Providing value to customers
• Concentrate on building customer experience

2. The mission of Keller Williams Realty B

Keller Williams Realty B marketing strategy is grounded in its mission. The mission for Keller Williams Realty B is to be the favorite brand of the customers. This mission is essential for the marketing strategy of Keller Williams Realty B as it focuses on all operations and marketing activities in the direction of:

• Consumer centrism
• Using research to understand and influence consumers

3. Brand Equity of Keller Williams Realty B

Understanding and knowing the brand equity is vital for directing and giving meaning to the marketing strategy of Keller Williams Realty B. The knowledge of brand equity will help in shaping Keller Williams Realty B marketing strategy effectively – thereby facilitating the growth of business for Keller Williams Realty B.

3.1. Brand awareness

• Keller Williams Realty B has high brand awareness because of international operations
• The company focuses on higher budget allocation in the country of origin
• Each market for Keller Williams Realty B has modified marketing and strategic directives and plans

3.2. Brand association

• Keller Williams Realty B is directly associated with the brand name and product category
• Keller Williams Realty B has a broad product portfolio
• Keller Williams Realty B is associated with promising and delivering quality and innovative products
• Keller Williams Realty B is also associated with excellent customer service

3.3. Brand loyalty

• Keller Williams Realty B has been successful at gaining high consumer loyalty because of unique and influential marketing strategy
• Keller Williams Realty B has a global customer base
• Keller Williams Realty B keeps adding value addition to the products and product portfolio to keep consumers engaged

3.4. Brand asset

• Keller Williams Realty B has a substantial brand value
• Keller Williams Realty B also enjoys the high financial worth
• Keller Williams Realty B focuses on building a reliable and robust employee base

3.5. Brand element

• Keller Williams Realty B uses the brand element as a means of competitive advantage
• Uses adaptability in product, services, and marketing to meet different cultural demands

4. Situational Analysis of Keller Williams Realty B

The situational analysis will help in developing the marketing strategy of Keller Williams Realty B by conducting a thorough market analysis. This market analysis will aid in understanding the compatibility between external opportunities and other factors, and internal strengths – to be used to maximize the marketing influence of Keller Williams Realty B.

4.1. SWOT

4.1.1. Strengths

Keller Williams Realty B marketing strategy can benefit from the following internal advantages:

• Strong brand image
• Global distribution network
• Investment in market research
• Innovation

4.1.2. Weakness

Keller Williams Realty B faces challenges in marketing strategy because of the following weakness:

• Slow organizational processes
• High product prices

4.1.3. Opportunity

Keller Williams Realty B has the following possibilities of business growth:

• Green lifestyles
• Regional expansion
• Diversification

4.1.4. Threats

Keller Williams Realty B faces business threats because of the following factors:

• Increased competition
• Increased imitation

4.2. PESTEL

4.2.1. Political

• Keller Williams Realty B operates I markets with political stability
• Keller Williams Realty B has funding support from the government for small businesses

4.2.2. Economic

• Keller Williams Realty B enjoys high sales because of higher GDP
• Lower interest rates make business expansion and loaning easier for Keller Williams Realty B
• Low inflation strengthens the financial position of Keller Williams Realty B

4.2.3. Social

• Higher education and awareness increases sales of Keller Williams Realty B predict
• Keller Williams Realty B focuses on understanding consumers and fulfilling their demands through its offerings

4.2.4. Environmental

• Keller Williams Realty B has an active CSR program
• Keller Williams Realty B ensures environmental safety in all its operations

4.2.5. Legal

• Keller Williams Realty B is aware of local and global laws of business and human resource management
• Keller Williams Realty B abides by all statutes – especially labour law, discrimination law, and employee safety laws

4.3. Porter’s Five Forces

4.3.1. Threat of substitutes

• High risk of replacements
• Substitutes offer similar products at low prices

4.3.2. The threat of new entrants

• New entrants need high financial investment
• New entrants need updated technology for keeping par with industry progress

4.3.3. Bargaining power of buyers

• Sales made to end consumer directly
• Stocking of products at retailers, as well as own-controlled retail outlets

4.3.4. Bargaining power of suppliers

• Multiple suppliers of raw materials
• Suppliers are chosen after careful inspection, and through contracts

4.3.5. Industry rivalry

• High industry rivalry
• Players offer similar products
• Players compete through marketing to influence consumers

5. Marketing Objectives for Keller Williams Realty B: The Marketing Strategy of Keller Williams Realty B

Keller Williams Realty B marketing strategy has the following objectives for the current financial year:

5.1. Increased market penetration

• Increase top of mind recall for Keller Williams Realty B brand and products by 30%
• Increase sales for Keller Williams Realty B by 40% by the third quarter of the financial year
• Achieve a trial rate for new products of 10% during the first quarter of the launch
• Increase consumption rate of existing products by 45% during the current financial year

5.2. Enhanced brand recognition

• Increase top of mind recall by 65% during the current fiscal year
• Increase brand recognition by 80% during the first two quarters of the current financial year

5.3. Increased use of digital marketing

• Acquire 25,000 new online customers during the financial year
• Increase website traffic through using blogging and email tactics effectively by 505 during the first two quarters of the year
• Acquire 65,000 likes on the official Facebook page of Keller Williams Realty B during the first quarter of the financial year

5.4. Retail Growth

• Contract with five more leading supermarkets in the first quarter of the year to stock product at eye level shelving
• Contract with two leading online retail sites – eBay and Amazon – to stock our products, and increase accessibility for consumers globally by the second quarter of the financial year

6. Segmentation of Keller Williams Realty B

Keller Williams Realty B marketing strategy uses different means of segmentation to reach an increase in market penetration.

6.1. Demographic segmentation

6.1.1. Age

Keller Williams Realty B has consumers of age groups

• 20-45 years
• 45-60 years

6.1.2. Gender

• Keller Williams Realty B has a broad product portfolio for both males and females

6.1.3. Life-cycle stage

Consumers for Keller Williams Realty B, according to the marketing strategy, are in the following various life cycle stages:

• Single students
• Single graduates
• Single people living at home/not living at home
• Young couples without children
• Married couples with one to four children – all at home
• Married couples with one or two children in college
• Old married couples with an empty nest

6.1.4. Occupation

The marketing strategy devises the following occupations for Keller Williams Realty B consumers:

• Professionals
• Students
• House makers

6.2. Psychographic segmentation

6.2.1. Social class

• Keller Williams Realty B focuses on segments of middle-upper and upper social classes

6.2.2. Lifestyle

Keller Williams Realty B consumer segments have the following lifestyle characteristics:

• They aspire towards a better and higher living standard
• They want to be successful – professionally and socially
• They are not hesitant to try new things, products and services in life
• They are confident in their behaviour and attitude
• They are mainstreamers in their fields

6.3. Geographic segmentation

6.3.1. Region

• Keller Williams Realty B has operations spread across the western developed countries such as America, the united kingdom, and the Netherlands
• It also has operations in emerging markets such as Brazil, India, and China

6.3.2. Density

• The focus of Keller Williams Realty B remains on the urban part of the population

6.4. Behavioural segmentation

6.4.1. Personality

The marketing strategy defines personality characteristics for the consumers of the brand of Keller Williams Realty B, such as:

• Determined
• Confident
• Ambitious
• Hardworking

6.4.2. Usage frequency

• The consumer segments for Keller Williams Realty B are regular and frequent users of the product

6.4.3. Benefits sought

• Consumers seek functional benefits
• The focus, however, is more on the emotional benefits reaped from the consumption of the brand

6.4.4. Degree of loyalty

• Consumers are very loyal
• Have an emotional attachment with the brand

7. Targeting of Keller Williams Realty B Positioning of Keller Williams Realty B

The marketing strategy of Keller Williams Realty B targets consumer groups based on segmentation as follows:

7.1. Target market

• The target market for Keller Williams Realty B is from middle to upper class
• The target market is ambitious and desires to purchase high-end consumer products
• This target market also seeks affordability
• To meet target market expectations, the Keller Williams Realty B focuses on quality control

7.2. Mass marketing

• The marketing strategy of Keller Williams Realty B focuses on mass marketing
• This also requires unique marketing designs and product promotion programs
• Keller Williams Realty B makes use of one strategy to influence all segments

7.3. Undifferentiated marketing strategy

• Keller Williams Realty B does not differentiate between market segments
• It uses a single marketing strategy to target all segments and consumer groups
• Based on this, Keller Williams Realty B also created the marketing mix under the marketing strategy as a singular one for the whole market – regardless of the segmentation divides.

7.4. Focus on quality

• Keller Williams Realty B has created, developed, and maintained a brand that satisfies all consumers under the undifferentiated marketing strategy and mass marketing
• No compromise on quality has been made in the broad product portfolio
• To ensure the influence of a single marketing strategy, the Keller Williams Realty B has also adopted a consumer-centric approach in its overall marketing strategy and operations as well
• This was used for targeting strategy as well as for maintaining growth

8. Company Competitive Advantage in the marketing strategy of Keller Williams Realty B

The marketing strategy of Keller Williams Realty B stands out from the clutter and competition. Keller Williams Realty B has also achieved a sustainable competitive advantage in its marketing strategy. This is because of the following factors that Keller Williams Realty B has utilized:

8.1. Cost-effectiveness

• Keller Williams Realty B focuses on reaching consumers effectively rather than grandeur
• Keller Williams Realty B focuses on developing an integrated marketing approach
• The use of digital marketing efficiently and expertly has helped the company reach a wider audience at a lower cost
• Keller Williams Realty B has in-house copywriters for marketing campaigns which also helps in controlling costs
• Keller Williams Realty B also focuses efforts on ground activities – which are less expensive than commercial marketing tactics

8.2. Innovation

• Keller Williams Realty B has stayed updated with latest developments in marketing research and marketing knowledge
• Keller Williams Realty B makes use of new and innovative tactics to reach its target consumers
• Keller Williams Realty B also employs top of the field marketers to facilitate its marketing strategy and promotional campaigns
• Each marketing campaign launched by Keller Williams Realty B is effective catchier and more influential than the previous one

8.3. Strong market research and consumer understanding grounded

• Keller Williams Realty B marketing strategy is strongly grounded in consumer and market research
• Keller Williams Realty B makes informed marketing campaigns and goals based on consumers’ behavioural feedback
• Keller Williams Realty B also incorporates consumer feedback in its marketing strategy
• Keller Williams Realty B marketing strategy is based on market trends, and consumer needs and wants

8.4. Making effective use of emotional appeals

• Consumers’ emotional needs strongly influence all marketing objectives and marketing goals set by Keller Williams Realty B
• In addition to fulfilling functional needs, Keller Williams Realty B also tries to fulfil the emotional and psychological needs of the consumer
• Keller Williams Realty B tries to build a strong emotional bond with the consumer, which also results in high consumer loyalty

9. Distribution Strategy of Keller Williams Realty B

Keller Williams Realty B marketing strategy highlights the use of the following distribution strategy to maximize reach and accessibility for consumers.

9.1. Intensive distribution strategy

• Keller Williams Realty B makes use of intensive distribution strategy because it is mass marketing
• Keller Williams Realty B’s marketing strategy is based on undifferentiated segments, and thus an intensive distribution strategy allows high penetration and reaches in the overall market
• With the use of the intensive distribution, Keller Williams Realty B tries to maximise its coverage of the markets where it's present
• For achieving the intensive strategy, the company uses hardcore 360-degree integrated marketing strategy and campaign to reach all consumers, across all segments in the market.

9.2. Direct distribution strategy

• Keller Williams Realty B uses direct distribution country of origin as well as in locations where it has subsidiary operations
• The Keller Williams Realty B also makes use of modern retailing channels
• Also, Keller Williams Realty B makes use of e-commerce and makes a sale through online retailers, as well as through the company website
• Direct distributions have allowed Keller Williams Realty B to increase market penetration and accessibility for consumers

9.3. Indirect distribution strategy

• This strategy is largely used for offshore operations where the Keller Williams Realty B does not have a subsidiary
• In these offshore locations, Keller Williams Realty B largely works through the export model
• This makes use of several intermediaries in between, before the product by Keller Williams Realty B reaches the target consumers
• Intermediaries for Keller Williams Realty B include not only the end retail outlets, but also sales agents, retail agents, and distribution agents in offshore locations

9.4. Selective distribution strategy

• For some products of its portfolio which are premium in nature, Keller Williams Realty B makes use of selective distribution channel
• Keller Williams Realty B has maintained a few outlets in the country of origin, and in selected offshore markets for these products
• These placements and locations are chosen based on the niche market that Keller Williams Realty B has for its premium products
• These locations, placements, and marketing strategy helps make the company’s product selectively, but readily accessible for its niche target audience

10. Competition Analysis in the marketing strategy of Keller Williams Realty B

The industry in which Keller Williams Realty B operates is very responsive to market and consumer trends. Keller Williams Realty B, therefore, needs to be vigilant in its market strategy towards competition – to make sure that it maintains its competitive advantage.

10.1. Strategic Group Analysis

• Keller Williams Realty B competes with direct and close competition based on quality and price
• Consumers choose between different companies from the industry based on their functional offering
• Consumers have progressively evolved to strengthen loyalty and form an emotional bond with products that they consume
• Keller Williams Realty B also competes, thereby, with close competition for building stronger brand image, increasing consume loyalty, and for forming strong emotional ties with the consumer

10.2. Industry rivalry

• Keller Williams Realty B experiences high industry rivalry
• The barriers to entry for the industry are low, and new entrants gain easy access in the industry
• The number of local as well as global players is increasing

11. Marketing mix of Keller Williams Realty B

The marketing mix for Keller Williams Realty B as per the marketing strategy is the following:

11.1. Product

• Keller Williams Realty B has a broad product portfolio
• Keller Williams Realty B provides mass marketed products for all segments across the market undifferentiated
• Keller Williams Realty B also provides some selected, premium products to niche customer groups
• All products in the portfolio consistently maintain high quality
• All products are tailored to meet consumer specifications, demands and needs across different regional markets
• The Keller Williams Realty B maintains a high focus on innovation in products and introduces new products frequently to keep the consumers engaged

11.2. Place

• Keller Williams Realty B wants to have a close, emotional and personal relationship with its consumers
• The company maintains high control in its distribution strategies – especially through direct distribution strategy
• The company has a presence in leading supermarkets
• The Keller Williams Realty B also has company-operated stores in malls, and otherwise to make products accessible to consumers easily
• Keller Williams Realty B also makes use of e-commerce to increase penetration and sales

11.3. Price

• The Keller Williams Realty B prices its products so that its target consumers can afford it easily
• Keller Williams Realty B uses relative pricing strategy for its products
• The price of Keller Williams Realty B’s products include not only the high quality raw materials and value additions but also the enhanced customer experience they deliver
• The company’s pricing strategy allows it to enjoy stable revenue and profit growth

11.4. Promotion

• The Keller Williams Realty B has a high budget allocated towards marketing activities
• The Keller Williams Realty B invests substantially in digital marketing activities to reap high and effective results
• Use of digital marketing has also allowed Keller Williams Realty B marketing strategy to cap costs and expenses
• Keller Williams Realty B also takes part in direct consumer engagement through on-ground activities where the company initiates trials
• Keller Williams Realty B also invests in traditional media channels to reach maximum consumers in the market

11.5. People

• Keller Williams Realty B has a large workforce across different companies
• This workforce is continually trained to become experts in their respective fields of operations
• Keller Williams Realty B hires without discrimination
• Keller Williams Realty B ensures that its employees remain motivated through building an inspirational and creative organizational culture
• Keller Williams Realty B focuses on also building and maintaining organizational commitment and loyalty in its employees

11.6. Process

• All activities at Keller Williams Realty B - from raw material procurement to the final sale to the end consumer - undergo systematic processes
• The processes at Keller Williams Realty B are well defined, and well communicated to all employees
• All employees are trained to follow the processes internally to ensure consistently high quality as well as timely production and deliveries
• The systematic processes also ensure a smooth running of operations at the Keller Williams Realty B

11.7. Physical evidence

• The physical evidence for Keller Williams Realty B includes the company logo, company store designs, and the product packaging
• Satisfied and excited customers in the retail spaces of Keller Williams Realty B, as well as during product consumption create a bubbling and an inviting atmosphere
• The e-commerce website for retail by Keller Williams Realty B is also designed with a friendly customer interface to allow maximum interaction with the brand
• The store designs created by Keller Williams Realty B for its retail space allow consumers maximum interaction with the products directly.

12. Promotional tactics for the marketing strategy of Keller Williams Realty B

12.1. Digital marketing

• The company uses social media for reaching consumers effectively
• The Keller Williams Realty B interacts with the consumers directly, and engages with them, answers their queries and takes their feedback
• The company also shares information and build relationships with consumers through digital marketing
• Keller Williams Realty B also makes use of blogging, emails, and content creations as a means of digital marketing

12.2. Conventional marketing

• The company uses a 360-degree approach in its marketing strategy
• This means that the company makes use of traditional marketing channels as well – such as TV, magazine adverts, and out of house placements

12.3. Influencers

• For direct, on-ground engagement, the company uses influencers
• Influencers interact with consumers directly, or through their channels of communication as a means of content creation and endorsing the Keller Williams Realty B brand

13. Monitoring and evaluation of the marketing strategy of Keller Williams Realty B

13.1. Changes in sales

• Keller Williams Realty B regularly tracks its sales to identify the effectiveness of its marketing strategy
• Increase in sales reflect the success of marketing strategy of Keller Williams Realty B
• Sometimes, Keller Williams Realty B experiences increase ins ae after some time of the launch of the marketing promotions

13.2. Surveys and focus groups

• Keller Williams Realty B frequently conducts focus groups and surveys to identify its brand worth
• These methods also help the company identify brand value, brand recall, and brand recognition
• Focus groups allow Keller Williams Realty B to gather feedback on its marketing strategy and helps it understand consumers better

13.3. ROI

• Effectiveness of marketing strategy of Keller Williams Realty B can also be seen through the revenue and profit growth
• Return on investment allows Keller Williams Realty B to effective gauge the effect and influence of the marketing strategy, and measure its success

13.4. Attainment of marketing objectives

• All marketing objectives set by Keller Williams Realty B are SMART
• The quantitative set against each of the marketing objective can facilitate attainment evaluation for the overall marketing strategy
• Successful and timely attainment of these marketing objectives highlight the success of the marketing strategy of Keller Williams Realty B