Associated Brokers of Pullman, WA was the leading real estate agency for several years. Founded in 1980 by Darl and Star Roberts, AB grew to the leading real estate agency in the Palouse. Darl's network, commitment and passion for improving the quality of life in Whitman County led to amazing results. AB was an independent agency until last May when we realized the benefits of an international franchise became critical to take the agency to another level through broader exposure. AB's brand was excellence, commitment and integrity which was evident by its top agents in the Pullman market.
I joined AB in the fall of 2008. In May 2009, AB joined the Coldwell Banker family through a partnership with Spokane's leading real estate agency Tomlinson. AB became Coldwell Banker Tomlinson. Same agents, same experience and same leadership from our broker, Darl Roberts.
The challenge and the case study - BRANDING THROUGH MERGER AND TRANSITION
The hurdles:
1) Another Coldwell Banker franchise already exists in our small town
2) 7 miles to the East lies Moscow, ID which also has a Coldwell Banker Tomlinson office (same market different state) - CONFUSION
3) Email address changes, web address changes, new systems, new infrastructure, new IT, where are the leads going...
After spending 20ish years in the car business and having acquired other franchises, I have learned that going through a transitional change with a brand can be a successful endeavor, however it takes careful planning, educating, explanation. Right now we are approaching one year which has been bumpy and a little chaotic. With so much change it has been difficult to step back and plan, educate and explain to our community that we are the same agency with a different name but considerable more tools to help market.
Branding today is used to create emotional attachment to products and companies. Branding efforts create a feeling of involvement, a sense of higher quality, and an aura of intangible qualities that surround the brand name, mark, or symbol. Easier said than done - especially through a merger or new partnership.
The definition of brand: A brand is an identifiable entity that makes specific promises of value - according to David Dolaks "Building A Strong Brand: Brands and Branding Basics".
The challenge with taking a brand like Associated Brokers, it is easy to assume because as agents "everyone will get it." HELP - SOS - "It isn't working like we thought it would - how do we resell or rebrand ourselves?" Have you been through a transition. There is no A, B, C book on doing this.
Brand Equity is the sum total of all the different values people attach to the brand, or the holistic value of the brand to its owner as a corporate asset. 30 years of a brand equity like AB - how do we minimize our loss in the name change (equity) and capitalize on the benefits with our association with Coldwell Banker?
From my perspective (remember I'm living through the transition now), I feel we must keep the following points in mind:
- We must do a better job keeping our customers informed about how the merger and how it affects them
- Stay positive by focusing on additional resources and offerings.
- Keep our agents better informed and educated.
- Establish a campaign that puts our agent faces along with our new name Coldwell Banker Tomlinson in front of the public (i.e. billboard, Chamber events, community functions, sponsoring charitable events...)
- E-newsletter campaign that incorporates our new resources
The key here is to defend what's still valuable about our old brand without making it personal while we tout our new brand.
If you have any advice or if you have experience a similar transition I would welcome any thoughts, suggestions of ideas.
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