Episode 89: Harnessing Brand Power: Taylor Morrison's Marketing Dexterity
Jan 31, 2024
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The podcast discusses Taylor Morrison's brand refinement and marketing strategies. They explore buyer segments, media usage, data analytics, and sales strategies. They also emphasize the importance of innovation, consumer empowerment, and social media platforms in their campaigns. The podcast highlights Taylor Morrison's age-qualified and built-to-rent brands, as well as their unique Yardly apartment model. Understanding buyer segments is crucial for Taylor Morrison, and they conduct surveys and user research to cater to different preferences.
Understanding buyer segments and tailoring strategies accordingly is crucial for successful sales and marketing campaigns.
By separating sales and marketing functions and focusing on different parts of the sales funnel, Taylor Morrison ensures campaign success and effective brand positioning.
Deep dives
Understanding the Approach to Sales and Marketing for a Big Builder
In this podcast episode, Stephanie McCarty, the Chief Marketing and Communication Officer for Taylor Morrison Homes, provides insights into how a big builder approaches sales and marketing. She highlights the importance of understanding the buyer segments and tailoring strategies accordingly. Taylor Morrison has built a team of dynamic marketers and insourced key disciplines, which has allowed them to protect and control their brand. They have also embraced digital channels, such as social media and influencer partnerships, to reach and engage with buyers. The podcast discusses how consumer behavior and preferences are driving their innovative approaches to sales and marketing, and the growing interest in online sales and virtual experiences.
The Distinctions Between Sales and Marketing
Stephanie McCarty discusses the major differences between sales and marketing and how they complement each other. She explains that marketing focuses on starting the relationship with the brand and generating interest, while sales is responsible for closing the deal. By separating these two functions, Taylor Morrison is able to have specialized teams focusing on different parts of the sales funnel. The key is to understand consumer behavior and position the brand effectively across different channels and media platforms, catering to various buyer segments.
Creating Successful Sales and Marketing Campaigns
Stephanie McCarty explains that successful sales and marketing campaigns start by understanding the end goal, the target consumer, and the target product. By being part of the process from the beginning and having market intelligence, Taylor Morrison ensures campaign success. The key is to generate interest by making the community appealing, knowing the consumer, and providing optionality in communication preferences. Taylor Morrison has embraced digital platforms, such as social media, YouTube, and TikTok, and focuses on building brand trust and relationships with consumers throughout the home buying journey.
Understanding Buyer Segments and Consumer Preferences
Stephanie McCarty provides insights into different buyer segments targeted by Taylor Morrison. The company caters to a wide range of consumers, including millennials, boomers, and Gen Z. Each segment has different needs and preferences, which influences their product offerings and marketing strategies. Taylor Morrison conducts surveys, focus groups, and user research to better understand buyer preferences and adapt their strategies accordingly. They offer flexibility for young singles, open spaces for young families, spacious designs for mature families, and entertaining spaces for professional couples. Additionally, Taylor Morrison recognizes the changing expectations of empty nesters, who want the ability to entertain, bring their friends, and accommodate their grandkids.
The concept of “brand” can be a bit vague. At its core, it is a service or product that some part of the public can identify as uniquely yours. It is what you do, what you provide. It sets you apart, and people want it. Think Apple and iPhones; think Lululemon and translucent leggings. Or think Google and mapping software that lets you know there’s a Starbucks on the street where you are about to turn right. (Hey, Google, there is always a Starbucks at the corner. You’re not helping.)
Taylor Morrison is one of the biggest home builders in the nation. A few years ago, they wanted to refine their brand. Stephanie McCarty is Taylor Morrison’s Chief Marketing and Communications Officer. CEO Sheryl Palmer tapped Stephanie a few years ago to refine and modernize the builder’s brand. Stephanie’s mission is to ensure home shoppers know what they can expect when considering a Taylor Morrison home.
On this episode of the New Home Insights podcast, I talk brand with Stephanie, and tons more. We get into buyer segments and market niches, media usage and strategies, data analytics and market research, and online and in-person sales strategies.
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