TerraLogos could capitalize on partnerships with organizations such as local realtors. If the company's name appeared on real estate agency websites, this could enable TerraLogos to target new home buyers who wanted to improve the energy efficiency of their new homes. This would be effective because new home buyers might be likely to note the name of the company, even while they are still searching home listings. Also, new home buyers often contract numerous repairs and modifications on a new home, to bring it into livable condition to their family.
The value of 'greener' buildings and the savings generated by green buildings has even been acknowledged by home insurance companies. According to a 2008 MSNBC story: "Two major insurers are launching 'green' insurance programs that will let homeowners reconstruct their property with more environmentally friendly building materials, appliances and landscaping, even if it costs more than the replacement value stated in the policy....Spurring clients to rebuild to greener standards is an insurer's hedge against climate change, and the worse and more frequent natural disasters that could be brought on by warming global temperatures," ("Insurers paying to rebuild greener homes." MSNBC.com, 2008). TerraLogos could seek out partnerships in the area with such home insurance companies, and verify for the insurance companies that the proposed improvements would indeed result in cost and environmental savings over time, despite the initial outlay.
In all of its branding and marketing efforts, TerraLogos must take into consideration the likely consumer profile of its market demographic. Its customers are likely to be somewhat affluent, given that doing an energy audit of a home is not strictly a necessity, although, of course, it can be financially beneficial...
Also, customers are financially stable enough to either buy a home or to consider rehabilitating a home. They are probably well-educated, given they have their eye on the 'long-term' regarding cost savings in all of their home improvement modifications. Developing relationships with energy-efficient home improvement companies and appliance manufactures or simply advertising in conjunction with such companies on their website would be an ideal way to reach this growing demographic, as would advertising on the websites of environmentally-conscious organizations in general. Demand in this market for green houses, despite the fact that the credit crunch is growing: "46% of buyers would like a green home, according to an August report by the National Association of Realtors on home buyers' preferences" and TerraLogos looks poised to capitalize upon this spike in demand (Davis 2007).
Works Cited
Davis, Lisa Silin "Builders return to class for lessons in 'green." The New York Times.
11 Aug 2007. 31 July 2008. http://www.nytimes.com/2007/11/11/realestate/11NATI.html?scp=10&sq=green%20housing&st=cse
Insurers paying to rebuild greener homes." MSNBC.com Jan 8, 2008.
31 Jul 2008. http://www.msnbc.msn.com/id/22559712/
Frequently Asked Questions on Home Inspections (FAQ)."
American Society of Home Inspectors. (ASHI) Official Website. 2008. 31 July 2008. http://www.ashi.org/customers/faq.asp#3
Prevost, Lisa. "How green can a huge house be?" 6 Apr 2008. The New York Times.
31 July 2008. http://www.nytimes.com/2008/04/06/business/06newreal.html?scp=19&sq=green%20housing&st=cse
TerraLogos. Official website. 2008. 31 Jul 2008. http://www.terralogos.com/services/whatWeDo/index.html
