Customers
To achieve our goal of becoming a world class diversified property company, it’s essential that we meet the needs and expectations of our customers. We have two main groups of customers:

Commercial Property customers

• Office tenants
• Industrial tenants
• Retail tenants
• Retail shoppers.

Residential customers

• People who have purchased in a Stockland residential community, apartment or retirement village.

Customer satisfaction and other surveys
Customer satisfaction surveys form part of our marketing and branding research. They tell us how well we are faring in meeting our customers’ expectations.

Over the past year we’ve placed greater emphasis on improving relationships with our customers and better understanding their needs. To help achieve this we have undertaken extensive survey work across different customer groups, including seeking feedback from our tenants and retailers.

We conducted our first organisation-wide (Australia) customer satisfaction study in June 2008. The research covered more than 1,200 customers and was conducted by an independent research company, Millward Brown. The results of the study along with business action plans will be reported to the business in October 2008.

As the tenant/landlord relationships within our office and industrial portfolio had not been independently assessed for a number of years, we commissioned Millward Brown to conduct a qualitative study to find out about our brand position in the market and what tenants thought of our products and services. We used this study to test some new initiatives. The study involved 90 minute in-depth interviews with 35 current and prospective customers.

The study found that while we were considered one of the leaders in the products we deliver, results also showed that tenants experienced a huge variation in customer service, from excellent to unprofessional. In response to these findings we will make a concerted effort to maintain open communications and where appropriate introduce a key account management approach for customers.

Environmental sustainability was seen as a very important area of performance. One major tenant referred to it as a ‘no brainer’ and another said it was ingrained in their culture. Those participating in the study saw great value in Stockland providing very practical, simple tailored advice around sustainability, however, they also noted that it needed to ‘mean something’ and not just be used as a ‘blah blah’ word. The tenants saw a need for environmental sustainability for both rational reasons (like financial savings and good corporate citizenship) as well as emotional reasons (like wanting to do their bit or having an ‘abhorrence to waste’).

As part of the study we tested ideas of programs rewarding environmental sustainability. Study participants showed interest in a potential green partnership incentive, a financial rewards program for tenants who showcase industry best practice in sustainability. They also generally supported on-site sustainability education and access to a range of related resources.

In response to this interest around environmental sustainability, we’ll be launching a Green Business Fund and Awards (GBFA) program at our North Lakes Business Park during the coming year. The program has been designed to stimulate leading practice in sustainable design, by encouraging and rewarding investors to develop their sites to an advanced level of sustainability.

Communicating externally on sustainability
We’re keen to share with our customers and other stakeholders, information about what we’re doing towards reducing energy and water consumption in our existing buildings and in our new projects. We’re mindful, though, to get our communications right. In the past year we have seen the ACCC launch Green Marketing Guidelines, which have been shared with our marketing leaders to discuss with our in-house marketing professionals.

Managing the message is not always easy. During the year there have been inadvertent communications regarding targeted rating goals for projects – generally by our suppliers working for us. In all situations we have sought to quickly remedy the situation – both with the rating accrediting body and supplier.

Our Customer Relationship Management System
In October 2008, our residential business will be launching a new Customer Relationship Management System.

Our Office and Industrial businesses are already using this platform to manage the Stockland service centre. The system tracks tenant maintenance issues and enquiries which helps to create a better overall customer experience.

We’re now aiming to expand the system’s functionality across the business. We expect that better customer information management will improve our marketing and communications with our customers.