by
Kate Good
Posted
January 9, 2002
New
Construction: Wrapping Your Arms Around the Market
One
of the silent truths about marketing is the importance of
really understanding your target market prior to designing
an ad or creating a brochure. So often, marketers jump directly
into advertising and skip entire steps in the marketing process.
One important step is to master is the study of various uses
and needs for your apartment community. When developing a
marketing plan for a new development, this step is a challenge
over a fully occupied community where you can study your existing
demographic to determine the type of marketing focus you will
need for continued success. A new construction community creates
a great need to answer the question, “Who will live
here?”
Once
your floor plans have been created, it is time to test their
use. If you have an existing sister community, tap into your
residents for important feedback. Start by planning a focus
group to showcase your new designs and ask the members of
the group which apartment they would be interested in and
why. Note their demographic information and all their important
comments. Next, process the information to determine what
consumer needs your new apartment will meet. This is known
as “niche marketing.” You will find this concept
to be once of the most difficult steps in a strategic marketing
plan, but also one of the most financially rewarding. This
concept is on Business Week’s list of what is “in”
for the future.
Niche
marketing is the opposite of trying to be all things to all
people, a common marketing practice in multifamily housing.
Most owners and sales people believe that the key is broad
exposure to everyone. In other words, if you let the world
know you are here and a new community the sales will follow.
It is important to position and merchandise your community
to relate to your target market.
You
may also find the need to create a few campaigns focusing
on various targets. For example, Coca-Cola had created a marketing
campaign to appeal to the woman who buys herself a 6 pack
of Coke as a treat because it reminds her of her years as
a teenager. This approach would be very different than the
campaign designed to attract the baby boomers that increasingly
choose Coca-Cola as their breakfast of choice. In apartment
marketing, you might decide to market to a sophisticated crowd
who are interested in the technology enhancements you have
to offer while another campaign features an actively lifestyle
by utilizing your amenities in your marketing materials.
Apartment
customers are becoming increasingly particular about their
living needs, and this trend won’t slow down in our
lifetime. Generic apartment communities just won’t do.
Stand out in the marketplace by creating an image that will
appeal to your targeted demographic. Many new communities
adopt this concept through the use of themes in their design,
development and positioning. One of my clients in Atlanta,
GA decided a “Historic Inn” theme would suit their
site located just a short drive from the Georgia mountains.
This theme provided the guidance for all of our marketing
materials and design concepts. Themes create a living memory
of your community, which will help it stand out in your market.
Personally, I enjoy theme marketing at a new construction
community because it taps into an enormous depth of creative
opportunities.
Be
sure to take advantage of emerging trends for your new community.
You will find this is the easiest way to establish your community
as not just new, but innovative. Here are a few areas to consider:
1.
There has been a huge growth in environmental consciousness
in the last decade. In a Louis Harris poll reported in the
New York Times, 75 percent of us said we would describe ourselves
as environmentalists. This trend reminds us to include innovative
recycling solutions, use “tree friendly” paper
for collateral pieces and have a “natural” focus
in your landscaping. Package the entire concept and you have
a great theme going!
2.
Sociologists are starting to see a growth in “psychic
income.” In other words, people are willing to trade
in our incomes and material possessions for meaning in our
lives. If your new community is “off the beaten path”
but in the middle of recreational opportunities, you will
find a greater geographical area to market to based on the
fact that people are willing to drive a few more miles if
it means they will be in an area where they can have a better
quality of life. Often this is offered for less money because
it is outside a high-density area.
3.
Home offices are not just for people who work at home. In
fact many internet subscribers want a designated computer
area that is equipped with outlets high speed access, electrical
outlet, desk space and good lighting for their late night
web searching or for their children to e-mail Grandma. Many
apartment communities who have invested in this state of the
art technology are finding that it is a real influence in
the decision making process.
4.
The first visit to your community will be virtual. Until you
have the first building ready, you will need a medium to show
the features and benefits of your community. I recommend investing
in a web site and then linking it to larger apartment search
sites. This will give people the opportunity to see a rendering
of the community and download floor plans.
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