Improving Multifamily Marketing: The Team Approach

Filed in Multifamily, Sales & Marketing by on March 27, 2018 0 Comments

dollar signThere’s a reason why you hardly ever see real estate advertising being awarded at Cannes, The One Show, The Webbys or any other top creative competition in the world: Most of it is generic.

This isn’t a shot across the bow of marketers and agencies. Quite the contrary, it’s a rallying cry: There is a systemic problem in the role of marketing as it relates to real estate development.

Marketers don’t have an active role as early as they need to be. All of the product development, land-use planning and public space design is done well in advance of marketing’s involvement. Usually, marketing teams are brought in at the latter stages of this process when plans are already formed. Then, they’re tasked with figuring out how to bring a community to market.

Data, Insights Drive Differentiation

Are we sure that our architects and urban planners are really bringing a consumer lens to their work? Do they have the voice of the consumer in mind when developing plans?

I do believe that many of them have a strong sense of what’s trending and what consumers want, generally speaking. However, any strong marketer should be able to provide a more holistic view of competitive intelligence, consumer trends, qualitative and quantitative research and insights that can drive differentiation. There simply isn’t enough differentiation when it comes to product design, community planning and branding and marketing.

Learn from Product Development Masters

Look no further than consumer packaged goods companies for inspiration: Product development and marketing go hand in hand. These companies leverage data and insights to rapidly develop new products that serve unmet needs in the market. This penchant for innovation and differentiation is what drives new products, higher margins and better marketing.

If you’re truly interested in differentiating from your competitors, increasing your marketing effectiveness, and growing profit margins, try stepping out of your comfort zone, challenge your marketing teams and bring them in early. Have them bring consumer insights to the table that can help shape your product design.

When you can develop your product and your brand in harmony, you’ll have a built-in competitive advantage. You’ll also have an offering that truly connects with your target audience. You’ll develop a community that is authentic and organic, rather than a generic lifestyle offering that feels like everyone else in the market but with a different logo.

Rob Galletta, head of strategy for the Canadian marketing company BlackJet, discussed his findings at the IBS Multifamily Central presentation Data, Insights & Trends: How to Fearlessly Create a Competitive Advantage. Reach him at rgalletta@blackjet.ca.

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