Residential Estate Industry Journal 3 - Page 66

INDUSTRY FOCUS PAGE 64 the brand GOLF OR LAMBORGHINI? Consumers are flooded with choice in today’s market – whether it’s deciding where to have coffee or what running shoes to buy, or purchasing a new car or property. In fact, this applies just as much to a potential owner choosing one residential estate over another, or to anyone looking for a round of golf, dinner or target market and pull them towards your product. “It’s also vital that this is ongoing,” comments Collett, “and not just when launching an estate or marketing unsold properties, or merely advertising the estate in the regional newsletter. “Ultimately brand recognition is a major contributor to the value of a product. In the property world, place to live on a golf estate. brand-building can be a contributing factor to When you’re choosing a new vehicle, isn’t the where a property is valued at a given amount, ultimate question: What is my dream car – a Citi increased property values. An example of this is but the aspirational values created by brand Golf or a Lamborghini Countach? association fuel a consumer’s desire to live in What is the deciding factor? Is it what’s under demand a higher price.” the bonnet or the brand value? In the case of a the community, thus creating the opportunity to may include the real value an HOA has to There are a number of different ways of achieving brand benefits when creating a marketing strategy. offer, whether it be a state-of-the-art children’s Research your target market: Identify your residential estate represented by a homeowners’ association (HOA), “what’s under the bonnet” playground, an amphitheatre, a superb golf course, beautiful common areas, fishing dams, a restaurant or simply great value for money. “Many companies ignore the importance of brand value and reputation,” says Dionne Collett, ownerdirector of Take Note Reputation Management. The question is “Does the average HOA send true market, not your perceived market, and communicate your brand in terms of their desires and not what you believe should be of interest to them. Identify what is unique about the estate and the community: Communicate the brand benefits in a confident way to gain the attention of your market. this message and does the message reflect Create an emotional connection: Where with their brand through internal and external possible, make use of all five senses (sight, communications as well as in communications hearing, smell, touch and taste). Give potential to the public at large?” customers a sense of belonging and add an exclusive element to the brand, positioning your It is critical to identify the brand benefits of the product a cut above the rest. Each of the five product, whether you’re marketing a packet of senses can relate to criteria we wish to use to crisps or a property development. These benefits attract people to our communities. need to become readily familiar and identifiable to Keep your marketing strategy up to date: the consumer – in our case the resident, golfer, This should be a dynamic approach. Due to diner or buyer. Benefits are often intangible, but the fast pace of our ever-changing environment they still need to create an emotion in your and communication platforms, it is necessary