July 20, 2007
How to market condominiums in today's world
San Antonio Business Journal - by José B. Sena
Condominiums are becoming more and more attractive nationally, particularly in San Antonio and the South. "The developments of new condos are on the rise in virtually every metropolitan area of the U.S. and even out-pacing the single family market in some instances," the publication Construction Outlook recently reported.
Condos seem to be popular with empty-nesters who want relief from the upkeep of a house, or perhaps retirees replacing a big house with two residences in different cities. They are also the housing choice for many single women, according to research by the National Association of Realtors. Generation Xers buy them for low maintenance and hip, urban locations.
However, the condo real estate market is competitive, especially in today's world where potential buyers are constantly bombarded with messages and sales pitches.
Assuming developers sufficiently did their homework and thoroughly researched the location and amenities offered, then the challenge for the property owner and its marketing team all boils down to the bottom line: how do we sell them?
The reply is: focus on lifestyle! Instead of showcasing the actual building, portray what the customers' lifestyle will become when they live in those condos. Through your marketing efforts, you must engage and emotionally connect with prospective customers' personal experiences, especially how they see themselves in the future.
This emotional connection must occur on all levels, so successful condo owners are turning to branding campaigns to market and sell those condos, meaning the entire user experience for the customers, every time they come across your project: from the logo and signage to the Web site and model unit.
How can the brand -- this total experience -- be unique? Pay attention to every detail -- from welcoming the potential clients to the language used by the sales staff. Customers who walk into the sales office and are treated as if they are not worth a smile or warm greeting, or offered help, will walk out without thinking twice. The sales center should be a reflection of the lifestyle. All of the marketing pieces should clearly communicate the dramatic difference, uniqueness and overt benefit to the consumer and the value proposition. All materials should be clever but simple.
Internet marketing
The power of the Web cannot be overstated when portraying a lifestyle. It offers a sense of interactivity and reality that is impossible through print. Large, engaging pictures of people, activities and social places portray this lifestyle -- this sense of place. Quality renderings and 3-D virtual tours are crucial. Interactive floor plans, views and plans with real data and dimensions are important. Web cams can show the progress of building construction, as well as the interior progress of a particular unit or amenity. It is a powerful tool to keep the owners excited and engaged as their condo progresses, and a visual they can forward to their friends. This word of mouth phenomenon is potent.
Creating a sophisticated Web site on the technological backside brings the developer vast, crucial marketing data that can be used for this and future projects. Owners can track where Web site visitors are coming from, on which page are they lingering, and for how much time. The branding team can use the data to update collateral materials, and the sales teams can use it to hit those "hot buttons" to successfully sell the condos. Conversions of Web site opt-in forms, blogs and other forms of SEM (search engine marketing) can also be used to drive traffic to the site.
Public relations is a superb channel to generate and create a buzz. This together with the Web is an effective and good use of marketing dollars. Through editorial placement, owners can reach newspapers, TV, radio and trade magazines, to mention a few. This placement is seen and perceived as an endorsement from the publication, thus adding significant value to the project. One great example is Traçage Condominiums in New Orleans. When this story was pitched, it was featured in USA Today beside an article on a Donald Trump project. The ad value of this coverage was $45,000.
Targeted events are also a great tool to generate buzz and awareness. Find out customers' hobbies. Do they belong to certain clubs or organizations? If yes, gain access to its list. Host a lunch or dinner for the pre-qualified group and focus on the details, benefits and value proposition, in numbers that allow the developer or sales team to make a difference and interact. Appeal to all of the senses to keep everyone's attention! A well-connected branding firm with strong relationships can be immensely helpful with this.
José B. Seña is a founding partner, president and CEO of Blue Clover, a San-Antonio-based fast-moving On and Off-line Branding™ firm that fuses Internet and traditional marketing/media. E-mail him at jose@blueclover.com.
