Most multifamily marketers know the importance of promoting the features of their communities, but fewer fully grasp the importance of apartment branding.
Multifamily marketers tend to spend a lot of time highlighting their available vacancies, touting structural and functional details that range from vaulted ceilings and granite countertops to scenic views and smart appliances. While this marketing approach is certainly valuable, trying to implement it without first establishing a solid apartment brand is like trying to put a coat of paint on a building before pouring its concrete foundation.
Real estate industry statistical research firmly supports this view of apartment branding as supremely important. The Harvard Business Review, for example, reports that 64% of people cite shared values as their principal motivation for developing a consumer relationship with a particular brand. Covering the other side of the consumer/business coin, the Bank of America Small Business Owner Report has shown that 57% of small business owners regard strong relationships with consumers as the chief force behind ongoing/repeat business.
In short, it is absolutely essential to create, institute, and cultivate an apartment branding strategy that says something powerful and unique about your multifamily community. Furthermore, it is vital that you continually monitor the overall effectiveness of your exiting brand to ensure that it is squarely connecting with your chosen audience.
Building an Effective Brand from Scratch
When it comes to establishing a brand that reflects your company priorities and values, creative and strategic apartment naming and logo design are key…but they are only the beginning. Your name and logo will serve as a launching pad for all of your subsequent marketing strategies from overall messaging style and content delivery to the development of specific promotional efforts and advertising campaigns.
Want to optimize your apartment branding process to make a tremendous impact on the marketplace? By following the three steps outlined below, you can ensure that your branding efforts get off on the right foot and continue down the path to success.
Surprisingly, this important first step in the apartment branding process is one that many multifamily marketers fail to invest in. This is, quite frankly, ridiculous. In the absence of adequate preliminary research, your branding efforts will be little more than a shot in the dark, and you will have little chance of hitting that elusive branding bullseye. Key areas of branding research include consumer demographics/psychographics, consumer behavior/lifestyle choices, and geographical/financial market analysis.
2. Brand Identity
After conducting in-depth research, you must give extensive thought to your proposed brand identity. Keep in mind that this identity must extend throughout every element of your comprehensive marketing efforts, from the color of your chosen logo to the tone of your written promotional copy to the videos and images that appear on your social media page. The two keys to brand identity are relevance to company values and consistency across all media channels.
3. Implementation Strategy
The final step in the brand-building process consists of positioning your fully developed brand within the marketplace. This necessitates a comprehensive implementation of all brand elements (signage, letterheads, promotional messaging/events, website/social media design, etc.) with a firm focus on lead generation and positive public relations. It is absolutely essential to develop a prudent implementation strategy that fits the specific characteristics of your brand. As Executive Magazine contributor Samantha Chalmers puts it, “when promoting a LEED-certified community with composting stations and community gardens, it wouldn’t make sense to place a print ad in a Range Rover catalog” or “serve coffee or water in Styrofoam cups in the leasing office.”
Brand Optimization and Rebranding
No matter how much time, effort, and care you took to develop your initial apartment brand, it is important to realize when, in the words of Multifamily Executive Magazine contributor Jamie Matusek, “your brand becomes more of a liability than an asset.”
When this occurs, it is time to optimize your brand or rebrand entirely.
A successful rebranding effort requires marketers to follow the same comprehensive steps that drive the initial branding process. But when is the right time for your apartment complex to rebrand? Events and situations that often trigger a rebrand include planned remodeling or structural capital improvements, a floundering reputation in the consumer marketplace, and a general desire or need to expand your overall audience base.
Your specific brand optimization or rebranding strategies will depend entirely on the events that necessitate them and the weaknesses in your brand as it currently stands. If your apartment complex is plagued by poor resident ratings, for example, you will want to reach out to existing tenants to precisely identify key areas of concern and then reformat your brand to address those areas specifically. In this case, your new brand should reflect a distinct break with the old brand, clearly stressing the value of a fresh start. As part of your rebranding efforts, it will be absolutely essential to communicate what, exactly, will be different about your company as you move forward. Furthermore, it will be even more important to honor those messages through conscientious action.
For more information
Bigeye is an apartment branding agency that places a supreme emphasis on creativity and forward-thinking business strategy. Whether you’re looking for a multifamily marketing agency to build your brand from the ground up or to optimize the brand that you’ve already developed, we can help. Don’t hesitate to contact Bigeye today.