Can You Benefit from Rebrand Apartment Marketing?
How can you tell when your existing apartment brand is no longer working, and if you should pursue rebrand apartment marketing? These tips can help you decide. The importance of a strong apartment brand Every good apartment marketer is well aware of the value attached to touting the key features and amenities of their units and complexes. Establishing a key fundamental apartment brand, however, may be even more important. In short, a brand that is both psychologically/emotionally compelling and relevant to the rental properties under your purview can do wonders when it comes to driving traffic online and leading customers to your door. The Independent business news resource Small Biz Genius reinforces this fact by citing studies from multiple research authorities. Circle Research, for example, has shown that 24 percent of business-to-business marketers regard branding as crucial for growth. Furthermore, Fundra has determined that 56 percent of consumers remain loyal to brands that “get them,” and 89 percent of customers remain loyal to brands that “share their values.” Knowing when rebrand apartment marketing becomes beneficial Regardless of how much care you initially put into your apartment brand, if you have had that brand for any significant period of time, you have certainly built up a good amount of brand equity. Even if your brand is struggling to connect positively with a large audience, it has value, both online (in terms of domain authority with search engines such as Google) and in the hearts and minds of at least certain segments of the general public. By launching a completed rebrand, you must unfortunately forfeit all of the brand equity that you have previously accrued. In other words, you have to be ready to start entirely from scratch when it comes to building consumer name recognition and brand loyalty. So ultimately choosing to pursue rebrand your apartment complex is certainly nothing to be taken lightly. So how can you tell when your apartment complex needs to cut its losses and start over with a whole new image? Industry experts have identified the four following circumstances as key progenitors of an valuable and/or essential apartment marketing rebrand: Property Under New Ownership – If you’re a multi-property owner who has recently acquired a new property, you will want to conduct a thorough professional assessment of its existing brand to ensure that it is effectively connecting with your key demographic and/or the general public at large. Even if the existing brand of your new apartment complex happens to past muster, you will still want to consider an apartment marketing rebrand in order to bring that complex’s branding more in line with that of your other complexes. New Capital Improvements – As we have previously discussed, your brand should reflect the unique value that your apartment complex provides and presents. For this reason, planned complex remodeling and other new capital improvements offer an excellent opportunity for a beneficial apartment marketing rebrand. Just make sure that your property upgrades are thoroughly reflected in your new overall brand image. Overcoming a Poor Reputation – If you are forced to rebrand due to bad online reviews or a foundering reputation in the public sphere, you must ensure that your new brand makes a clear and distinct break from your old brand. This type of rebrand will be particularly tricky to plan and execute because you must concurrently build a new brand while “doing damage control” and dealing with fallout from your previous brand. Expanding Your Audience Base – A desire or need to grow or shift your current target demographic may coincide with one or more of the situations outlined above. No matter what factors happen to precipitate your audience expansion plans, comprehensive demographic research and analysis must be undertaken to identify the specific characteristics and desires of your new target demographic. For more information If you’re unsure if an apartment rebrand is right for you or are ready to take the first step toward a new and better brand for your complex, contact a specialized rebrand apartment marketing agency today. The professionals at Bigeye have the tools and experience that you need to get a fresh start in a highly competitive industry.
Apartment Branding: The Missing Piece of the Marketing Puzzle
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. 1. Research 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.