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.