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California CAM

California CAM. Introductions. Your name Where you work Your job responsibilities How long you have been in the industry What you hope to get from this class. Agenda. Introduction to Marketing Conducting Market Analysis Marketing Plan Fair Housing in Marketing and Advertising

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California CAM

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  1. California CAM

  2. Introductions • Your name • Where you work • Your job responsibilities • How long you have been in the industry • What you hope to get from this class Marketing

  3. Agenda • Introduction to Marketing • Conducting Market Analysis • Marketing Plan • Fair Housing in Marketing and Advertising • Promotional Marketing Marketing

  4. Introduction to Marketing • The Property Manager’s Role • Understanding your Market • Factors impacting apartment markets • Marketing Mix • Marketing Success Factors Marketing Chapter 1

  5. Marketing: Definition Integrated and coordinated activities, such as research and promotion, which focus inside and outside the community, to encourage recipients to rent or continue renting an apartment. Marketing Chapter 1

  6. Property Manager Responsibility • Prepare and implement market plan • Price and analyze marketing and advertising materials • Identify present and future markets • Measure and monitor marketing efforts • Educate and involve onsite personnel in marketing efforts Marketing Chapter 1

  7. Why Do Marketing? • To realize optimum value of a property • To meet financial goals • To achieve and maintain occupancy levels • To understand resident wants and needs Marketing Chapter 1

  8. What is Your Market? All current and potential residents who want to live in the apartment community and who are qualified to live there. Marketing Chapter 1

  9. Market Segmentation • Designed to reach a specific, smaller group, or target market, within the identified market • Classified according to characteristics such as: • Geography • Demographics • Lifestyle • Product benefits Marketing Chapter 1

  10. Market Segmentation: Benefits • Allows for tailoring of marketing efforts • Provides insight into how to reach the customer through advertising and promotion • Allows companies to maximize resources while increasing likelihood of success Marketing Chapter 1

  11. Factors Impacting Apartment Markets • Location • Demographic characteristics • Unit size and layout • Price • Physical • Economic • Governmental • Social Marketing Chapter 1

  12. Marketing Mix: Definition Controllable variables the company blends to produce the desired market response. Marketing Chapter 1

  13. Marketing Mix: 5 Ps • Product • Price • Promotion • Place • People Marketing Chapter 1

  14. Product • Product or services offered (apartments and community) • Brand identity and logo • Evaluated and marketed by: • Reliability • Quality • Features Marketing Chapter 1

  15. Monthly rent Fees Deposits Utility expenses Premium charges Price is influenced by: Location Interior upgrades Price Marketing Chapter 1

  16. Promotion • Advertising • Public relations • Sales promotion • Relationship selling Marketing Chapter 1

  17. Place • Distribution channel or method for making your product available • Define and market your property’s: • Physical location • Relative location • Comparative location Marketing Chapter 1

  18. People • Onsite personnel • Management team • Contract workers • Marketing partners and vendors Marketing Chapter 1

  19. Marketing Success Factors • Visionary • Goal oriented • Customer-focused • Team oriented • Communicated effectively • Consistent • Repetitive • Adaptable to change • Monitored and regularly evaluated Marketing Chapter 1

  20. Skill Check #1 Chapter 1 – Introduction to Marketing Marketing Chapter 1

  21. Chapter 2: Conducting a Market Analysis Marketing Chapter 1

  22. Conducting Market Analysis • Market Analysis Basics • Regional and Neighborhood Analysis • Analyzing the Property and Its Location • Analyzing the Resident Population • Analyzing Competitors • Market Analysis Plan Marketing Chapter 2

  23. Market Analysis: Definition • A formal approach to collection, analysis, interpretation and reporting of information for making rational marketing decisions • An ongoing process to understand customers, competitors and the industry Marketing Chapter 2

  24. When to do Market Analysis • New construction • Rent increases • Annual budget preparation • Resident retention rate decreases • Unmet occupancy goals Marketing Chapter 2

  25. Benefits of Market Analysis • Effectively target market/advertising campaigns • Identify opportunities in marketplace • Evaluate and establish rent levels and fee policies • Monitor what you are doing well and where to improve Marketing Chapter 2

  26. Benefits of Market Analysis, continued. • Generate, refine and evaluate marketing efforts • Identify customer specific needs • Evaluate your success with measurable data • Communicate the market analysis findings and their implications Marketing Chapter 2

  27. 3 Elements of a Market Analysis • Regional analysis • Neighborhood analysis • Property analysis Marketing Chapter 2

  28. Elements of a Regional Analysis • Economic conditions • Recreational/entertainment venues • Government structure • Educational institutions Marketing Chapter 2

  29. Elements of a Neighborhood Analysis • Boundary definition • Population characteristics and trends • Economic conditions • Property types • Amenity and educational opportunities • Crime activity • Others… Marketing Chapter 2

  30. Property and Location Analysis • Perform to identify opportunities and key issues relating to the property and its location such as: • Whether features and benefits are being fully exploited • How new trends impact the property • How residents view quality and reliability • Allows for proactive marketing efforts Marketing Chapter 2

  31. How to do a Property and Location Analysis • Collect data on properties features and location • Gather and examine property reports and documentation • List negative aspects that affect sales • Describe plans for future expansion • Compare results of research with existing marketing efforts • Decide how to improve on marketing to take advantage of property’s features and location Marketing Chapter 2

  32. Resident Analysis • Contains information on residents’: • Satisfaction with service levels • Needs and wants • Demographic information • Helps identify: • People who fit current resident profile • Potential residents if repositioning Marketing Chapter 2

  33. Provides: Potential rent levels Occupational targets Recommended amenity changes Resident Analysis, continued Marketing Chapter 2

  34. How to do a Resident Analysis • Conduct resident survey • Examine property reports and documentation about prior and current residents • Describe target market: the characteristics of the consumer to whom you want to focus your marketing efforts. Marketing Chapter 2

  35. Competitor Analysis • Includes information about other communities that compete with yours • Gives you an understanding of competitor’s: • Product • Services • Marketing strategies Marketing Chapter 2

  36. Competitor Analysis, continued. • Helps you to: • Identify your competitive advantage • Identify areas of missed opportunity • Make innovative improvements • Identify categories of customers whose needs are not being met • Learn more about your market Marketing Chapter 2

  37. How to do a Competitor Analysis • Collect information about competitors • Gather and examine reports and documents pertaining to competitors • Determine improvements you can make to product, services, and marketing Marketing Chapter 2

  38. Market Analysis Plan • Describes how you will conduct your market analysis • Contains: • Objectives of the plan • Description of how you will identify marketing problems and opportunities • Description of how you will collect data • Description of how you are going to analyze results of research • A detailed timeline for completion Marketing Chapter 2

  39. Activity #1 Market Analysis Marketing Chapter 2

  40. Skill Check #2 Chapter 2 – Conducting Marketing Analysis Marketing Chapter 2

  41. Chapter 3 The Marketing Plan Marketing Chapter 1

  42. Marketing Plan • Marketing Plan Basics • Marketing Plan Development • Internal Market Readiness • Writing the Marketing Plan • Applying the SWOT Analysis • Marketing Objectives and Strategies • Marketing Plan Budget • Measuring the Success of Marketing Efforts • Guidelines for use and Evaluation of Marketing Marketing Chapter 3

  43. Marketing Plan: Definition • Detailed, written account and time table of the objectives and methods to be used to achieve the property’s marketing goals. • Create when there is: • Critical need – new ownership • Repositioning – significant physical changes • Problem solving – media issues • Sustaining plan - ongoing Marketing Chapter 3

  44. Marketing Plan: Purpose • Develop, guide, and coordinate marketing efforts • Road map to realizing goals Marketing Chapter 3

  45. Benefits of Marketing Plan • Requires PM to evaluate objectively • Encourages effective use of resources • Promotes consistent messaging to management • Monitors and controls marketing costs • Assists in marketing decision-making process • Encourages involvement and participation • Relates to success or failure of property Marketing Chapter 3

  46. Components of a Plan • Your community, amenities, and services • Pricing • Target market • Competitors • Marketing objectives • Marketing strategies • Budget • Promotional mix • Measurement and evaluation Marketing Chapter 3

  47. Developing a Marketing Plan: Manager Responsibilities • Be familiar with every aspect of your product and its relative performance • Be knowledgeable about reporting and analysis • Provide and understand reports, their source, and their value Marketing Chapter 3

  48. Activity #2: Goal: increasing occupancy. • What questions do you ask? • What factors do you consider? Marketing Chapter 3

  49. Community Image • Image of the property perceived by the customer • Reflected in everything customers can see, hear, touch and feel • It is a team effort • Every aspect that employees have control over Marketing Chapter 3

  50. Factors Impacting Impression • Personnel • Quality of content of correspondence and collateral materials • Appearance of community areas Marketing Chapter 3

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