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Introductions

Introductions

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Introductions

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  1. 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 Course 5: Marketing

  2. Agenda • Introduction to Marketing • Conducting Market Analysis • Marketing Plan • Fair Housing in Marketing and Advertising • Promotional Marketing Course 5: Marketing

  3. Introduction to Marketing • The Property Manager’s Role • Understanding your Market • Factors impacting apartment markets • Marketing Mix • Marketing Success Factors Course 5: Marketing Chapter 1

  4. 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. Course 5: Marketing Chapter 1

  5. 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 Course 5: Marketing Chapter 1

  6. Community 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 Course 5: Marketing Chapter 1

  7. What is Your Market? All current and potential residents who want to live in the apartment community and who are qualified to live there. Course 5: Marketing Chapter 1

  8. 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 Course 5: Marketing Chapter 1

  9. 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 Course 5: Marketing Chapter 1

  10. Factors Impacting Apartment Markets • Location • Demographic characteristics • Unit size and layout • Price • Physical • Economic • Governmental • Social Course 5: Marketing Chapter 1

  11. Marketing Mix: Definition Controllable variables the company blends to produce the desired market response. Course 5: Marketing Chapter 1

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

  13. Product • Product or services offered (apartments and community) • Brand identity and logo • Evaluated and marketed by: • Reliability • Quality • Features Course 5: Marketing Chapter 1

  14. Monthly rent Fees Deposits Utility expenses Premium charges Price is influenced by: Location Interior upgrades Price Course 5: Marketing Chapter 1

  15. Promotion • Advertising • Public relations • Sales promotion • Relationship selling Course 5: Marketing Chapter 1

  16. Place • Distribution channel or method for making your product available • Define and market your property’s: • Physical location • Relative location • Comparative location Course 5: Marketing Chapter 1

  17. People • Onsite personnel • Management team • Contract workers • Marketing partners and vendors Course 5: Marketing Chapter 1

  18. Marketing Success Factors • Visionary • Goal oriented • Customer-focused • Team oriented • Communicated effectively • Consistent • Repetitive • Adaptable to change • Monitored and regularly evaluated Course 5: Marketing Chapter 1

  19. Skill Check #1 Chapter 1 – Introduction to Marketing Course 5: Marketing Chapter 1

  20. Chapter 2: Conducting a Market Analysis Course 5: Marketing Chapter 1

  21. 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 Course 5: Marketing Chapter 2

  22. 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 Course 5: Marketing Chapter 2

  23. When to do Market Analysis • New construction • Rent increases • Annual budget preparation • Resident retention rate decreases • Unmet occupancy goals Course 5: Marketing Chapter 2

  24. 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 Course 5: Marketing Chapter 2

  25. Benefits of Market Analysis (cont’d) • Generate, refine and evaluate marketing efforts • Identify customer specific needs • Evaluate your success with measurable data • Communicate the market analysis findings and their implications Course 5: Marketing Chapter 2

  26. 3 Elements of a Market Analysis • Regional analysis • Neighborhood analysis • Property analysis Course 5: Marketing Chapter 2

  27. Elements of a Regional Analysis • Economic conditions • Recreational/entertainment venues • Government structure • Educational institutions Course 5: Marketing Chapter 2

  28. Elements of a Neighborhood Analysis • Boundary definition • Population characteristics and trends • Economic conditions • Property types • Amenity and educational opportunities • Crime activity • Others… Course 5: Marketing Chapter 2

  29. 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 Course 5: Marketing Chapter 2

  30. 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 Course 5: Marketing Chapter 2

  31. Resident Analysis • Contains information on resident’s: • Satisfaction with service levels • Needs and wants • Demographic information • Helps identify: • People who fit current resident profile • Potential residents if repositioning Course 5: Marketing Chapter 2

  32. Provides: Potential rent levels Occupational targets Recommended amenity changes Resident Analysis (cont’d) Course 5: Marketing Chapter 2

  33. 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. Course 5: Marketing Chapter 2

  34. Competitor Analysis • Includes information about other communities that compete with yours • Gives you an understanding of competitor’s: • Product • Services • Marketing strategies Course 5: Marketing Chapter 2

  35. Competitor Analysis (cont’d) • 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 Course 5: Marketing Chapter 2

  36. 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 Course 5: Marketing Chapter 2

  37. 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 Course 5: Marketing Chapter 2

  38. Activity #1 Market Analysis Course 5: Marketing Chapter 2

  39. Skill Check #2 Chapter 2 – Conducting Marketing Analysis Course 5: Marketing Chapter 2

  40. Chapter 3 The Marketing Plan Course 5: Marketing Chapter 1

  41. 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 Course 5: Marketing Chapter 3

  42. 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 Course 5: Marketing Chapter 3

  43. Marketing Plan: Purpose • Develop, guide, and coordinate marketing efforts • Road map to realizing goals Course 5: Marketing Chapter 3

  44. 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 Course 5: Marketing Chapter 3

  45. Components of a Plan • Your community, amenities, and services • Pricing • Target market • Competitors • Marketing objectives • Marketing strategies • Budget • Promotional mix • Measurement and evaluation Course 5: Marketing Chapter 3

  46. 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 Course 5: Marketing Chapter 3

  47. 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 Course 5: Marketing Chapter 3

  48. Factors Impacting Impression • Personnel • Quality of content of correspondence and collateral materials • Appearance of community areas Course 5: Marketing Chapter 3

  49. How to Obtain/Maintain Positive Image • Attitude • Team meetings and training • Community Products-newsletter, brochures • Web site • Office, Facilities, Amenities and equipment • Curb appeal • Signage Course 5: Marketing Chapter 3