Survey
* Your assessment is very important for improving the workof artificial intelligence, which forms the content of this project
* Your assessment is very important for improving the workof artificial intelligence, which forms the content of this project
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 Agenda Introduction to Marketing • • • • • • • • • • Introduction to Marketing Conducting Market Analysis Marketing Plan Fair Housing in Marketing and Advertising Promotional Marketing Course 5: Marketing The Property Manager’s Role Understanding your Market Factors impacting apartment markets Marketing Mix Marketing Success Factors 3 Course 5: Marketing Chapter 1 Marketing: Definition Why Do Marketing? Integrated and coordinated activities, such as research and promotion which focus inside and promotion, outside the community, to encourage recipients to rent or continue renting an apartment. • • • • Course 5: Marketing Chapter 1 5 2 4 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 1 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 All current and potential residents who want to live in the apartment community and who are qualified to live there. there 7 • Allows companies to maximize resources while increasing likelihood of success Geography Demographics Lifestyle Product benefits 9 Factors Impacting Apartment Markets • • • • • • • • Location Demographic characteristics Unit size and layout Price Physical Economic Governmental Social Course 5: Marketing Chapter 1 8 • Allows for tailoring of marketing efforts • Provides insight into how to reach the customer through advertising and promotion • Designed to reach a specific, smaller group, or target market, within the identified market • Classified according to characteristics such as: Course 5: Marketing Chapter 1 Course 5: Marketing Chapter 1 Market Segmentation: Benefits Market Segmentation – – – – What is Your Market? Course 5: Marketing Chapter 1 10 Marketing Mix: Definition Controllable variables the company blends to produce the desired market response. 11 Course 5: Marketing Chapter 1 12 2 Marketing Mix: 5 Ps Product • • • • • • Product or services offered (apartments and community) • Brand identity and logo • Evaluated E l t d and d marketed k t db by: Product Price Promotion Place People – Reliability – Quality – Features Course 5: Marketing Chapter 1 13 Course 5: Marketing Chapter 1 Price Promotion • • • • • • • • • • Monthly rent Fees p Deposits Utility expenses Premium charges Price is influenced by: 14 Advertising Public relations p Sales promotion Relationship selling – Location – Interior upgrades Course 5: Marketing Chapter 1 15 Course 5: Marketing Chapter 1 Place People • 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 16 Onsite personnel Management team Contract workers Marketing partners and vendors Course 5: Marketing Chapter 1 18 3 Skill Check #1 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 Chapter 1 – Introduction to Marketing 19 Chapter 2: • • • • • • 21 Market Analysis: Definition • • 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 When to do Market Analysis • • • • • 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 20 Conducting Market Analysis Conducting a Market Analysis Course 5: Marketing Chapter 1 Course 5: Marketing Chapter 1 23 New construction Rent increases Annual budget preparation Resident retention rate decreases Unmet occupancy goals Course 5: Marketing Chapter 2 24 4 Benefits of Market Analysis (cont’d) 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 • Regional analysis • Neighborhood analysis • Property analysis 27 26 Elements of a Regional Analysis Economic conditions Recreational/entertainment venues Government structure Educational institutions Course 5: Marketing Chapter 2 28 Property and Location Analysis Boundary definition Population characteristics and trends Economic conditions Property types Amenity and educational opportunities Crime activity Others… Course 5: Marketing Chapter 2 Course 5: Marketing Chapter 2 • • • • Elements of a Neighborhood Analysis • • • • • • • Generate, refine and evaluate marketing efforts Identify customer specific needs Evaluate your success with measurable data Communicate the market analysis findings and their implications 25 3 Elements of a Market Analysis Course 5: Marketing Chapter 2 • • • • • Perform to identify opportunities and key issues relating to the property and its location such as: – Wh Whether th ffeatures t and db benefits fit are b being i ffully ll exploited – How new trends impact the property – How residents view quality and reliability • Allows for proactive marketing efforts 29 Course 5: Marketing Chapter 2 30 5 How to do a Property and Location Analysis 1. 2. 3. 4 4. 5. 6. Resident Analysis Collect data on properties features and location Gather and examine property reports and documentation List negative aspects that affect sales D Describe ib plans l ffor ffuture t expansion i 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 • 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 31 Resident Analysis (cont’d) 1. Conduct resident survey 2. Examine property reports and documentation about prior and current residents 3. Describe target market: the characteristics of the consumer to whom you want to focus your marketing efforts. – Potential rent levels – Occupational targets – Recommended R d d amenity it changes h 33 Course 5: Marketing Chapter 2 34 Competitor Analysis (cont’d) Competitor Analysis • 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 • Includes information about other communities that compete with yours you an understanding g of • Gives y competitor’s: – Product – Services – Marketing strategies Course 5: Marketing Chapter 2 32 How to do a Resident Analysis • Provides: Course 5: Marketing Chapter 2 Course 5: Marketing Chapter 2 35 Course 5: Marketing Chapter 2 36 6 How to do a Competitor Analysis Market Analysis Plan 1. Collect information about competitors 2. Gather and examine reports and documents pertaining to competitors 3 Determine 3. D t i iimprovements t you can make k to product, services, and marketing • Describes how you will conduct your market analysis • Contains: Course 5: Marketing Chapter 2 – Objectives of the plan – Description D i ti off h how you will ill identify id tif marketing k ti 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 37 Course 5: Marketing Chapter 2 Activity #1 Skill Check #2 Market Analysis Chapter 2 – Conducting Marketing y Analysis Course 5: Marketing Chapter 2 39 40 Marketing Plan Chapter 3 • • • • • • • • • The Marketing Plan Course 5: Marketing Chapter 1 Course 5: Marketing Chapter 2 38 41 Marketing Plan Basics Marketing Plan Development Internal Market Readiness Writing g the Marketing g 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 7 Marketing Plan: Definition • • Marketing Plan: Purpose Detailed, written account and time table of the objectives and methods to be used to achieve the property’s marketing goals. C t when Create h th there iis: – – – – • Develop, guide, and coordinate marketing efforts p to realizing gg goals • Road map Critical need – new ownership Repositioning – significant physical changes Problem solving – media issues Sustaining plan - ongoing Course 5: Marketing Chapter 3 43 Course 5: Marketing Chapter 3 Benefits of Marketing Plan Components of a 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 Developing a Marketing Plan: Manager Responsibilities 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 Community Image • Image of the property perceived by the customer y g customers can • Reflected in everything see, hear, touch and feel • It is a team effort • Every aspect that employees have control over • Be familiar with every aspect of your product and its relative performance g about reporting p g and • Be knowledgeable analysis • Provide and understand reports, their source, and their value Course 5: Marketing Chapter 3 44 47 Course 5: Marketing Chapter 3 48 8 How to Obtain/Maintain Positive Image 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 (cont’d) • • • • • – – – – – Place Product People Price Promotion • Frame conclusions • Outline recommendations • SWOT analysis to clarify goals and action items 51 Course 5: Marketing Chapter 3 52 SWOT: Benefits Strengths Weaknesses Opportunities Threats Course 5: Marketing Chapter 3 50 • Research and document five P’s SWOT: Definition • • • • Course 5: Marketing Chapter 3 Writing the Plan Grounds maintenance Common areas Entry ways Information center Model apartments Course 5: Marketing Chapter 3 Attitude Team meetings and training Community Products-newsletter, brochures Web site Office, Facilities, Amenities and equipment Curb appeal Signage • Define changes in economic trends and market factors p identify y ways y to increase and • Help exceed resident expectations • Reveal opportunities to gain a competitive advantage 53 Course 5: Marketing Chapter 3 54 9 Activity #2: SWOT Analysis Strengths Weaknesses What advantages do we have? do we do well? What resources do we have access to? What do our residents see as our strengths? What What What Opportunities Threats What What are the opportunities facing us? What are the interesting trends in our industry? What are the interesting trends in our geographic area? Can we identify specific opportunities that will open up if any of our weaknesses are eliminated? Marketing Objectives • Identifies a specific goal • Defines successful achievement of goal • Are clear, measurable, assigned a time f frame, consistent i t t with ith one another th could be better? do we do badly? should we avoid? Can any of our weaknesses be turned into opportunities? What obstacles do we face? is our competition doing? the required specifications for our products or services changing? Is changing technology threatening our market position? Could any of our weaknesses seriously threaten our business? What Are Course 5: Marketing Chapter 3 55 Course 5: Marketing Chapter 3 Marketing Strategy Marketing Plan Budget • • Shows amount allocated for expenditure on marketing activities in a specified period • Understand owners investment goals for the property • Allocate a percentage (i.e. 2%) of gross sales • Outlines steps to take to achieve marketing objectives Contains five goals: – – – – – Provides residents with what theyy want Highly differentiated from competitors Delivers high impact Places product in appropriate distribution Provides appropriate support Course 5: Marketing Chapter 3 57 Course 5: Marketing Chapter 3 56 58 Measuring Success Use and Evaluation • • • • • • • Purpose: to make adjustments to plan to allocate marketing dollars • Consider the following: Actual results Number of new leases signed Number of residents retained Cost/lease Cost/traffic by source Improved budget performance Course 5: Marketing Chapter 3 – – – – – Establish evaluation procedures before Monitor M it and d evaluate l t att sett intervals i t l Keep good records Organize information Compare results from advertising with marketing objectives – Be realistic 59 Course 5: Marketing Chapter 3 60 10 Activity #3: Skill Check #3 Marketing Plan Budget Chapter 3 – Marketing Plan Course 5: Marketing Chapter 3 61 Course 5: Marketing Chapter 3 62 Fair Housing in Marketing and Advertising Chapter 4 • Marketing Impact on Fair Housing Issues • Advertising Impact on Fair Housing Issues Fair Housing in Marketing and Advertising • Liability for Marketing/Advertising Discrimination Course 5: Marketing Chapter 1 63 Course 5: Marketing Chapter 4 64 Developing your plan to avoid fair housing problems FHA and Advertising • • • • • • The FHA prohibits publishing, making or printing any advertisement regarding the sale or rental of a residence that specifies a preference of race, color, religion, sex, handicap, familial status or national origin. Cover all aspects of marketing Written Review regularly Evaluate and modify as necessary Ensure there are non-discriminatory goals and objectives Course 5: Marketing Chapter 4 65 Course 5: Marketing Chapter 4 66 11 Considerations in the Marketing Mix HUD Regulations: Affirmative Marketing • HUD regulations specifically bar owners from selecting “media or locations for advertising the sale or rental of dwellings which deny particular segments of the housing market information about housing opportunities because of …” protected class. • Product- describe property not people, avoid quiet, exclusive • Price • Promotion • Place • People Course 5: Marketing Chapter 4 67 Course 5: Marketing Chapter 4 Fair Housing Checklist Measuring Success • • • • • Were members of protected classes reached? • Was a fair and impartial sampling of the geographic area represented? • Do D th the numbers b iindicate di t any variation i ti iin results lt along protected class lines? What will the message be? How will the message be distributed? Where will the message be distributed? Which tools have more defined or narrow distributions? • Do any of the tools send specific “images” to the customers? Course 5: Marketing Chapter 4 69 Tips on Fair Housing Marketing Course 5: Marketing Chapter 4 68 70 Tips on Fair Housing Marketing • Practice inclusive marketing • Keep copies and records of ads and their placement • Create and record marketing policies and plans • Federally assisted properties are required to create an g Marketing gp plan Affirmative Fair Housing • Include the Fair Housing logo • Consider using media catering to ethnic groups • If direct marketing, avoid targeting by specific demographics or zip codes Course 5: Marketing Chapter 4 71 Course 5: Marketing Chapter 4 72 12 Rent Specials and Concessions Tips on Internet Marketing • Clearly state start date and time • Ensure staff offer same programs to all prospects • Ensure timing of ads with program description p g matches timeframe for program • Monitor staff use of programs • Be cautious about negotiating rents • Follow state and local laws regarding referral fees • Apply same guidelines to programs associated with lease renewals • As a marketing medium • Company Web site – Promotions current, accurate and nondi i i t discriminatory • Third party Web site – Promotions current, accurate and nondiscriminatory • Written policy for responses Course 5: Marketing Chapter 4 73 Avoiding Symbolism in the Rental Office – Lifestyle – Religion – Even politics can push hot buttons • Includes bulletin boards & binders • Includes offices located in the manager’s apartment Course 5: Marketing Chapter 4 76 References to Avoid • • • • • • An exclusive or private community Latino or Asian neighborhood Close to churches Quiet, peaceful, restful community Ideal for seniors For the active lifestyle or active seniors Adult community or independent living “Special needs” Course 5: Marketing Chapter 4 • Consider demographics • Use Equal Housing Opportunity logo properly • If using clip art forms rather than real people, use caution • Display Fair Housing poster in Leasing Center • Use inclusive and appropriate language • Never advertise something you do not have 75 Phrases to Avoid • • • • • • • • 74 Tips on Fair Housing in Advertising • Symbolism can indicate a preference or limitation Course 5: Marketing Chapter 4 Course 5: Marketing Chapter 4 77 Race Skin colors National origin Religion Sex Familial status (except senior housing) • Handicap • References to the resident characteristics, such as “professionals” Course 5: Marketing Chapter 4 78 13 Use of Human Models Liability for Discrimination • When using human models: • Senior housing – Property Managers can face discrimination charges if property not bona fide senior housing • Some fair housing agencies monitor advertising • Investigators will review advertising • Internet laws state that a third party cannot be liable – Use a diverse and representative sampling of the larger community – Demonstrate that all persons are welcome – Include different races, age groups, nationalities, families with children and the disabled – In senior housing, you do not need to include families with children – Show them in equal social settings Course 5: Marketing Chapter 4 79 Course 5: Marketing Chapter 4 Staff Training 80 Skill Check #4 Staff training should include the following activities. Share the marketing plan with the staff. Make sure the staff understands proper and timely recording of available units and those units in the make-ready process. Establish firm policies for responding to telephone, inperson and electronic traffic. Ensure the staff asks prospects about how they heard about the property. Course 5: Marketing Chapter 4 81 Course 5: Marketing Chapter 4 82 Promotional Marketing Topics Chapter 5 • • • • • • • • • • Promotional Marketing Course 5: Marketing Chapter 1 Chapter 4 – Fair Housing in Marketing and Advertising 83 Types of promotion Advertising Marketing tools and advertising media Media selection Advertising campaign development Public relations Sales promotions Internal marketing Relationship selling Sales approach to marketing Course 5: Marketing Chapter 5 84 14 Promotional Marketing: Definition • Promotion Objectives: IDA Form of communication that is used to inform and persuade people about a product or service Used to improve public image • Course 5: Marketing Chapter 5 • • • • 85 Promotion Types • • • • Course 5: Marketing Chapter 5 86 Advertising: Definition Advertising Public relations Sales promotion Relationship selling Course 5: Marketing Chapter 5 Attention: awareness Interest: knowledge/information Desire: liking/preference Action: conviction/purchase • Non-personal promotion of product, service or company in mass media that is openly paid for and/or sponsored by you. 87 Course 5: Marketing Chapter 5 88 Purpose of Advertising Goals of Advertising • • • • • Establish and maintain awareness and positive image • Create a real or perceived need for product • Develop sales leads • Persuade customers that your product is best for them • Promote events • Lead potential residents to rent from you To increase qualified traffic To keep apartments rented To promote product To make buyer aware of your product and move the buyer to action Course 5: Marketing Chapter 5 89 Course 5: Marketing Chapter 5 90 15 Advertising Strategies Advertising - Do’s and Don'ts • Carefully considered approach that you will take to let community know about your property • How you will connect advertising media to message, target or goal • Focused on enhancing value of property - Techniques to advertise your property Course 5: Marketing Chapter 1 91 Is your strategy effective? • Apartment publications and rental magazines • Online or Internet marketing • Newspapers N • Direct mail • Visual traffic generators • Directive brochures Is it simple? Is it specific? Is it durable? Does the strategy maximize your ability to advertise? Are the results measurable? • 92 Marketing Tools and Advertising Media Activity #4 • • • • Course 5: Marketing Chapter 5 Course 5: Marketing Chapter 5 93 Course 5: Marketing Chapter 5 Marketing Tools and Advertising Media, continued Media Selection • • • • • • • • Radio Television E-Marketing Marketing through other merchants or vendors • Transit advertising • Outdoor billboards Course 5: Marketing Chapter 5 95 94 Advertising objective Target audience The message and frequency Budget Course 5: Marketing Chapter 5 96 16 Advertising Campaign Development Process Advertising Campaign: Definition • Program of coordinated ads and other promotional activities intended to accomplish specific objectives. Course 5: Marketing Chapter 5 1. 2. 3. 4. 5. 97 Advertising Campaign: Message and Theme • • 99 98 Ongoing relationships that exist between the apartment community and the public positive image g Use to create a p Course 5: Marketing Chapter 5 100 Sales Promotions: Definition Public Relations Activities • Employee relations • Resident relations – Resident Appreciation week • Community C it relations l ti • Publicity Course 5: Marketing Chapter 5 Course 5: Marketing Chapter 5 Public Relations: Definition • Identify a theme • Include a color scheme • Include message on every aspect of marketing k ti collateral ll t l • Train staff • Offer incentive Course 5: Marketing Chapter 5 Establish goals Enhance use of media visibility Compile media database Send collateral material Contact recipients 101 • Sales activities designed to consummate a sale or increase the size of the sale of goods or services by providing the incentive to make a positive purchase decision. Course 5: Marketing Chapter 5 102 17 Sales Promotions Techniques Internal Marketing • Used to • Refers to the onsite marketing practices that occur within the apartment community. • Includes staff and resident involvement in marketing – motivate leasing professionals to improve – Induce potential residents to rent • Encompass E – Price-reduced rent packages, coupons – Utility offers – Contests or incentives Course 5: Marketing Chapter 5 103 Course 5: Marketing Chapter 5 Relationship Selling: Definition Relationship Selling: Purpose • “Custom tailoring information to individual people” (NALP) • Flexible and individualized • Requires R i well-trained ll t i d associates i t who h can develop relationships with prospective residents and align wants and needs with features and benefits • To close a sale once the prospective resident is attracted to the apartment community. Course 5: Marketing Chapter 5 105 Course 5: Marketing Chapter 5 Successful Sales Personnel Selling versus Marketing • Knowledgeable of all aspects of product • Know the customer wants and needs and how they make decisions • Have good communication, observation, li t i and listening d questioning ti i skills kill • Employ strategies to overcome customer objections • Use proven selling techniques • Know how and when to close sale • Selling: Course 5: Marketing Chapter 5 104 106 – Communicates to a particular prospect how your community can fill their needs – Impact: Personal and relational – Addresses a specific opportunity • Marketing – Brings product in contact with current or prospective resident – Impact: broad and applies to many – Continuous 107 Course 5: Marketing Chapter 5 108 18 Marketing Involves Sales Promotions • • • • • Involve activities that stimulate consumer purchasing and increase effectiveness • Located at point of purchase • Supplement other parts of total marketing efforts • Designed to increase sales over a short period of time Goals Research Analysis Evaluation and measured results Course 5: Marketing Chapter 5 109 Course 5: Marketing Chapter 5 Sales Activities Skill Check #5 • • • • • • Chapter 5 – Promotional Marketing Preparation Prospecting Relationship building Getting appointments Interviewing Responding to needs or prescribing your solution • Obtaining commitment Course 5: Marketing Chapter 5 111 Course 5: Marketing Chapter 5 110 112 19