READING ROOM    ·    FORMS    ·    NATIONAL ASSOCIATIONS

Articles |  Legal Corner |  News

Navigation  Home  Site Map  Feedback  Help  Move™, the new  RENTNET® Manager's Toolbox  List Your Community  Edit My Listing  View Your Reports  Look Up Your  Community or Portfolio

Reading Room Articles Is Your Company Or Property Branded? By Terri Norvell Written for Sales and Marketing Magic Today's marketplace continues to offer increasing choices for apartment residents. Properties and companies with a clear identity can excel today and into the future. What's needed is a strategy to get your message into the minds of prospective residents and keep your message in front of your clientele. This strategy is to build a Brand. The Power Of Brand Identity So what is Branding? It's creating a distinct "personality" or image for your company or property and then telling clients, residents and prospects about it! When you invest in branding efforts, you are planting impressions in the minds of consumers that your property is where they want to live or your company is who they want to do business with. There is a bond between your property management company and your residents because the brand conveys who you are and what they get, calling upon a host of feelings and emotions. The brand is the promise of the value they will receive. Branding enables you to capturing mind share, which will lead to market share! It's all about exposure and long term relationships. Action Application: Think of your current company or property "personality". You already have an identity! You may want to ask clients, colleagues, residents, prospects and your employees what they perceive as your Brand Identity. Do you want to reinforce an existing perception? Build a new image? Or shift an existing identity? Once you decide, a plan will assist you to reinforce your brand on an emotional level. Components Of Branding A creative advertising campaign, an effective public relations program, positive word of mouth from satisfied residents and a corporate culture that reflects the personality of your property management company are but a few components of a successful branding effort. The key is to focus on communicating the benefits of your company or property. Residents and prospective residents want to know how your company or property will help them. Building loyalty is more than attractive ads and enacting company policies and procedures on service. It's about creating, implementing, maintaining and enhancing your branding emphasis. Action Application: If service is your hallmark, focus on creating a client-first operating style throughout your organization, where service is a style not a deliberate act. Develop measurements, which may include: satisfaction/loyalty; pricing premiums; perceived quality, value, awareness, and differentiation. Measurable criteria to assess the impact of your brand identity confirms ongoing direction Expect Benefits Along with increased mind share and market share, successful branding benefits may include: higher rents, increased referrals, name recognition, lower turnover of residents, lower marketing costs and longer retention of employees. Building a perceived added value into a brand is key to justifying higher rents. The brand itself makes clients, residents and potential renters feel comfortable that they have made a good decision. People will rationalize to justify an emotional decision such as choosing where to live. Branding relies on an emotional level…it's very powerful. Action Application: Gear your marketing efforts toward establishing your brand as the preferred choice (best value) for your targeted customers. Forge relationships that build loyalty…retention of residents and retention of your team. Keep your brand preference going by keeping your branding iron in the fire (this is the best strategy for increased awareness, and preempting your competition). In this time of limitless choices, a strong brand identity can be a deciding factor. It's your promise. When you build a great brand…you have built a great company. Terri Norvell is a national business coach and consultant for fast growing property management, development and temporary housing companies. Her expertise in new development and property repositioning strategies provide clients with strong financial results. She is a national speaker and published author with 15 years of senior management experience. For more information, contact Terri at Norvell Associates, Professional Business Coaching & Consulting by telephone: 650-325-2446, Fax: 650-325-3528, or e-mail to tnorvell@norvellassoc.com. To read more articles from this author please visit www.smmonline.com. The Sales & Marketing Magic Companies, shares more than 20 years of experience in multifamily housing, encompassing leasing, marketing, management, training, authoring, consulting, developing, and Brainstorming! For more information on Sales & Marketing Magic for Apartment Managers; the latest Tools & Forms Catalogue; The Annual Multifamily Housing Brainstorming Sessions™; or to receive top ideas, FREE, via e-mail, please call 727-784-9469 or visit www.SMMOnline.com.