RISING leadership
Brand Identity Leadership and Your Multifamily Property
By Ashley Tyndall
For apartment marketers, a lot of effort goes towards differentiating your community from the rest of the multifamily properties in your market. This generally includes frequent social media posts and an updated website focusing on onsite amenities and features. However, there is one important aspect that can be overlooked: Branding. Developing a brand identity is an essential element when setting yourself apart from the competition.
Importance of a Brand Identity
A brand identity is the meaning behind your logo and other marketing elements. It tells potential and current residents who you are and what you represent. This includes the branding materials created by your company that convey your personality, and include logo, colors, fonts, and positioning statement. Without a brand identity you run the risk of confusing your target audience because you lack a consistent image that is easily identifiable and relatable.
The keys to a good brand identity are to make it distinct, memorable, scalable, cohesive, and easy to apply. It’ s important to carefully consider each element of your brand identity, and pull inspiration from companies that have had great success with their identities.
Development of a Brand Identity
The first step to creating a brand identity is research and discovery. As with any good marketing element, it takes understanding your audience and their needs, wants, and values.
Here ' s an idea... Resident lounge cabanas at the Hub Madison in Wisconson
Understand what appeals to them, and make sure to include relatable elements in your brand identity. Reevaluate your existing brand by considering the elements that have been successful and those that haven’ t, and learn from the process. Research also your direct competitors and how they identify their company or properties, and who their target audiences are. By digging into your own existing brand elements, those of your competitors, and the needs of your audience as the first steps in developing a brand identity, you will be better positioned to create something strong and unique. For more, check these tips to building your brand identity.
While many management companies follow a marketing plan from the top, it is critical to identify your " it factor " at the property level. Perhaps you are eco-friendly with green amenities and a lush community garden, or maybe you boast modernity with tech-driven equipment and amenities. Discover if there is a strong key element that sets you apart from the rest of the competition, and capitalize on it.
Impact of a Brand Identity
After you have spent time brainstorming and developing a strategic brand identity, it’ s time to put it to use. A strong brand identity is vital when differentiating you from your competitors and gaining awareness.
The multifamily space can get crowded and you are probably competing for similar residents as other properties- a brand identity can help you stand out. Ultimately, a well-thought-out brand identity will resonate with potential residents and drive them to your property, resulting in more initial leases, and higher revenue.
Ashley Tyndall is the Director of Corporate Communications for Criterion. B an agency focused on branding and inbound marketing for the commercial real estate industry.
www. aamdhq. org NOV / DEC 2017 • TRENDS | 37