July 2022 | Page 31

MARKETING

The keys to a good brand identity are to make it distinct , memorable , scalable , cohesive , and easy to apply . It is important to carefully consider each element of your brand identity , and pull inspiration from companies that have had great success with their identities .

The above brand list likely brings instant perceptions to your mind — likes and dislikes , experiences , how they make you feel . While these are the most iconic brands in the world , they didn ’ t start out that way . They reached those levels slowly and painstakingly over time .

Building a strong multifamily brand identity requires consistency and repetition . For the most successful brands , the brand experience delivers on consumer expectations time and time again .

How to Develop Your Brand Identity

If you do not see the value in establishing a strong brand for your multifamily business , you can be sure someone else is doing it for you . As CEO of Amazon Jeff Bezos says , “ Branding is what people say about you when you ' re not in the room ."

Without a clear message , you open yourself up to the public dictating what your brand is . Not responsive enough online ? They may think you are hiding something . No clear values set ? They may think you have no consideration of social consciousness or a vision .

1 . Understand Your Audience

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 . Understand what appeals to them , and make sure to include relatable elements in your brand identity .

2 . Re-evaluate Your Existing Brand

Reevaluate your existing brand by considering the elements that have been successful and those that haven ’ t , and learn from the process . Research your direct competitors to see how they identify their 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 .

3 . Identify What Sets Your Property Apart From The Competition

While many management companies follow an apartment 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 .

Developing Your Resident Buyer Persona

Once you have established your brand direction , you will need to identify your target .

• Who is interacting with your brand ?

• Is that who you want to reach ?

• What is this ideal customer interested in and how can your business address their pain points ?

These questions will help guide your persona creation .

Create a robust list of questions that you can ask your potential and current renters to pull insights and establish a semi-fictional character that combines the pain points , interests , demographics , and behavior of your collective target .

A buyer persona should dictate all multifamily marketing efforts — from visual designs and messaging to interior and architectural design elements . When the multifamily market is hot , it ’ s easy to sign on to a new development with the assumption that renter interest will automatically roll in . However , with so many similar apartment projects popping up , it ’ s important to be as niche and targeted as you can to be more effective with your approach . This starts before the first brick is laid .

When establishing these buyer or target renter personas , it ’ s important to visualize who would live or work in your space — and to supplement those assumptions with thorough interviews . Your persona allows you to build a more compelling multifamily brand that connects and resonates with your audience ’ s lifestyle .

The Impact of a Brand Identity

After you have spent time brainstorming and developing a strategic brand identity and your resident buyer persona , it ’ s time to put it to use . A strong multifamily 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 Chief Relationship Officer , and director of business development at Criterion . B www . aamdhq . org JULY 2022 TRENDS | 29