INDUSTRY FOCUS PAGE
65 to regularly revisit the strategy and adapt it to ensure that it remains relevant to the target market .
Monitor your objectives : Measure the success of the strategy against set objectives and be prepared to change course if goals are not being met .
“ The brand is an asset of your business and should be synonymous with it , and visible and integrated in everything you do , be it an estate logo , an advertising jingle or product development . Ensure that these all adhere to your set brand values .
“ Value escalates when there is recognition involved . However , one also needs to be aware that a product ’ s reputation can be negatively affected by external factors . Constant monitoring by the board and management should address the situation if and when it arises .”
Sales and marketing have evolved rapidly since the introduction of social media and the development of the latest technology used in advertising and communications .
“ The core components of marketing ’ s pushpull factor of below-the-line and above-the-line strategies still remain the same ,” Collett adds . “ The dissemination of information and marketing messages just happens a lot faster and is communicated to a much wider interactive field than before .”
Purchasing a property remains one of the most significant financial commitments that a family will make . As a consequence , buyers generally spend a substantial amount of time on research aimed at finding an offering that will suit their specific needs . Their choice will be based on a number of factors , including , but not limited to , affordability , location , security and lifestyle . Considering these criteria , developers and HOAs should position their product accordingly and , through positive brand reinforcement , put themselves in a position to appeal to the needs of the target market .
Estate names are where the branding philosophy starts . Names often include descriptors that begin to create the perception in the buyer ’ s mind of what to expect . The use of indigenous plant names and terms such as “ views ”, “ eco ”, “ lifestyle ”, “ mews ” and “ estate ”, or words referencing the seasons and topography , to name just a few , contribute to a vision of a secure environment that is a special place and worthy of a long-term investment with a promise of a bright future not just for the buyers , but possibly their offspring too .
Both during the development phase and once the estate is established , developers and HOAs should carefully consider all brand associations . These associations could develop through subcontractors or service providers and may have either a positive or negative impact on the core brand . Association with the right partners could have a dramatic effect on the value of the brand .
Critical to the success of any estate is delivering on the promise . Not just meeting expectatations , but rather exceeding them , will result in a wave of positive sentiment from residents , which will go a long way in reinforcing the brand .
Dionne Collett www . take-note . co . za