You Don’t Own Your Brand, But You Can Manage It
Digested from Property Management Insider
Having a strong brand comes with several potential benefits, but there must be a strategy.
Your apartment community has a brand, but you don’t own it. The customer does.
“As much as a property wants to dictate the message of the brand, that’s not always possible,” writes Property Management Insider’s Tim Blackwell. “Residents, prospective residents, employees and neighbors have the ultimate say-so.”
The good news is that there are things you can do to nurture a brand. But you must work hard to keep it from being undermined. Among the things that can hinder brands is not getting C-suite support and using the same brand across different asset types. Inconsistent messaging caused by high turnover at the site level can also be an issue.
Having a strong brand yields many benefits, including improving marketing efficiencies by streamlining the message. “Brands also improve recruitment of associates and employee retention, facilitate business development and improve down cycle performance,” Blackwell writes.
Another benefit of having a strong brand is that it can prompt a potential resident to make a quick decision and cease shopping the market.
“The strongest brands resolve issues and ultimately save the consumer time in the decision-making process,” Blackwell writes. “For example, an apartment hunter’s choices may be quickly narrowed once a brand is recognized in a given market, just like Facebook, Amazon, Google and Twitter provide brand connectivity that enhances trust and loyalty for the consumer.”