TOPIC: What is the marketing theory that would explain why every asset has a unique name and brand?

What is the marketing theory that would explain why every asset has a unique name and brand? 1 year 7 months ago #36480

Terry I think it’s interesting that most owners and investors want to avoid uncertainty, yet somehow in the case of branding, it’s more of a “sure thing” to start fresh. I would think it would be a way safer investment to buy into an established brand that consumers already know and like.

What is the marketing theory that would explain why every asset has a unique name and brand? 1 year 7 months ago #36481

You have a great point Mike, especially re: the cost of branding, but even hotels have to differentiate themselves: Holiday Inn University Executive Park vs Holiday Inn Airport. Years ago when I was marketing director for First Property (and before internet marketing, YES, there was such a time!) we talked about this and Sam Z didn't want to broadcast the name of our company for fear that people would learn how big we were, with deep pockets and be more likely to sue us.
  • Pat Pinigis Patterson
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What is the marketing theory that would explain why every asset has a unique name and brand? 1 year 7 months ago #36482

If the asset sells, very typical in student housing, and you have multiple assets with the same name-you have diluted your brand. We tried it once with SH with locations in several states. Never did it again after those sold off.
  • Bethany Green
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What is the marketing theory that would explain why every asset has a unique name and brand? 1 year 7 months ago #36483

I definitely think it’s harder to build that value and brand equity across multiple states, especially in student housing. Thanks, Bethany!

What is the marketing theory that would explain why every asset has a unique name and brand? 1 year 7 months ago #36484

It is still essentially a local business, and the brand value typically would come into play if someone was changing markets and rented from the same company. Archstone had some success with this, as does Camden and Village Green and Holtzman's succession company City Club brand. At Oxford in the1980's we had 5 different brands (Reflections, Hunters Chase, Runaway Bay, Hunt Club and one other), and we tried a national brand campaign "Expect the Best" with limited success.
  • Dennis Smillie
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What is the marketing theory that would explain why every asset has a unique name and brand? 1 year 7 months ago #36485

I can say I have worked for both - one that branded as a whole. It was a nightmare. If you have one bad seed, it can ruin the whole brand.
  • Leah Love Orsbon
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What is the marketing theory that would explain why every asset has a unique name and brand? 1 year 7 months ago #36486

Leah I’d love to better understand what you’ve seen, because our experience has been the exact opposite.

Unbranded SEO is significantly stronger when you can approach content and present multiple options at a broader regional level, rather than trying to get each individual property website ranking individually.
  • Leah Love Orsbon
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What is the marketing theory that would explain why every asset has a unique name and brand? 1 year 7 months ago #36487

Mike, I actually sat and dwelled on this a little after I said it. I’m now 50/50 on it. While I can see great SEO from a national standpoint and having a single website BUT no one really ever looks through those corporate websites. They want immediate satisfaction from seeing the area they are looking for. Also, you have to pinpoint your targeting on your wasting a lot of PPC dollars for regions you aren’t in. So, I can see it both ways. I have great SEO for our corporate website but no one goes there to find an apartment - they go there to hire us.
  • Leah Love Orsbon
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What is the marketing theory that would explain why every asset has a unique name and brand? 1 year 7 months ago #36488

Leah We should talk. Your corporate site is the most underrated SEO tool in your toolbox ... but to your point, it has to be built to deliver the shopping experience people have come to expect.

Most people search by location first, but they don’t know the exact building they want to end up in when they start looking. That’s where a good corporate site will beat individual property sites all day long.

What is the marketing theory that would explain why every asset has a unique name and brand? 1 year 7 months ago #36489

I'm with Dennis Smillie on Local. But taking that a step further, few companies have the geographic bandwidth to be the "Kleenex" of multifamily. Post Properties was the first I remember doing it successfully, but at best it was regional. As Donje Putnam pointed out, most of us manage portfolios in which the products, locations, ages, etc., are very diverse. But even properties built by the same developer are a "different product" when located on a different street corner and in a different town. It's a lot more marketing "brain damage," but I think it's important to brand each multifamily asset as its own brand. And "not because we always have!"
  • Mary Symmes Gwyn
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