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Maximize Marketing Dollars: Part I - Take Off the Blinders to See the Power of the P’s

Maximize Marketing Dollars: Part I - Take Off the Blinders to See the Power of the P’s

Although they vary by company to company even industry, we have all heard of the fundamental P’s of Marketing: Price, Product, Promotion, People, Position, Process and Passion. The question is do we take the time to evaluate these essential elements as we market multi-million dollar real estate investments?

It is common for us to start off strong when it comes to our marketing efforts, but as time goes on we have the tendency to let the efforts ride without checking for accuracy or even effectiveness. We assume that all is well and working unless we hear otherwise.  Then we react in a panic when our numbers begin to trend downward.

Well, today is your wake-up call. Your property deserves more attention than that – so take off your blinders and see all the marketing opportunities around you!

Have you ever asked yourself these questions: “How can I break out my rut to make those necessary evaluations?” or “How can I get started?” Luckily for you, I am here to offer a few quintessential solutions to assist you in accomplishing this feat.

Solution One: The Power of the P’s

Whether you are fortunate to be experiencing high occupancy or treading water in a competitive market-- sit down and be brutally honest in evaluating any and all of the P’s. A complete inventory and audit is needed for this to succeed from reviewing advertisements, concessions, flyers, models, Internet marketing, pricing strategy even considering sales training. You may discover items, sources and efforts that are underway without your knowledge, or areas that are not being fully maximized.

I promise that when you really dig into to the P’s, the marketing elements are not what you thought. And you may find a weak link immediately or even amazing gaps for huge opportunities for business.

For example, let’s say your community is struggling to get qualified traffic. Are you promoting your community with a competitive edge? Are you covering the basics with informing the surrounding community of what you are services amenities that your community offers? Do the realtors and relocation specialists know the availability for immediate move-ins at your community? How about an internal promotion to current residents for referrals (if this is legal in your area) or even challenging the sales team with a leasing contest to encourage friendly competition to reach a set goal?  

Promotions act as the tools to achieve the set strategy in a marketing plan. Some of these promotional tools range from all types of advertisements, e-newsletter, company website, signage, direct mail, banners and themed contests.

The marketing element “people” includes the sales and management team as well as the targeted “people” who the marketing efforts are geared toward. The “people” factor is crucial and is the common thread of all the P’s for that is what makes all the other factors work. It is essential to have the correct team in place who is educated to see the value in working every marketing tool available. –One could throw all the marketing money in the world at a property and in the long run it will not show the best results without the support and buy-in of the onsite team.

Also, determining the resident profile that you are targeting will assist in determining the correct message and appropriate sources for reaching this group. One must also determine the trends of wants and needs of this group to match their expectations with the best of services and amenities.

Next week we’ll discuss how to honestly evaluate your apartment marketing resources!

Amy Kosnikowski, Principal of Quintessential Marketing and Training, is a national speaker, educator and marketing solutions expert focused on improving the ROI in multifamily real estate assets. 
Contact Amy at 704.496.4107 or This email address is being protected from spambots. You need JavaScript enabled to view it..

 
This comment was minimized by the moderator on the site

Great, as always Amy! Thanks.

  Christopher Higgins

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