Developers are neglecting their own brand as they strive to market projects, according to marketing specialists.
Marketing agency Project Profile director Mark Allen said that most developers put almost all their marketing budget to their most immediate project, but this is a mistake.
“Developers will always market the project, rarely themselves,” Allen said.
“Project deadlines and sales targets dominate focus, as they should. But doing this and only this means they leave no lasting brand equity with buyers, agents or the market.
“Consistent brand marketing between and alongside projects builds trust, speeds up future campaigns, and increases buyer confidence.”
There are challenges that come with developer marketing though, Allen acknowledged.
“Because they have a longer-term focus, it is harder to link directly to sales and the ROI on developer marketing just feels harder to measure,” Allen said.
“Depending on the space or spaces in which the developer operates, they also have to appeal across multiple project types, whether it’s apartments, house-and-land or mixed-use.”
Consistency is also an issue, because branding needs a cohesive personality and values that work for all audiences, he said.
And developers will often shy away from marketing themselves because there can be a reputational risk if a project underperforms or if there is any negative attention.
But that is the risk inherent in any marketing activity, and the benefits to developer marketing outweigh the hazards, Allen said.
“Buyers are more likely to trust new projects from a known, reputable brand, and your brand equity compounds, every project adds credibility to the next.”
If you already have a captive audience in an existing database and/or social media followers, it also means launching new developments will be faster and cheaper next time round.
“And having that brand awareness means you can attract better partners, consultants and even financing,” Allen said.
There are players already in the market who undertake this developer marketing well, he said.
Undertaking this developer marketing can be as simple as publishing thought leadership and blog posts on existing websites, responsibly collecting data on existing or interested buyers to develop databases and media partnerships or sponsored editorial.
“Using new formats like podcasts, LinkedIn posts, webinars or community engagement events can also open up your brand to new audiences,” Allen said.
“Doing this developer marketing keeps your brand front-of-mind all year round, warms the database for faster conversions when you launch your projects and builds trust and credibility in your audiences.”
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