Question

Topic: Strategy

Marketing For Small Property Management Company

Posted by Anonymous on 250 Points
Does anyone have new ideas for marketing a property management company in a small tourist area? We place ads in local publications and direct mail association board members... Thank you in advance
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RESPONSES

  • Posted by Thorsten Strauss on Accepted
    Dear rowdycolors,

    Your question is not specific and I could write a book on the subject. So allow me a non specific answer.

    1) Customers firsts. I often discover that business have a vague or even incorrect understanding who their customers are. That is due to poor segmentation (in your case by age, income etc... instead of by underlying need pensioner, affluent family 2nd home ,...). My first tip is to sit down and write out what customers you have. Then you group them by what they have in common and what they need. Write it as this: Group XX wants to OUTCOME. Always think of outcomes when you group customers. People want to either reach a goal or eliminate a problem. Those are the basic categories.

    2) After you are more clear on your customers you need determine how their purchase process is. When are they becoming aware of you, when are they becoming interested of you, when do they feel desire about your services or project and when do they act. AIDA in short.
    You can place ads, radio commercials, have pay per click online campaigns. It all depends who your customers are. Often people waste time and money because they have a totally false understanding of where their customers inform themselves and how to create interest. Your ability to leave your shoes and walk in those of the customer is how you become effective and efficient. In your case (this is brainstorm here - so bear with me) I could think of these occasions: association of owners, publications that owners get, direct mail at key times (for example when property tax letters are going out), web banner at the country club web site or other association, banner in email newsletter from the city or other owner oriented groups,...

    3) Your product and your message also depend on your customer groups. Some might want to maximize money (remember the outcome driven thinking about your customer groups), others might not want to have the place ruined or damaged, others want least amount of worries, etc so see where I am going. So what group are you catering to and what is their desired outcome. Now you have form a positive message that delivers this outcome and you have your ad. Use a picture that communicates this outcome and make it funny or in other ways "remarkable" (standing out) so it gets noticed.

    4) The danger of asking your customers for answers. I learned that asking customers what they want or how they think when buying things is a waste of time. Why? Because the true purchase decision process is partially subconscious and deeply connected to ego, fears, etc... and while some might be enlightened enough to recognize it, sharing might be every difficult for them. So you always get rational answers that are not worth anything.

    But you can ask your customers "when you need X where do you look to find it?" or "out of these outcomes which are important to (rank 1-5) and underserved (1-5)". Ask for specifics. And ask to rank importance and underserved. That gives you where to put the money and tells you where the opportunity lies (high in importance and high in underserved).

    5) The best marketing is done by your customers.
    Promise silver, deliver gold (but make sure you remain profitable!) and enable them to share the good product / service you deliver. Ask for testimonials. Ask for referrals. Ask for who they know might benefit from your services. Give discounts , rewards to BOTH current customer and future customer. Some only give discounts to future customers which really makes people want to leave you.

    How to do it?
    1) talk to your current customers how they found you, what they like about you, what they are trying to achieve or avoid via your services
    2) leverage happy customers first before big marketing campaigns
    3) group your customers by outcome
    4) identify what drives their AIDA
    5) place cautiously and test vigorously
    6) be remarkable in how you do it (be colorful, be loud, be bold, be elegant, be yourself but bigger !)

    Thorsten
  • Posted on Author
    Thank you for your responses.

    To be a little less vague. Our clients are second home owners, above the age of 55, with an income of 150K+.

    We are a full service property management company. We try to do as much of the work possible in house without having to subcontract except for large jobs. We manage condo, home owner, and timeshare associations. We do not manage private homes for rental.
    I am a member of the local chamber and also the BNI for networking.
  • Posted by Thorsten Strauss on Member
    Thank you for sharing a little more info.
    I think I answered your question or is there still anything open?

    The key questions to answer are those :

    So can you segment your target group by their desired outcome ?

    How: Talk to them. ask them what they try to achieve. do groups emerge? Can you make groups with what you know about from previous communications?

    Do you know where to find them to make them aware?

    How: Again ask them. What do they read? Where to they spend time? How to they move and where to they pass ? Are the certain locations, media, times, online places, associations etc. where you can catch them? Invest a little and see what responses you get . This is smart guessing and trial & error.

    Do you know where they look if they are past awareness and are looking to buy ?

    how: They is critical. Ask your customers . Is it yellow pages, professional publications, newspaper?

    Do you know how you differentiate yourself in the benefits you deliver via your features or services that are in line with your segments' desired outcomes?

    how : after you know which your segments are and what their desired outcomes are this is easy. This will give you your differentiation.

    Tip: which airline does your target audience fly? Is advertising at the airport an option?
    "You should won a part of paradise - not just waste your money renting it"

    Let me know what you are missing

    ThorstenStrauss.com

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