Whether your project is 20 row homes in Washington DC or a 20-story condo tower in Texas, positioning is absolutely necessary to deliver a clear marketing message to buyers.
In marketing, the term “positioning” can be simplified by answering the question: What is the one thing that makes your project different from the competition?
A product’s position is the foundation to its brand. And just like a brand, every product has a position in a consumer’s mind. It is the role of the marketer to ensure the position is clearly communicated, desired by an audience of potential buyers and is effective in driving interest and ultimately sales.
Here are five steps to consider when defining a real estate project’s position:
1. Start by asking the internal stakeholders.
- How would the developer, architect and key personnel describe the project?
- What do they want buyers to think about the project?
- How is this project similar to what other projects the developer may have done in the past?
- Is there carry over from past successful projects that compliment the current project?
2. Match the position with the buyers.
- Why would they want to buy into your project? Ask them.
- Does this project’s position match the reputation of the developer and architect?
- Why does the position appeal to your customers?
3. Take what the competition will give.
The competition may be the area of greatest influence on what your project’s position becomes. If they offer tall, you can offer short. If they say red, you can say blue.
- Has your position already been taken?
- What has your competition ignored?
- Is their an opportunity to steal a position from the competition?
Auto Manufacturers Have been Positioning since Day One
People’s brains can only have one leader or favorite in a particular category. Take a look at the automobile industry as an example. There are over a dozen automobile manufactures marketing their product in the US and all of their products accomplish essentially the same thing. However, through branding, the automobile becomes something more. How would you describe a Volvo compared to a Kia? A BMW compared to a Jeep?
- Which automobile brand is most like your project?
4. Back up the position with the product.
An attractive position is transparent and believable. Jeeps are known for their off-road capabilities because of their large tires, suspension and overall ruggedness. BMWs are great handling cars because of their German precision engineering.
- What features of your project backs up your position?
5. Communicate.
We can’t stress enough that, in marketing, we have one shot to communicate a clear position to our audience. Your project may have a laundry list of wonderful amenities that no one else can offer but it’s imperative that this is communicated in an easy-to-understand way.
One of the key areas where Buyers will learn your position is in the project’s tagline.
Below are a few automobile brands. Test these manufacturers branding effectiveness by matching the tagline to the correct brand.
- Kia
- Jeep
- BMW
- Lexus
- Chevrolet
- Ford
- Volvo
- An American Revolution
- The Power to Surprise
- The Ultimate Driving Machine
- Bold Moves
- The Relentless Pursuit of Perfection
- For Life
- Have Fun Out There
Want to dig deeper? We recommend this Forbes.com article.
Ready to hear expert advice on how to position your project? Email Renderings.com right now!
Answers: Kia=2 ; Jeep=7; BMW=3; Lexus=5; Chevrolet=1; Ford=4; Volvo=6
