Know Your Product- First Key To Real Estate Marketing

It is very important to know the product well as a marketer, the USP of the product, the challenges of the product, the location of the product only then you can devise a strong marketing communication and strategy. So let us start with the points you need to know about your product.

  1. The Master Plan : You should know the master plan well, this way you will get a clear idea on the offerings of the project that you are marketing or branding. The answers which you can get from the master plan are – the size of the project, the typologies the project offers, the amenities and how they are planned, no of towers planned in the project and in how many phases, what are the entry and exit points of the project, the orientation of the land, the Vaastu compliance of the units developed in the land parcel etc. All these an many more can be answered with the help of the master plan. This way you will understand your communication strategy, this master plan will help you understand the strength of your project and the weaknesses too.
  2. Typology (unit plan and floor plan): After knowing the master in details it is very important to know unit layout and the floor plan of your product. The unit plan layout will give you an idea about the features of the apartment you are selling and the positives and negatives of the same. This will help you to formulate your marketing communication and also the inventory promotion strategy, you will know at which stage of the project to promote which inventory. While, the floor plan layout will give you an idea on the density of each floor, and hence the nature of your project. Like if any unit overlook another unit or not or they are well spread on the the floor hence every apartment have their own privacy. These information required to devise you marketing brief , communication and positioning of your product. You will also know the USP of the units that you are selling, for eg: the 2 BHK that you are selling might have a bigger living room as compared to your competitors and hence it can then form an integral part of your communication and promotion.
  3. Inventory : You should know the typologies present in your project like 2BHK, 3BHK, 4BHK or Duplex, you should also know the ratio of the each typology present, the total revenue that each typology is contributing to the project, the USP of each typology & also the parking allocation. This will help you in the marketing communication strategy and the marketing collateral ideation. You will know if you want to have separate communication for each of your typology or you need to create separate collateral for your high end product vis-a-vis your low end product. The communication which you will have for your 2 BHK might not be same for a Duplex as their target audience will vary and eventually the communication will change. Hence, inventory knowledge plays a major role in marketing communication.
  4. Amenities : The variety of amenities you have and the type of amenities you have will give you a clear idea how to position your product. You need to check if the product has amenities suitable all age group or it has amenities concentrating on a particular lifestyle. For eg in some cases a project makes amenities concentrating on healthy lifestyle so they will have more of sports amenities as compared to other. While if a project decides to concentrate more on greenery it will have more of gardens and landscape as compared to any other amenity. The amenities can help you decide the name and the positioning of the project and help you devise various themes for your future communications.
  5. Pricing : The pricing plays a pivotal role while devising your marketing communications. You should understand your product pricing as compared to the competition and eventually design your marketing communication. If you find out that you have a price advantage over your competition then your communication will be focused on the pricing of the product. While in case you demand a price premium as compared to the market you need to create the value in the product to justify the price with the help of your marketing communication. In case you want to see samples do write back to me in the mentioned email id
  6. Technical details: After getting the basic information about your project try speak to your design and construction team and understand what has been their thoughts while they conceptualized the product. You will get to know interesting and exciting details about your product. Questions like : why a particular variety of trees were chosen, why they chose a particular orientation of the building, what kind of water fixture has been used to reduce water consumption, earthquake resistant test, wind tunnel test and many more. These technical details will give you ideas to devise fresher and innovative campaigns.
  7. USP (Unique selling proposition): Now that you have all the details about your product and you know your product very well, write down top 5 USPs of your project.These USPs will help you design all your future communication and campaigns and brand building. Most importantly if you have read about your product you will come up with innovative and clutter breaking campaigns.

Devise your marketing strategy keeping the above points in mind to create an impact with your campiagns.

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