Multi-million dollar projects require adequate attention. Most experienced developers agree that when a development is presented with insufficient detail – the sales of the project can be really difficult.
From the industry data, typical budget allocation should be between 0.5% and 1% of the total costs budget of the overall project.
This will include items as animations and flythroughs, 3D marketing imagery in exteriors and interiors, online and offline (print) advertising campaigns, dedicated website, branding and colour palette for the project and sometimes through to display suites where prospective purchasers can view the property’s finishes and textures from various rooms in the project.
The consequences of not allocating and keeping in mind a sufficient budget for the marketing stage of the project, could be quite significant as delays with the sales of the project can run into thousands of dollars in interest and construction delays.
The optimal solution is either the developer acts as the project manager and appoints all the appropriate marketing consultants or the developer appoints a marketing agency which does the managing of the consultants.
- Create a Concept and Brand for Purchasers to Identify With
- Set aside at least 1% of total construction cost to marketing budget
- Keeping this figure as a percentage allows flexibility
- Visualise the Dream & Potential of the Development
- First Impressions are Incredibly Important
- Work with a team of specialists to develop marketing collateral
5 Steps to Putting Together an Effective Marketing Strategy for Your Projects
Select the best marketing agency to coordinate and project manage the marketing campaign of your project. Alternatively, you as the developer will need to project manage the creation of marketing collateral for your project.
Together with your marketing agency – appoint a creative studio to develop a Brand and Name your projects so that your purchasers identify with it and have a positive and compelling emotional response.
Together with your marketing agency, appoint the right 3D perspectives studio to create the right look and feel in the marketing imagery to support the marketing campaign
Using the marketing imagery developed in the previous step – further marketing collateral is developed – for print or online campaigns.
Test and measure the Return on Investment (ROI) of either campaigns and depending on leads generated – add further budget to the campaigns that work best. Typically in the initial stage of marketing – all the campaigns are launched together – billboards, print brochures for real estate agents, online campaigns on portal websites such as realestate.com.au and Google Adword campaigns.
We are currently working with a very experienced developer on a large townhouse project. Even though this particular developer understands the market very well, he still has gone out far and beyond the typical marketing scenario to appoint the following consultants: creative agency to develop the Branding of the project, web design studio to put together a website for the project and we are creating a large portfolio of 3D imagery for this project.
Ultimately the developer will be able to launch his project with a large selection of exterior and interior imagery as well as being able to position his project as a stand out development in the area with unique branding, high level website presence and undoubtedly will achieve better results having all the collateral in place as opposed to some of the other clients we have worked with who feel that one or two 3D images will suffice to market a multi-million dollar project. These have quite often fallen flat on their face when they launched their marketing campaigns.
Cutting Corners in Creating the Right Marketing Collateral is like Penny Pinching. In marketing, it really is – You get what you pay for. The right advice and the right consultants can mean thousands of dollars of increased profit or quicker sales when the market is a bit tougher. So as a last piece of advice, don’t be a “Scrooge McDuck”!!!