1. Marketing Strategy
This marketing plan will utilize Integrated Marketing Communication strategies. These will entail a combination of both traditional and modern marketing tools to meet the client’s needs. Sophistication and comfort in the Apartments is the main theme in all the marketing tools to be used (JCHS, 2006).
Customers need to know about the amenities as well as the utilities they can get in Abberly Village. First, the business will use customer relationship management in order to increase the present tenant’s rate of satisfaction with the Apartments. If these consumers are happy with the services, they will spread the word, and thus cause more customers to use the Apartments. It will also involve the use of the Internet. Abberly Village will employ Google Adwords in order to advertise its business.
Google will place Abberly’s advertisements on selected websites that correspond to the target customer’s preferences. Since the Apartments are in South Carolina, the adverts will target all websites that relate to this geographical area. Furthermore, the company will also use direct mailing. It will purchase services from a mailing list service called InfoUSA. This organization will offer Abberly demographic details about its target client base.
Through direct mailing services, Abberly will inform clients about its lucrative offerings. The company will do this through four-by-six postcards targeted at the individuals within Abberly’s niche. Lastly, this marketing plan will use direct selling (McDonald, 2010). Some agents will carry models of Abberly Village Apartments that they will show clients. Additionally, they will take clients around for viewing.
As a marketing firm, this organization exists in order to offer customers the essential tools needed to become successful in the real estate industry. This company focuses on establishing strong partnerships with the clientele so as to: create a positive image of the firm, boost awareness and increase equity for the brand and products offered by the organization. The company keeps developing profit-oriented solutions to meet the customer’s requirements.
3. Marketing objectives
The main marketing objective is to increase brand awareness, thus leading to a twenty percent increase in occupancy rates in 2-3 months time. The firm will do this through a series of marketing avenues. First, it intends on increasing brand awareness among market segments.
It also intends on increasing the level of trust and loyalty among its consumers. This marketing plan will offer a product (an apartment) that the manager maintains well; is sophisticated and has all the latest amenities to the market. If customers are aware of these facts, it is likely that they will respond to them and will increase Abberly’s market share (Cherney, 2011).
4. Financial objectives
This marketing plan will increase customer sales by 20% within two to three months. Since the company offers a wide variety of apartments (one bedroom, two bedroom and three bedroom units) with different price ranges, it will not be wise to focus on occupancy rates for the units. The financial objectives need to look at overall increases in sales in all the varieties of products. Sometimes one product portfolio may generate greater returns than another, but this still changes the bottom line for the better.
5. Target markets
5.1. General strategy: The general strategy will focus on meeting the needs and benefits sought by the target market (Luther, 2011). This will entail renting out apartments to clients who require well-designed interior and exterior rooms, apartments with unique floor plans, flexible ventilation, well-designed bathroom and kitchen facilities such as maple cabinets, presence washers and dryers, and generous tubs.
Furthermore, it will target clients who require state of the art apartments with all the latest amenities such as coffee bars, cyber cafes, fitness centers, large screen televisions sets, swimming pools and wireless internet. Flexibility in use through allowance of pets will also be an essential component.
5.2. Data on the service industry: The apartment renting market is experiencing an increase in demand. In 2010, housing prices in Columbia South Carolina increased from the previous year.
This occurred because of the economic recession that started in 2007. One bedroom units are the most rented entities. Most landlords rent them out at approximately $620. Three bedroom units also rose in demand in 2010 with prices going from $790 to $800 in 2010. Two bedroom units were the least competitive in Columbia with minor changes in prices.
Conversely, research shows that changing floor plans is a vital issue in the geographical area. Between 2010 and 2011, alterations in floor plans for one bed led to an increase of twenty dollars in rent prices. Rental prices decreased by $30 between 2010 and 2011 for floor plan changes that led to accommodation of two beds. Overly, there is an increase in demand for houses in this location (Apartment ratings 2011).
5.3. Demographics: A lot of diversity is prevalent among apartment renters. Most of them tend to be younger; they have a smaller household size, are ethnically diverse and tend to earn moderate incomes.
In terms of the age, most apartment renters are below 30. However, seniors over 65 also account for a substantial portion of all rented houses. Women account for more occupation of rental apartments than men because single ladies account for 50% of all apartments. Married families and single men account for the other half.
Consequently, females account for the largest proportion of renters. Most luxury apartment renters have white-collar jobs, and tend to earn more than $ 62,000 annually. High education achievement is prevalent among a vast number of luxury apartment renters; over half of this population has a college degree.
In terms of lifestyle preferences, 14% of all apartment renters in the country live with unrelated roommates. 25% of all apartment tenants consist of families with three members or more. 34% of this population tends to have relocated within the period of one year. 15% of these renters stay past four years. 10% of the market considers renting as a way of life. Most are in transition, meaning that they may be divorced, changing jobs or about to graduate.
Income is a critical component in this market. 30% of all apartment renters earn more than the national median income. Therefore, Abberly ought to concentrate on this group because it offers luxurious housing. South Carolina accounts for 8% of all the apartment units rented in the country. The total number of apartment renters is 347, 982.
Overly, most luxury apartments want a secure place. They also want large rooms with flexible floor plans (JCHS, 2006). Many of them expect to find apartment complexes with entertainment centers. Customers are willing to come to a place if it has high-quality interior and exterior finishes. Furthermore, many of them will expect to enjoy additional amenities such as swimming pools and wireless internet. The concept of privacy is also quite prominent.
Apartment ratings (2011). Columbia apartments pricing and trends. Retrieved November 25, 2011, from http://www.apartmentratings.com/rate/SC-Columbia-Pricing.html
Chernev, A. (2011). The marketing plan handbook. CA: Cerrebelum Press
Joint Center for Housing Studies of Harvard University JCHS (2006). America’s rental housing. Retrieved November 25, 2011, from http://www.jchs.harvard.edu/publications/rental/rh06_americas_rental_housing.pdf
Luther, W. (2011). The marketing plan: How to prepare and implement it. NY: AMACOM
McDonald. M. (2010). Marketing plans: How to prepare them, how to use them. NY: Routledge