Why Branding Matters In Multifamily
All good marketing begins with a strong brand. Branding, in simple terms, is the identity of your company — essentially your company’s personality and reputation. But why does it really matter in the multifamily industry?
A great brand can do so much for your property. It shows prospects that you are trustworthy and approachable and promotes top-of-mind awareness during a rental search. It can create loyal customers who resonate with your company’s story and feel proud to call your community home.
Once you solidify branding elements like your logo, colors, tone and brand identity, you may think that your work is finished. However, maintaining a strong brand is an ongoing process that requires consistency and the ability to adapt. A critical next step in that process is promoting your brand through all available channels to get the most out of your branding efforts and achieve your company’s goals.
Your community’s branding is the first impression that potential residents will have of you. Branding can set you apart from competitors, and give your prospects confidence when they see the level of professionalism and attention to detail your brand presents.
Whether your brand is elevated and luxe or laid-back and approachable, establishing that tone early and being consistent in your messaging across all elements of your brand leads to familiarity and trust over time. Establishing a brand presence makes you appear credible as your ability to present your business professionally displays competence to your prospects.
Establishing a top-of-mind presence means your business is the first thing that comes to a customer's mind when they need the product or service you offer. You’ll be the first one they call because they’ve seen your brand consistently.
For instance, when someone thinks of soda, the first brand that may come to mind is Coca-Cola, which has established top-of-mind awareness through consistent branding, advertising and marketing efforts. With a globally recognized logo, color scheme and decades of iconic ad campaigns, Coca-Cola has become and remained a household name that is sold in more than 200 countries.
While your community, portfolio or property management company may not be a global brand, a similar strategy can be applied with a more localized scope to keep your brand top of mind for your target audience. With a strategically designed social ad campaign, your brand can show up where prospects are already spending their time online and provide exposure across popular platforms. This creates important touchpoints to introduce new audiences to your brand and establish name recognition over time.
Whether consciously or subconsciously, people want to feel a connection to a brand in order to buy into what they’re selling. When your brand’s values really resonate with someone, they’re more likely to be loyal to your business.
This brings us back to Coca-Cola. Their brand messaging emphasizes happiness, togetherness and nostalgia, which creates a loyal following of customers who identify with these values. Many people associate so strongly with Coca-Cola that they will opt for any drink besides soda if their brand of choice isn’t on the menu.
Similarly, an apartment community or property management company that builds their brand with intention can create a loyal following of renters who identify with their values and feel a sense of belonging. This is especially important and relevant for companies with umbrella brands that can be found across multiple regions. When a prospect or previous resident is looking to move to a new area, having an established awareness and connection to your brand can be an advantage in a saturated rental market.
By creating a brand that resonates with your target audience, you can build an environment where residents feel a sense of pride and belonging in their community. This, in turn, can lead to higher retention rates and positive word-of-mouth referrals.
Consistency is Key
Once you’ve established strategies to achieve credibility and brand recognition, you shouldn’t take your foot off the gas. In order to get the most out of benefits like top-of-mind awareness and brand loyalty, it’s important to consistently nurture and grow your brand’s presence.
Maintaining a constant tone in your messaging, cohesive aesthetics in all deliverables and a steady, well-rounded marketing strategy will help stabilize your brand in the minds of your target audience for the long term. With a consistent presence across your organic social efforts, paid social campaigns and beyond, you can create a brand that has household-name potential in your community.
In the multifamily industry, while our reach may not be as universal as a company like Coca-Cola, we can still learn from their strategies and apply them with an approach that’s customized to your goals to reach the right prospects at the right time.
For more tips to help your brand stand out, be sure to follow us on social and stay tuned into The SKoop for more insights from our experts.