PHOENIX—In the student housing game, marketing is involved every step of the way, GlobeSt,com recently caught up with Lauren Melby, a marketing account executive for Serendipit Consulting, a public relations, marketing, branding and event-planning firm with a specialization in the student housing.
GlobeSt.com: What does creating a brand consist of?
Melby: Your community's brand is the foundation for a successful marketing strategy. Students need to identify with your community's brand and be proud to interact with it. Thus, it is important to keep in mind the necessary brand elements below when creating your community's brand strategy.
- Market research
- Competitive research
- Persona development
- Key messaging
- Brand pyramid
- Logo Design
- Brand Standards Manual
- Business ID Package
GlobeSt.com: When developing personas, which important factors should you keep in mind?
Melby: Personas give you the chance to create actual student identities and hone in on the characteristics and interests that the students in your community's market possess. You should think about the students' hobbies, interests, majors, where they like to shop, the brands that they are wearing, what forms of technology they are using, if they commute and if so, what kind of cars are they driving, are they in-state, out of state or transfer students, etc. To really grasp a good mix of the demographic, we recommend creating a minimum of five personas when developing your brand strategy.
Globest.com: When creating a new brand, what should come first?
Melby: First and foremost, the upfront market research is crucial for setting the rest of your community's brand strategy up for success. Immersing yourself in the market to become the expert of all of the local trends and traditions. Also, familiarizing yourself with where the students are hanging out before and after class, where they enjoy shopping, what all of the popular local vendors are, any specific annual festivals/events, etc. Also important is a competitive analysis. By analyzing the competitive landscape, it allows the creation of a brand that stands out by presenting key opportunities for differentiation. Rather than being another voice in the crowd, our brand should single itself out and become a distinct option.
GlobeSt.com: What is a brand standards guide?
Melby: A brand standards guide is a tool used to ensure that the entire team fully understands the entirety of the brand i.e., fonts to use, how the logo should be used, stock imagery to use, the brand pyramid and mantra, as well as the brand's personality as whole. Reviewing the brand standards guide with the entire team and incorporating into the on-boarding process for new leasing consultants will maintain cohesion with the brand design, messaging, etc. and will ensure the success of the brand long term.
GlobeSt.com: How important is a brand to a student when making a purchase decision?
Melby: 57% of a typical purchase decision is made before the student even speaks to a representative. Thus, having a brand that enables your community to stand out in the market and identify with the students is extremely important for setting the tone for your community and signing leases. Without an effective brand strategy in place, students will look past your community and go to the next option to sign a lease. Gen Z is especially critical with branding and how brands are communicating with them. Establishing the brand elements included above will ensure that your student housing community has a foundation for a successful lease-up and ongoing leasing moving forward.
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