The 5 Benefits of Consumer Insight Reports For Developers
Understanding consumer insight is an essential part of building any community. When building a community from scratch, it can be easy to forget who you’re making it for. In order to refocus and retarget your planning efforts towards having a successful lease-up, a detailed consumer insight report is needed. Here are the 5 benefits of consumer insight reports for developers.
1. Targeted Marketing
Understanding the consumer profiles and behavior of your potential residents allows for you to create targeted marketing. Consumer insight reports provide an in-depth analysis of the key profiles in the area, including everything from their commuting habits to household expenditures.
This is done by the process of data mining, using a wide variety of sources like the U.S Census, housing tract information, city databases, and other analytical sources. This data, when summarized into a report, provide a complete picture of the individuals who will be seeking out a community like yours.
A consumer insight report not only develops the consumer profiles for the area but identifies any macro-trends that will have an effect on them. By using this information to create targeted marketing campaigns, you can ensure leads. This leads to the next benefit of consumer insight reports for developers.
2. Insight Into The Decision-making Process
Property managers do their best to understand what makes potential resident consider their community. By understanding the target demographic and their underlying feelings, you can gain access to their decision-making process. Consumer insight reports do a deep dive into what your future residents will be thinking as they start looking for their new home.
This can help you prepare the positioning of your marketing and branding before lease-up. If you can understand what a future resident is thinking, you can remain one step ahead. By anticipating their needs or concerns, you’ll be better prepared to build a long-lasting community.
3. Resident Retention
As we stated above, consumer insight reports help you build a long-lasting community, otherwise known as resident retention. Resident retention helps you achieve stabilization and secure your spot in the market.
Consumer insight reports are also full of the latest consumer and design trends that will influence your decisions about amenities, interiors, and more. By creating the most desirable community for your target demographic, you will have an easier time keeping them around & satisfied.
4. In-depth Competitor Profiles
Before beginning to build any community, you want to familiarize yourself with any holes in the target market. If you can identify the positioning of the competitors in the area, you can better understand where you’ll position yourself.
By analyzing the competitors’ overall brand identity, as well as key features and amenities, you’ll have a clear understanding of what your community should include and the values it stands for. This will ensure that you stand out against the competition and gain traction.
5. Telling Your Story
The most important part of in-depth consumer insight reports is being able to tell the story of your community. Not only do you want to express your individuality as a brand and set yourself apart from your competitors, but you want to show that you are here to enhance the existing community. Consumer insight reports are the first step you should take to eventually build your brand personality, essence, and positioning.
With the help of our consumer insight reports and market research, you’ll have actionable insights. Both you and your team can use them throughout the design process. This ensures that everyone is working towards the same goal from start to finish.
Head to our website to learn more about what goes into our consumer reports and other services. If you’re ready to discuss your project now, contact us to get started and build your community on an all-encompassing platform.