Understanding Your Future Tenants
Understanding your consumers’ needs has become essential to ensure your asset generates leads, holds its resident retention rate, and achieves stabilization as soon as possible. Consumer insights can improve the property’s roadmap in the customer journey, allowing you to market appropriately to the right audience.
Our consumer insight report is a fully comprehensive package that provides developers and investors with an analysis of the key consumer profiles and macro-trends influencing their market. It tells you who the consumer is, what they want, and how to position your building. Knowing your target demographic and their underlying feelings will give you a better understanding of their decision-making process when choosing a new apartment.
Data mining delivers an overview of the market and the consumer. By gathering and analyzing large amounts of information from the U.S. Census, housing tract information, city databases, and other analytical sources, we are able to provide information about the market with detailed numerical data on subjects such as average household income, year over year economic growth in the area, the average salary by industry, drive times, and age by housing type.
Consumer profiles illustrate potential residents that include demographic, geographic, behavioral, and psychographic characteristics. This information supplies the developer the “WHO” and “WHY” – who their prospective residents are and why they are an essential group on which to focus marketing efforts. These consumer profiles can also be used to drive amenity programming, unit mixes, interior and exterior finishes, and more. Understanding the consumer you are building for is critical to a consumer-first approach.
Observations & Consumer Trends
Observations and consumer trends provide empirical data in the consumer study. Our team goes into “the field” and investigates the surrounding competitive set, retail offerings, and general environment of the neighborhood. From observing the number of dog walkers to discovering local businesses, we uncover what is essential to residents in the community. This insight helps developers determine which ideas and trends to keep and which ones to avoid to differentiate our building from the rest of the market.
We also outline relevant consumer trends, which are significant shifts involving large populations occurring within the next three to five years. These shifts can include the aging of a generation, social media trends, consumer sentiment evolving around a particular product category or service, changes in consumer mindset, and technological advancements.
A market study is the analysis of competitors in the market based on proximity, class type, average rents, and amenity offerings. Analyzing the competitive set will allow you to differentiate yourself from the surrounding market while revealing valuable insight into consumers’ needs and wants. Being knowledgeable about your competitors can also give you an advantage during lease-up, where you can use this data as talking points on tours or to drive concessions.
Color forecasting is the process of predicting what colors will be most desirable and on trend when your development delivers. We provide your team with this insight to help determine what colors will work best for your brand and interiors while simultaneously being attractive to your target demographic.
Design trends provide insight that helps the interior design team decide what shapes, fabrics, patterns, and design styles to implement in your interiors. From textures and materials in the lobby to the model unit furniture, our research becomes a valuable source when making interior design selections.
Brand Directions & Action Points
Brand direction & action points are the conclusions drawn from the research and work completed in the previous six categories. From these points, we develop recommendations for your brand that include brand personality, essence, and positioning. The action points can be used to influence many areas of the development and lease-up process. They can be circulated among your architects, interior designers, and vendors to help guide their ideas and maintain one cohesive brand. Together, the brand direction and action points create an all-encompassing platform on which to build your property’s brand identity and marketing strategy.