CREATING THE RIGHT PROPERTY MARKETING PLAN
As a property developer, you want to sell fast and at premium prices to achieve positive cash flow and maximum Gross Development Value. The 7 Ps of Property Marketing provide a roadmap to get you there. They are practical, easy to implement and will get you great results. They should be the key pillars of your property development Marketing Plan. If you missed the blog introducing them please read this blog: How To Conquer Your Property Development Risk Every Time. The 7 Ps are practical, easy to implement and will get you great results. They will help you:
- Sell faster and achieve positive cash flow
- Sell at Premium Prices to help maximise profit and
- Maximise your Return on Capital Employed (ROCE)
And what does ROCE mean? For property developers it means food on the table and a happy wife and kids! Applying the 7 Ps costs nothing other than time. Failing to apply the 7 Ps of property marketing could mean building the wrong thing in the wrong place and selling it at the wrong price. It could mean you lose your shirt.
“Applying the 7 Ps costs nothing other than time.”
So whatever kind of residential property development you are involved with, respecting the 7Ps of Property Marketing will eliminate 8 out of the 10 key development risks.
HOW THE 7PS COME TOGETHER
Just a quick review of the essential ingredients of your property marketing plan:
Place – without proper consideration of your property’s location, you risk developing in a dead end location rather than a residential destination. For more information click on this:
Why Place Is The First P of Property Marketing.
People – fully understanding target market and your buyers’ needs is crucial in order for them to considering buying the property you are developing. To read more:
How to Target The People In Your Market Effectively.
Positioning – how does your development stand out from your competitors in the minds of your ideal customer? More here:
What Is Market Positioning And Why Is It So Important?
Product – not just the property design, spec and build quality, but also the amenities and services, that go with them that will sway buyers in your favour. See here:
How To Make Your Property Designs Special?
Price – not just list price, but all the components that make up your value proposition to help you achieve premium pricing. More on price here:
How to Price Property to Guarantee Fast Sales.
Promotion – the marketing story that gets your customers’ attention in today’s crowded media space. More on this here:
How to Promote Property Developments Successfully.
Pace – selling fast is key to cash flow and profit. Are you doing all you can to maximise sales pace? Quickly go here!:
In a Hurry to Make Property Sales? Here’s How.
Using all of these elements in your property marketing will ensure you of greater returns on your development, while reducing the risk of failure. Download your complete Property Marketing Checklist in order to ensure you don’t miss a thing on your next property development!
