Revamping marketing strategies in a flat economy

However, it should be noted that lowering prices cannot lead to a surge in sales, since consumers in the property sector are accustomed to various promotional campaigns being offered on a regular basis. This strategy has backfired, as many customers with high purchasing power will take this opportunity to drive a hard bargain on top of existing discounts, knowing that customers who are less financially strong and unable to make these purchases will not even bother to sit down and bargain.

Therefore, marketing strategies under such circumstances have to change.

First, we should set clear targets of the types of products that may have better prospects in a sluggish economy. Setting financial targets is required to determine the types of investment that will generate the greatest returns.

It is important to discern which groups of clients are still amenable in this environment to purchase high-involvement products like property.

This brings us to the second point, which is to study our customers’ preferences and competitors’ strategies more closely than ever in order to create something new and different that will make our brand stand out.

It is equally important to find novel ways to convey our messages via select media tailored to each group of customers.

What is even better in this targeted approach is that marketing to smaller select groups will not only cuts costs, it will also yield better results, because the team can manage and focus their efforts more effectively.

The third factor is to find new groups of customers and create new demand.

For instance, in an environment where people are reluctant to purchase, there are cash-rich customers who seek investment bargains, as they believe that property is a relatively low-risk investment that generates better returns than depositing their money in the bank.

One of the best ways to attract these customers is to ensure that the property is designed to draw tenants who will generate rental income for these investors.

The fourth strategy is to strengthen existing customer bases by rewarding their loyalty and expanding brand recognition through their social networks.

If one delivers a quality product that generates satisfactory returns, these results will be shared by word of mouth.

This strategy can be seen in many successful "friend get friends campaigns" when existing customers are happy with their investments.

The fifth strategy is to create a consistent value proposition, as there will always be people who need a home regardless of the economic conditions.

Rather than arresting all marketing efforts in a quiet market, it is important to continue burnishing the brand image so it is clear in the minds of potential customers. This can include marketing efforts that easily allow customers to compare and contrast our product offerings against other projects.

Rather than comparing purely |on prices alone, marketers should point out the value of the location, |the design of the project, its amenities and different units’ scale and size.

Putting in consistent effort in marketing one’s brand image will always pay off as it creates consumer confidence when people associate the brand with trustworthiness and the ability to deliver good value. These intangible assets can influence customers’ decisions even during global economic doldrums.

When crises arise, it is not about coming to terms with the situation and taking a seat.

The best marketers will always seek new opportunities by standing up to create something new in the market.

The situation is similar to investors who spot good purchasing opportunities when the stock market is down and other investors are fleeing the scene.

By the same token, these efforts now will not only be outstanding and memorable, but they generally lead to higher sales and add value to their products compared with other brands that do not put in the extra effort in the long term.

I sincerely wish everyone the best in surmounting their obstacles in this economic situation.