Do you want to be the best deal, or the best place to live?
In this time of economic woes, businesses from dry cleaners to grocery stores are dropping prices to gain customers. Unfortunately for multifamily, we are not cleaning sweaters or selling a head of lettuce. We are the place people call home. This is a much more important decision and has a huge impact on the person's overall quality of life. This is not the time for us to follow the retailers off the cliff. It is the time to increase our service by stepping up our sales and marketing efforts.
While reading the new book called Tuned In – Uncover the Extraordinary Opportunities that Lead to Business Breakthroughs by Craig Stull, Phil Myers, and David Meerman Scott, the statement "[f]ocusing on your competition is a tit–for–tat game that very rarely produces a market leader" stands out.
When I consult for companies who offer "specials" and then suffer from an unusual amount of "skips", I try to help them to see how they create their own troubles. There are enough problems right now, and we do not need to cause unnecessary dilemmas with poor business strategies. When the best reason to get someone to rent is the "special", watch them disappear when the free rent is gone. You must give your customers a BETTER REASON to rent!
Every decision you make should be about creating value for your residents. Why not wrap your entire sales effort showing an exceptional customer service program? Rename your leasing agents "Customer Service Representatives", or all of your amenities shown along with customer service "Best Practices". Paint the picture of "being a resident" as their best reason to rent. Build a desire in them to say, "Hey, I want to live here!" WHAT A CONCEPT! What if along the tour route there were posters featuring resident testimonials that all started with "I love living here because..."
Community managers today look for a plan of action that will retain more residents. My current research goal is to look at the business of retaining residents with fresh 2009 eyes. What I have found is that answering the resident's question of "why stay" is much the same as when they asked "why rent?" I have begun using the example of CSI crime and posing the questions, "If CSI came to your property to collect evidence of customer service, and you weren't there with your smiling face, and a resident wasn't there to share their experience, how would they discover your customer service?"
Twenty years from now, I imagine someone teaching the history of what happened during the down turn of 2009 and saying, "There was a price war and everybody died." Your energy, resources and efforts need to be focused on creating the best life for your residents. How can you improve service and make sure everyone knows? You can accomplish this by producing evidential marketing that vividly communicates your customer service.
Just as I started building my new service program, my mother-in-law was hospitalized. My husband (and business partner) knew of my new plan and program. He called me from the hospital excited because he took photos with his cell phone of posters around the hospital that declared their "Best Evidence-Based Practices". Each advertisement briefly stated one of their "best practice" nursing procedures, and how this hospital takes extra care. I went immediately to their website and found a press release on the program, and the National Award they had just won. The award was promoted in key locations like the reception area, lobbies and cafeteria using a free standing 16 x 3 banner. WHAT A CONCEPT! I love awards!
Companies have often used awards to promote communities in trouble. This can be an effective tool that begins in a brainstorming session with the team about what sets their community apart. What is unique and what are the key reasons for renting there? Create an award titled with the same language. A big beautiful wall plaque is presented at a celebration featuring key company executives, perhaps the local mayor or other dignitaries, and a ribbon cutting ceremony. It's even possible to attract press coverage! Once the celebration is over, advertisement of a new "referral plan" begins, featuring this latest award! YEAH – You WIN!
Before you think I've lost my mind, think about the last time you were in a business and saw an award – Ford gave the Ford dealer a "Best Service" honor, Holiday Inn gave one of their hotels the "Best Place to Stay". You can create a winning strategy that includes an award. I would like you to know that right now, as you read this that, I, Toni Blake, by the power invested in me (by me), do hereby recognize you as, "AWARD WINNING"!
Do you want to be the best deal, or the best place to live? It's up to you! Now as Captain John Luke would say, "MAKE IT SO"! |