We all well know the current economic climate - especially those of us with strong business ties to the real estate industry. There will be many opportunities for workouts and turnarounds for distressed and underperforming projects this year.
Typically these workouts and turnarounds have focused all efforts on the financial side and put little emphasis on the marketing aspects. Though the crisis is financial, sales still occur to the end user (home owners, businesses, etc – not large scale investors). And it is still necessary to have a clear marketing message – especially in a depressed market.
There are many projects on the market that had the philosophy – “if we build it, they will come”. At the height of the market, that worked. But as the market started to fall, it became more evident that many projects were either ill-conceived or lacked a cohesive and compelling story to help drive sales.
A careful analysis is necessary that not only reviews the financial health, but also gives serious review to how to transform, tweak or reinvent a project. Without a doubt, many projects have “immovable” challenges, which mean now more than ever, that a clear story which deals with these issues is in place.
Analysis helps set the tone for all marketing and presentation materials. For instance:
- Envisioning
- Target Market Analysis
- Competitor Analysis
- Key Messages
- Site/Architecture Review
- Signage, Parking, Lighting, Pedestrian
- Amenities
- Construction
- Interrelations
- Community
- Sales
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