Question

Topic: Advertising/PR

Branding And Marketing Strategy Targeting Hnis

Posted by Anonymous on 7/30/2015 at 7:27 AM ET 500 Points
My company is planning to launch Hi-end Luxury Homes real estate project. The target is HNI people. We are entering this segment for the first time.
Wealth/portfolio mangers are decision influencers.

What is consumer behavior in this segment?
What are the best marketing strategies to target these people and have better reach?
What activities can be run to target wealth managers?
How we can create good base for strong creating strong brand in future?
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RESPONSES

  • Posted by Jay Hamilton-Roth on 7/30/2015 at 9:03 AM Member
    Who specifically is your target audience (region, gender, age, demographics)?
    Are you selling spec homes or to-be-constructed homes or something else?
    How does your project compare to other homes in the region? Why would someone LOVE what you're selling?
    Why would the wealth managers refer their clients to your project?
  • Posted by mgoodman on 7/30/2015 at 11:37 AM Accepted
    Jay has asked the critical questions. You should dig deep to come up with the right answers. Very often the marketing strategies present themselves while you are seeking answers to those questions -- especially if you know how to recognize the "gems" when they show up.

    If this is something you haven't done before, you need to retain an experienced consultant who can bring objectivity and personal experience to the process. It's unlikely you'll get useful answers by just "asking around," even if it's on a forum like this one with a bunch of experienced marketing professionals. They'll want the research input just like you should.
  • Posted by Gary Bloomer on 7/30/2015 at 7:28 PM Accepted
    If you don't know your ideal consumer's behavior in this segment you have a serious business planning issue. DO NOTHING else until you've resolved this issue.
  • Posted by Deremiah *CPE on 7/30/2015 at 8:27 PM Member

    Heeey Shrikant,

    I can't agree even more with the input that you have been given so far. If this is honestly your first time entering into this segment of the marketplace it is sooo crucial that you identify your Customer on every level you can. "Knowing your Customer" will open up so many doors that are currently hidden from you. Just understanding that part alone will bring your business or the business you are working for so much abundance that you will have to hire new workers just to fill the demand . The questions you are asking indicate that you're not even sure of who your direct competitors are…and understanding that alone is at the very foundation of peeling back the onion on your first question regarding consumer behavior. All of this requires a great deal of consultation and even more than that…wise effective research which can not be effectively resolved on a forum like ours.

    How else May I SERVE You Shrikant?


    Your Servant,

    Lovingly Deremiah *CPE, (Customer Passion Expert)
  • Posted on 7/31/2015 at 9:15 AM Author
    Thank you everyone for your response.
    Let me give you details about the site:The site is in its launch phase. It's not constructed yet. It does not differ much from typical luxury sites in our region except in terms of architectural design. The advantage is are where investment appreciation on real estate is estimated in range of 18% to 29% per annum according to Knight Frank's report. Thanks to increasing population in India and rapid urbanization. Location is in high demand from investors' point of view. Also, area is preferred by rich people in the city. So, neighborhood is good for HNIs. There is very few competition to us in this area. There is huge supply demand gap.

    Target Customer: Having worth above 1 million dollars per annum.

    Decision Influencer: Wealth managers/advisers, Brokers

    Customer needs : 1. Maintaining luxury life 2. Communicating status, prestige to society
    3. Wealth appreciation 4. Exclusivity in life

    This is the only information I could gather till now about this segment through secondary research. I'm going to conduct full fledged market research to study consumer behavior in this segment. No such study was carried out in my company or our area before. Even if it was carried by some firm, it's not published. It might have remained their business secret. This research will help me for future projects.

    Problem about this project is created due to timing. I joined one month before and this project was already near its launch. I am hired as brand manager. The team who is working on marketing of this project is sales team. So, due to lack of expertise in communications, they were hitting in dark. Now, I've been asked by my directors to put my attention in its marketing to generate quality leads. The research process is not going to finish soon. So, I need list of tools and strategies those are mostly used in this segment. At least it'll be somewhat targeted than what my sales team was going to do.
  • Posted by Jay Hamilton-Roth on 7/31/2015 at 12:52 PM Accepted
    Since you don't know much first-hand about your target audience, you'll need to go out and begin a series of informational interviews. Find out what their needs are, their decision-making process, their influencers, etc. Once you better understand them, you can create a marketing strategy to target them. Without deeper knowledge, you'll only be guessing. And if you're not skilled at informational interviews with this audience, hire a consultant to perform the interviews and/or coach you to do so.
  • Posted by Deremiah *CPE on 7/31/2015 at 7:51 PM Accepted
    Heeey Shrikant,

    While your sales force does not have the skill set you have in terms of marketing…I would not discount interviewing your sales force just to see what they may know about the target audience. Get to know your customer on a much Deeper level than the 4 Customer Needs you shared above. By going Deeper you will uncover many Emotional Benefits "necessary" to offer up a Rich and Attractive Marketing campaign. With out this perspective you are still approaching the experience from a total "Outsider Position".

    From a strategic stand point what you need right now is "Insider Position".

    Not knowing your Customer is what causes even experienced marketers to fail. There are at the very low end at least 21 penetrating questions that you must ask in order to truly understand your Customer. Most companies know way too much about their products and services and their website…more than they ever get to know about their Customers. But it's the Customer that keeps the lights on and pays the bills.

    If you make any errors let it be in knowing "Too Much" about your Customer…rather than not enough.

    Study where your Customer Lives…what they Drive…and what kind of Magazines they read (and then go and buy a shopping bag full of the magazines and take them home and read them). And there is sooo much more I could tell you to do but time will not permit me to continue. Just remember to keep your Eye on your Customer.

    How else May I SERVE You Shrikant?


    Your Servant,

    Lovingly Deremiah *CPE, (Customer Passion Expert)
  • Posted on 8/1/2015 at 3:36 AM Author
    Please try to understand what I am trying to tell. I am called in the last moment for this particular project. There is no time for any research. They are launching it soon. I feel really pity on this practice. I'll be having different approach for other coming sites.

    Now, The only thing left in my hands is guess work. I want guesses that would be better than my sales team. We've to go with standard practices.

    What kind of marketing is being used by companies who're already selling similar products to HNI clients. E.g. Audi/Mercedes or automobile that falls in the range of $1 million or any product for that sake.
    Let's go with guesses that can help.
  • Posted by Shelley Ryan on 8/18/2015 at 6:14 PM Moderator
    Hi Everyone,

    I am closing this question since there hasn't been much recent activity.

    Thanks for participating!

    Shelley
    MarketingProfs
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