Atlanta Building News-September 2008 - (Page 19)

THE HOUSING INSTITUTE 4P Approach to Marketing a Community By Jerene L. Cruse, CAPS, CGA, CSP A major ingredient in the recipe for a successful community is marketing. Often referred to as the 4Ps, marketing is the place, price, promotion and product of a development. How well a builder adheres to the 4Ps determines the success of his/her business. As part of its Advanced Leadership Series, The Housing Institute (THI), held a class titled “The 4P Approach to Marketing a Community,” featuring Lisa M. Brutvan, president of Focused Market Solutions, LLC. During the class, attendees learned how to apply the 4Ps to develop marketing strategies for new and existing communities to maximize the potential of every new home opportunity. Location, location, location. The placement of a neighborhood is vital. A company’s product should always be suitably located for its target market. According to Marketing Strategies, Plan, and Budgets by the National Association of Home Builders, “It would be best if a neighborhood’s location fulfilled a particular need within the company’s long-term place strategy, matching the geographic/price prejudices of the market with a company need.” Following are things to consider when deciding on a location: mapping of the area; entrance location; schools; shopping areas; landfills; new roads; known planned communities not yet advertised that will be competition; planned moratoria, etc. Once the location has been determined, the cost of the product and financial terms are next. It’s important that a builder’s pricing is consistent with his/her competition. This can be accomplished by comparative shopping, i.e. shopping the competition. During this phase, the project details and site plan are worked out. With the location and price in place, it’s time to come up with your promotion tactic. Promotion includes advertising, personal selling, sales promotions and publicity. Be sure to set the brand identity of the neighborhood. What makes this neighborhood different from the company’s other developments and the surrounding neighborhoods? All decisions made regarding the community must be communicated to your target market to produce the company’s desired result. The product, home designs and features, is what drives most consumers. Now especially, consumers want the most product for the least price. Compare your product to that of the competition. Identify market opportunities (how your plan is superior) and missing features in your product. Review standard and optional features based on the competition. Define product mix and establish architectural platform for any product to be developed. Remember, place x price x promotion x product = success. Build your development using the 4Ps, and your target market will be attracted to your product. For information regarding the 4P Approach to Marketing Your Community class or for copies of the class handout, call 678-775-1427 or e-mail cphb@atlantahomebuilders. com. For information regarding the Advanced Leadership Series, call 678- 775-1462 or e-mail Certified Professional Home Builder Program Sponsors American Contractors Exam Services The Atlanta Journal-Constitution Atlanta’s Best New Homes Blaze Marketing Comcast Atlanta Homes on Demand COMMUNITIES Magazine FMLS GuildQuality Move NEW HOME GUIDE • Residential - above ground and underground tanks • Builder Packages Available • Commercial & Forklift Fuel • Dependable Automatic Delivery • 24 Hour Emergency Service • Trained Experienced Technicians Ralph Poole Cherokee • Cobb • N. Fulton • Douglas 404.433.6641 Charles Sims Gwinnet • Metro Atlanta • Henry • Rockdale 770.861.8499 Kelli Stauts Monday to Saturday 8 a.m. - 9 p.m. North Georgia Mountains 770.265.5357 324350_Amerigas.indd 1 19 PM 5/8/07 8:42:45

Table of Contents for the Digital Edition of Atlanta Building News-September 2008

Atlanta Building News-September 2008
Letter from the President
Classes and Events Calendar
Building Quality Traffic in a Challenging Market
6 Low- or No-Cost Ways to Market Your Homes
Legal Corner
The Housing Institute
Earthcraft House
Homeaid Atlanta
Atlanta 50+ Housing Council
New Members
Index to Advertisers

Atlanta Building News-September 2008