Luxury apartment sales revitalised through strategic Go-to-market planning

Background

A real estate company embarked on the launch of a luxurious residential apartment project, boasting over 400 units, complete with upscale amenities and a high-end lifestyle experience. Despite the anticipation surrounding the project, the company encountered a setback as initial booking numbers fell short of expectations during the launch phase. Recognizing the need for expert guidance to improve the sales momentum, the company sought the help of IKON.

Approach & Recommendations

To address the challenges faced by the client, we initiated a comprehensive market research in target geographies. Our primary objective was to identify the target audience most likely to be interested in purchasing luxury apartments with a focus on lifestyle amenities. Through analysis of market trends and consumer behaviour, we gained valuable insights into the preferences and purchasing patterns of potential buyers.

Insights revealed that the upper middle class, particularly new couples and migrants from nearby towns, were highly intending to purchase a new home in the town. These prospective buyers were seeking a better lifestyle, privacy, and a friendly neighbourhood. Armed with this and other insights, we formulated a tailored go-to-market strategy designed to resonate with the identified target audience.

Our recommendations included precise targeting of customer segments most inclined towards luxury living, such as upper middle-class new couples and migrants from nearby towns and rural areas. We emphasised the project's lifestyle amenities and highlighted the sense of privacy and community offered by the friendly neighbourhood. Furthermore, we devised a dynamic pricing strategy to maximise value perception while remaining competitive in the market.

For marketing, we crafted a multifaceted approach encompassing both traditional and digital channels. Leveraging the power of digital marketing, we devised engaging campaigns to capture the attention of affluent buyers and showcase the allure of the luxury lifestyle offered by the project. Additionally, we designed a comprehensive sales system that integrated both an in-house sales team and a network of brokers to optimise outreach and conversion efforts.

Results

With our continuous guidance and mentoring, the implementation of our strategic go-to-market plan yielded impressive results for the client. Our comprehensive marketing strategies, particularly our digital initiatives, successfully captured the attention of affluent buyers and generated heightened interest in the luxury apartment project. The visitor flow to the project's website increased by almost 100% in 6 months, indicating heightened interest and engagement with the target audience. Furthermore, within two years, over 90% of the project's units were booked, surpassing initial expectations and demonstrating the effectiveness of our approach.

Note: We are committed to clients' confidentiality. So their names have not been disclosed, but the results are real.

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