Advertising as a Targeting Tool
With a growing population, Malaysia is facing a number of demographic changes; knowing that each generation will respond differently to a Property Brand is the key to understanding and implementing effective advertising strategies.
As we see the rise of a new market landscape, with younger generations gaining access to the property world and revenues on the rise, what used to work 5 years ago will soon no longer be applicable.
After conducting research on a sample group of more than 300 people, here are a few quick facts on effectively targeting different market segments, based either on their age, revenue or purchase motivation.
While perceptions of the market’s brand personality remains rather stable across segments, there are new preferences emerging within different audience groups.
- 83% of young people buy to have their own place while only 30% of people above 40 years old buy to be owners of several properties.
- Younger demographics perceive less differentiation in the Property Industry than older demographics. (Only 4.67% think Property Developers are well differentiated, versus 20% for people aged 40-54).
- The 20-30 year old demographic is more receptive and tends to enjoy more studies and research papers than their older peers.
- Younger demographics tend to perceive Developers as manipulative, and rate trustworthiness as the most important value for a Developer brand.
- Young people want to feel understood by Property Developers, whereas older people expect to be inspired.
- Property buyers love transformation stories, especially younger generations. Don’t hesitate to rely on testimonies to show the impact of moving into a new property, allowing you to be more relatable to younger audiences.
- People above 30 years old often feel they have proved something to themselves by buying a property, while younger buyers tend to perceive it as a more life changing event.
- The 30-40 year old demographic is more receptive to uplifting stories than other generations.
- People aged 40-54 grant the most importance to branding.
- People above 40 years old are more likely to appreciate content regarding innovation and technical documentation.
- People over 55 grant the least importance to branding.
- People over 55 are more likely to feel that property brands are well differentiated, compared to other generations. (63% think property brands are different enough)
- Older generations feel that design is something Developers could generally improve.
- Older generations are more straightforward and require fewer details than their younger counterparts.
- The price of a development is less of a barrier to older generations if the branding fits their taste. For younger generations, the price is still of core importance.
- Demographics with higher revenues feel more rebellious by purchasing property, don’t hesitate to be aggressive and challenge politically correct norms to target them.
- Demographics with higher revenues feel that property developers’ missions should be to enable them to make the most of life moreso than their lower revenue counterparts. Strong and clear calls to action are the best way to capture their attention.
- More financially affluent markets seem to appreciate explorer and jester brands to a greater degree. Be bold and and use humour to target them.
- More affluent markets also recognize being perceived as manipulative people, so building exclusive programs and clubs where insider information and previews are shared can make them feel privileged and part of a greater plan.
- More affluent consumers also feel the need to be inspired rather than understood, contrary to other revenue classes. Orientate your branding toward lifestyle and idealistic visions rather than reality.
- Investors do not expect Developers to furnish them with tools to make better decisions, but are significantly more receptive to motivating quotes and success stories.
- Investors often feel that they are proving something to themselves by investing, stress the challenge of buying a property to increase their pride.
- Those who invest in order to sell upon completion place greater importance on the Developer’s expertise than long term investors.
- Consumers buying for their children would rather choose a place made to welcome communities; include activities and events where people can connect in order to target them.
- Consumers buying for their family feel that investment in a property is expected of them and part of the natural course of life. Direct your advertising efforts towards the importance of legacies and societal expectations.
- Those buying several houses are used to it and no longer consider it a great step in their life.
- Those buying to own more than one property must be inspired more than understood or motivated. Put the emphasis on lifestyle plurality to cross sell to this segment.
- Consumers buying to own several places tend to care less about the quality of the development if they can buy from a brand they appreciate.
- Those motivated to purchase several places are doing so in order to feel that they fit in better, as they think it is the norm in their circles.
- Upgraders are the most sensitive to price and are most likely to go for a cheaper property over their favourite brand.
So What to Do?
Each Developer faces their own unique set of challenges and their target markets have different expectations to be fulfilled.
At FOREFRONT, we can help you tailor the actions you take in order to fine tune your brand personality and behaviour to better reach your targeted market segment.
As a full-fledged creative agency, we provide complete services to ignite your brand(s), from brand research, creative ideation to design, copywriting, 3D visualization, UX design, and video production.Contact us
By 26th January 2016Research Methodology
This study, conducted with more than 250 Malaysian property connoisseurs, digs in the customers’ brand personality perception, what they think and which type of brand they would idealize. The quantitative research was lead via an online panel of respondents aged above 20 years old, of Malaysian nationality having bought a property in the last two years or currently engaged in the process of doing so.
The concept used is the brand archetype framework. It is derived from the jungian archetypes of common unconscious developed by the Swiss psychologist Jung (1953). The archetypes can be described as stereotypes of characters that are recurrent in stories and unconsciously used by people to interpret and comprehend stories.
The Jungian archetypes have been specifically adapted to brands by Margaret Mark and Carol Pearson in “The Hero and the Outlaw” (2001). Mark and Pearson detail the power of archetypes for a brand to be remembered and classified in the mind of customers.
Jung, C., & Read, H. (1953). The collected works of C.G. Jung. New York: Pantheon Books
Mark, M., & Pearson, C. (2001). The hero and the outlaw, building extraordinary brands through the power of archetypes. New York: McGraw-Hill.