Marketing part of RENTSIMPLE
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This document outlines a marketing strategy and market research for an apartment rental company. It segments the market into landlords, brokers, property providers, students, young professionals, families, and singles over 35. The strategy has three phases: establishing brand awareness, expanding the customer base, and welcoming new customers. Market research found safety, condition, and amenities as most important factors in apartment hunting. The strategy focuses on customized search tools, ratings, credit checks, and listings delivered directly through marketing on Facebook, print ads, and events targeting students and young professionals.
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Marketing part of RENTSIMPLE
- 1. CMO Gayeon Gabby Bae MARKETING
- 2. SEGMENTATION LANDLORDS BROKERS PROPERTY PROVIDERS 30% 70% YOUNG STUDENTS PROFESSIONALS FAMILIES SINGLE35+ RENTERS 80% 15% 20% 70%
- 3. TARGETING LANDLORDS PROPERTY PROVIDERS BROKERS STUDENTS RENTERS YOUNG PROFESSIONALS
- 4. MARKET RESEARCH Q. WHAT DO YOU CONSIDER THE MOST IMPORTANT QUALITY WHEN APARTMENT HUNTING? SAFETY OF THE APARTMENT AND THE AREA THE CONDITION OF APARTMENT SPECIFIC AMENITIES Q. WHAT ARE SOME LACKING FEATURES YOU CAN COMMONLY FIND IN ONLINE RENTAL SEARCH ENGINE? OUTDATED INFORMATION SCAM DIFFICULT TO USE LACK OF INFORMATION
- 5. COMPETITIVE ADVANTAGE CUSTOMIZED SEARCH APARTMENT RATINGS CREDIT CHECK LISTINGS COME TO YOU
- 6. PRIMARY FEEDBACK YEARS 18-29 30-39 40-49 50+ 27.7 53% 38% 6% 3% EFFECTIVENESS RATING POINTS EXCELLENT (1) : 32% 1.3 GOOD (3) : 2% VERY GOOD (2) : 46% CONVENIENCE RATING POINTS EXCELLENT (1) : 26% 1.5 GOOD (3) : 6% VERY GOOD (2) : 47% OVERALL SATISFACTION POINTS FIVE STARS: 82% 4.8 FOUR STARS: 18%
- 7. MARKETING STRATEGY PHASE 1 PHASE 2 PHASE 3 ESTABLISHMENT OF EXPANSION OF BRAND AWARENESS CUSTOMER BASE CUSTOMER BASE > Marketing Kit > Student or young > Welcoming Package >Facebook Page professional-target > home sweet home events events sponsorship campaign > Print Ads > Print Ads
- 8. MARKETING STRATEGY PHASE 1 Internet Usage Statistics 98% 65% Of young Of consumers affected 3 out of 4 use professionals/students by digital marketing Facebook use the Internet FACEBOOK CONTENTS MARKETING
- 9. MARKETING STRATEGY PHASE 1: CURRENT ISSUES INFOGRAPHICS
Editor's Notes
- #3: Our product will be furnished on the internet giving both apartment seekers and property providers the power to handle all of the apartment renting process.So our target market will be both property providers and renters. According to the research, 30% of apartment rental market is occupied by landlord, meaning landlords seek for the tenants and 70% of the market occupied by professional brokers.Also we found that undergraduate and graduate students together, 70% of students live in a rental property. And so do 80% of young professionals, 15% of families and 20% of singles who are 35 or older years.
- #4: After researching proportion of each market segments and estimating growth rate of each segment, we decided to target the entire property provider market and mainly focus on student and young professional segments.
- #5: After deciding the market to target, we did not just start developing our product but we conducted market research to find out about the market needs We asked several questions and to what do you consider the most important quality when apartment hunting? question, 67% respondents said the condition of apartment matters the most.Also 27% and 25% of respondants found outdated information and scam listings be the most troubling feature when using online rental search engine. After determining the market needs, we went on to the development stage.
- #6: Taking all the needs into account, we made the first prototype of RentSimple Website that meets the need of our potential customers.So competitive advantage of our website that other online rental search engines do not offer are detailed customized search options, internal apartment ratings done by the previous tenants, and a credit check option for the landlords and brokers.Lastly, to make the apartment hunting very very easy, we developed a system where we email listings to customers everyday that matches the customers profile.
- #7: After developing our first prototype, we invited 100 people from each demographic group, so 20s to 80s, and the total of 375 people participated in evaluating our website. The average participant age was 27.7 years old and they were very satisfied with the effectiveness of the system meaning they liked the customized search, the match-listing to the profile system. The effectiveness aspect received a 1.3 rating points, which is between excellent and very good. Also convenience aspect received a 1.5 point. And overall, its satisfaction points was 4.8, 82% of partcipants gave us a five star and 18% gave us four stars. The reason provided for giving us a four stars was mostly on design part but the fact that its our first prototype that we havent really focused on the design of the website, the satisfaction point can definitely be improved.
- #8: Our marketing strategy consists of three phases.The primary goal of phase 1 is brand awareness so mainly buzz marketing will be implemented. Distribution of marketing kit, facebook page events and Print Ads will be used. Second phase will be focused to establish customer base so we will sponsor events that are specific to our targets, such as students housing fair. Also various campaigns will be implemented that are geared toward each segment. In Phase 3, we will come up with campaigns that can expand our customer based. So this will be focused on customer service so our regular customers can spread words of mouth to other potential customers. So when our customers complete a deal through out website, we will be sending out welcoming pacakage along with the chocolate box which emphasizes home sweet home.This kind of customer service will develop customor loyalty
- #9: In addition to marketing kit, print Advertisement and promotional items, we will also execute digital marketing as our phase 1 marketing tool. Our targeted customers students and young professionals are always connectedDigital brand experiences create customers and 65% of consumers have had a digital experience change their opinion about a brand and 97% of them report that expereince influencing whether or not they purchased a product or service from that brandProviding contents that are relevant to our target market will eventually capture our audience and through that contents, we will able to advertise our brand.
- #10: Why current issues because young professionals and students use the internet to stay informed about current issuesWhy infographics? The core branding of our service is making something simple so by visualizing the text, our consumers will have an easier time to stay current and also image is more shareable than text. So this contents can be easily shared by many facebook users and this will eventually reach our target markets and contents itself advertises RentSimple because this contents is from the RentSimplefacebook page.This will get our name out and increase the brand awareness.