The morning after the night before

26 Apr 2010, 10:09 3 Comments View Comments | Add Comment

We all know property's an intrinsically entrepreneurial and speculative industry. You only need to type Sandbanks into Rightmove to prove that; the gratuitous result is testament to a disproportionately successful decision that Tom Doyle took at the start of the 21^st century.

Even now, as the industry slowly recovers from the mother of all hangovers, I can say with confidence that old habits die hard. Having recently heard an FD casually value a portfolio at "somewhere between £50m and £100m", it seems the pain of last night's 2003 Lafite is wearing off and people are starting to get thirsty again.

But what's this got to do with marketing? "You keep churning out the brochures and pretty pictures Curly and leave the important decisions to those with the big cheque books" I hear certain people cry. But now's the time, more than ever, to take the fundamentals of marketing seriously. So, why not lock the cellar door and reach for some inspiration from elsewhere?

Coca Cola, the world's largest drinks company, places marketing at its core. From the moment a product is conceived to the day it's finally taken off the production line, marketing is king. If you don't believe me, last September you could click here to help them develop their latest tasty beverage. A dreadfully predictable FMCG (Fast Moving Consumer Goods) example I accept, but it's a contemporary embrace of an age old marketing principle that many operators in the built environment don't always get right.

And it's here the process must always begin, with product development. When was the last time the marketing department of a property company were heavily involved so early on with exacting market research or competitor analysis? Speculation, entrepreneurialism and 'Doyle-esque' lucky breaks only get you so far.

If the product isn't right for the market, it simply isn't going to sell.

So, go and put some Lavazza on the stove, open the curtains and take a long, deep breath in. And while you're at it, make a mental note that the quirky folk in the marketing department shouldn't be an afterthought, rather an essential part of helping shape successful product from the off.

• Contact Matt Leigh Industries at matt@mlind.co.uk

Your Comments

3 Comments Add Comment

And whatever happened to Golden Wonder crisps...are Walkers really any better...Some interesting points made here…

comment by crisp | 26/04/2010 13:43:42

Real Estate is a conservative business,so Marketing is relegated to a lowly position. Also, occupiers generally have little choice of product in any given location. …

comment by Charles Saatchi | 26/04/2010 17:06:52

An interesting start. While I agree there is more of a place for marketing, is it not the case that many developments often shape and make opinions? If everything was based on what people thought they wanted could it end up being a fairly dull sector? That said, if you are involving a marketing team from the start then you can learn the barriers you may have to overcome and how it needs to be pitched. I do also think there needs to be more consideration given to the viewings. I've been on viewings where blinds were closed, lights were off, mail was stacked up in the doorway...etc. First impressions count and the traditional side of the industry could learn a lot from viewings conducted in serviced offices.…

comment by John Nash | 28/04/2010 14:57:47