Developing a branded service offer to delight tenants and drive business
SITUATIONThe property management division of one of the world’s largest commercial real estate companies had set aggressive growth goals that required big innovations to the way they serviced owners and their tenants. The innovations were conceived to help the division differentiate its offer from strong competitors while shifting the perception that property management is a commodity service. The business had generated several ideas for individual offers to enhance the tenant experience, but needed help in taking this work to the next level in order to achieve business objectives, including:
• Retaining existing clients who might entertain competitive offers
• Acquiring new clients who were not familiar with the division
• Driving premium pricing of clients willing to pay more for a differentiated offer
The business had limited insight into what clients cared about when making property management decisions or their drivers of choice. To advance internal ideas, while gaining valuable insights into choice drivers and strategic ways to differentiate the business, outside assistance was required.
ACTIONWe led a process that included three phases of work, including:
1) Rapid immersion and research preparation
2) Client/tenant research, and
3) Strategic development and execution planning.
In Phase 1, we interviewed managers at the division to flesh out all the offer ideas that were being discussed. We then recommended strategic platforms that acted as bigger, broader concepts that encapsulated individual ideas in ways that would resonate more profoundly with tenants and owners. We used those platforms with accompanying value propositions and offer ideas to guide in-depth interviews and group discussions with tenants and facility managers in key markets around the U.S. Through this research; we uncovered insights that helped us narrow in the optimal platforms that satisfied an unmet need in the market. We also gained knowledge around which offers had the most appeal, and which ones could be abandoned due to either low appeal or the high investment required.
In Phase 3, we packaged recommendations around a sub-branded program. We developed brand name options, developed a narrative and visual concepts to guide creative development efforts. We also created schematics of an app that would become the cornerstone touchpoint of the new offer, developed details of high-priority offers, a marketing plan, and metrics system to track key performance as the program was launched.
The division fully embraced the insight and strategy. They are now beginning to implement the program in key markets.