Victoria Station Apartments Integrated Marketing … · · 2015-07-07AxioMetrics Inc. President...

Victoria Station Apartments Integrated Marketing Communications Plan

Professor Van Steenburg

MKTG 3660

Aria Bell, Kerry Jackson, Lauren Pels, Amy Scaggs

Situation Analysis: Victoria Station Apartments

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Contents

Executive Summary……………………………………………………………3

Situation Analysis……………………………………………………………….6

Goals & Audience……………………………………………………………….12

Positioning and Key Messages………………………………………….....15

Strategies and Tactics…………………………………………………………17

Measurements and Evaluation……………………………………………20

Implementation Timeline……………………………………………………21

Appendix……………………………………………………………………………24

Budget Allocation………………………………………………….....24

Graduate Student Questionnaire………………………………26

Six-month renter’s review………………………………………..27

References ……………………………………………………………...29


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Executive Summary

Victoria Station Apartments, which opened on April 7, 2012, is a brand new apartment in the Denton County area. Jack Bell Properties, the locally owned parent company, has operations inside the apartment market which is seeing marked improvement compared to the last few years. When looking at the market in Denton County, there are currently 14 properties under construction. The rental rates of Victoria Station compared to most other apartments in the area is above average.

The Denton County market is filled with competition. The main competitors are Coventry Apartments, Austin Ranch, Lakepointe Residences, Frankford Place, Mansions of Sunset Ridge, and The Lodge at Pecan Creek. We have chosen these because of target market they are positioning themselves to, and because of the similarity in amenities.

Victoria Station currently has marketing communications on the website, offering specials and some information on the apartments and retail/office space. It is listed on seven different apartment search websites. The apartments have been hosting a monthly Open House, giving away free food and door prizes. They have a facebook page, as well as brochures inside the office.

There are several strengths and weaknesses found within the company, and several opportunities and threats found in the environment. Strengths

New Apartments Create original messages Family Owned and Operated Strong set of amenities

Weaknesses Limited access to detailed information in early stages of development Little awareness of the new complex and its accommodations Lack of central location for information

Opportunities Industry is seeing improvement Support of Local Business Promote new experience through Victoria Station Apartments Having a “downtown” feel Close transportation, entertainment, and restaurants


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New building in Denton that could modernize city Threats

Possible noise disturbances because of fire department Possible noise disturbances from the DCTA train station Competitors in the Denton Market Poor state of the economy (even with recent improvements)

Victoria Station currently has 36 customers, with many competitor

customers. Denton County has over 60 apartment complexes in the city of Denton alone.

When looking at the current situation we discovered three problems. First, Victoria Station has a low level of awareness in the market. Second, there is a lack of centrality for information for the apartment. Lastly, even with the limited availability of units, there are still several empty. From these problems we decided upon four goals for the campaign.

1. To increase awareness of Victoria Station as well as the retail and

office space that will be provided. We want more people to be not only aware of its existence, but its mission.

2. To create a more informative and easy to navigate central location for information. This will make it easier for all those involved from people in the company to potential and current customers.

3. Have all apartments leased by the end of 2012 and have all retail space leased by the end of 2013.

4. Have high customer loyalty.

Our target audience is composed of individuals between the ages 22-37 (composed of some from Generation X and some from Generation Y) who are single or newly married without children. They have an income from $40,000-$55,000 a year and a college education. They come from two psychographic profiles: the innovators and the experiencers.

We want to take your old position “To make the residents home base downtown and to get great access to shopping, eating, and nightlife by being close to the new train station and Denton Downtown Square,” and reinvent it. When individuals hear the name Victoria Station they know it is a lifestyle and not just a place to live. It is a lifestyle offering opportunity to young yet financially stable individuals. It is an original place offering luxury.

From this positioning statement we pulled four key messages. 1. Young 2. Opportunity 3. Luxury 4. Original


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These also stand for the acronym Y.O.L.O, or “You Only Live Once.” This is the kind of opportunity and lifestyle we want people to think of when they hear Victoria Station.

We also have several strategies and tactics laid out for the plan to help the marketing efforts work to achieve the goals.

A. Implement an educational and informative advertising campaign in Denton County.

B. Create an organized and more informative website specifically for Victoria Station.

C. Implement limited and varied incentive programs: 2012 for apartments and 2013 for retail space.

D. Have 25% release rate for apartments and 50% release rate for retail/office space.

As with all good marketing campaigns, we have also laid into our plan ways

to measure and evaluate the effectiveness of the marketing communications so that this is the best use of Jack Bell Properties resources. There are ways to evaluate each strategy both qualitatively, and quantitatively.

Finally, we recommend a timeline of implementation that is approximately a year and a half long. We understand that a marketing communication plan takes a long time to get up and running. We don’t want Victoria Station to be rushed, but we do want the organization to succeed.

We are not sure what you budget is, but we have laid out all the costs of the marketing communications and efforts in the budget to allow you to pick with ones you would like to allocate your resources towards. However, we do have a recommended budget allocation.

Lastly, we have examples of two of the surveys we mention as tactics, both a graduate survey for our website’s effectiveness, and also a six-month renters survey to measure satisfaction.

It is our sincere hope that Jack Bell Properties agrees with this plan, finds it exemplary, and wants us along for the ride as Victoria Station become a huge success in the Denton County apartment market.


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Situation Analysis

Overview

Victoria Station Apartments is an apartment complex offering both living and office/retail space under construction and scheduled to open in spring 2012. The apartments are locally owned property, managed by city-based Jack Bell Properties, which has been in business since 1973. Located near the intersection of Bell and Sycamore in Denton, Texas, Jack Bell Properties fulfills the needs of living space and workspace. It is walking distance from the Denton Square, the DCTC train station, and several restaurants and stores. Industry

Jack Bell Properties as an organization with operations inside the apartment industry. Apartments are located all over the world, making this a global industry. However, it is unlike most global industries because the competition remains primarily on a local level. For example, an apartment complex in Houston does not compete with one in Denton.

Although the industry has been suffering over that past few years along with much of the housing economy, it has improved in more recent years. According to AxioMetrics Inc. President Ronald G. Johnsey, the U.S. apartment occupancy rate was 93.5 percent in 2011. However, he believes it will increase to 95 percent in 2012. When it comes to transaction activity, the forecast by Real Capital Analytics predicted that investment volume across the major property types in the U.S. would increase by 50 percent to approximately $300 billion in 2012. Their report concluded that the economy outlook is improving and rents and occupancies are beginning to rise consistently. In a study by the National Multi Housing Council done in January 2012, the apartment market is getting tighter, with a marketing tightness index of 60. This means that the demand for new apartments is above average (average being an index of 50). The sales volume has not changed, with an index of 50. However, equity financing is more available with an index of 60, and borrowing conditions are much improved with a debt-financing index of 74.


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Overall, the industry is seeing marked improvement, with better economic conditions as seen above, thus enabling individuals to rent. In fact, during the last quarter of 2011, the number of renters in America went up by 749,000. Market

When looking at the industry in Denton County, the area falls under the suburban Dallas apartment market. There are currently 14 properties under construction totaling more than 3,640 units. The rental rates in this market are affordable compared to the surrounding areas, and offer a wide range of pricing.

Rental Rates

Unit Type Low High Average

One Bedroom $300 $1,926 $660

Two Bedroom/Two Bath $450 $2,356 $910

As a result of the two universities and their continual growth, there is a steady flow of new individuals into the market. This creates the need for more apartments, thus making it an actively growing market.

Competitors

Denton is located in a Region containing a seven-digit population (exact number listed in later section). Since this apartment complex is in a largely populated area, as well as near The University of North Texas and Texas Women’s University, there will always be competition. However, Victoria Station is the newest, most exclusive of any other locations. Most of the competitors in the area will not have retail and office space. Victoria Station is walking distance to the DCTA train and bus station: a great form of transportation servicing much of Denton and the surrounding area. Due to its limited number of units, Victoria Station will seem more exclusive than many other complexes in Denton County. There are only 80 units offering either one or two bedroom floor plans in both lofts and flats, with only 2,500 square feet of office or retail space with a minimum limit of 500 square feet per lease.

Victoria Station has a courtyard area with picnic tables, benches, and grills. It offers better amenities with its modern architecture and design, maple cabinetry, brushed nickel hardware, as well as carpet and sealed concrete flooring and near by public transportation. It is less than 3 miles from I-35, and only 4 blocks from Downtown Historic Square, which offers shopping and dining.


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Victoria Station VS Competitors

Victoria Station

Coventry Apts

Austin Ranch

Lakepointe Residences

Frankford Place

Mansions at Sunset

Ridge

The Lodge at Pecan

Creek

Retail Space

Pet Friendly

Fitness Center

Clubhouse

Pool *

Walk-In Closets

Washer/ Dryer

#

Courtyard

Price for 1BR and

2BR

$795 $1,175

$800 $920

$740 $1,200

$800 $1,100

$651 $915

$879 $1,225

$850 $1,010


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* Residence will have access to other Jack Bell property that has a Pool # Washer/dryer special- will be included when lease is signed.

Marketing Communications

Jack Bell Properties has used variety of marketing communications in an effort to get people to sign a lease at Victoria Station, both for living and office/retail space. The company is currently offering specials on the website for those who sign a lease: either having a washer and drying included in the unit, or half off the first month’s rent when individuals sign a 13 or 14 month lease. These specials have also been promoted on other apartment-finder sites. To get the word out about Victoria Station, Jack Bell Properties has listings on seven websites such as apartmentfinder.com, hotpads.com, mynewplace.com, and loopnet.com. These listings are for the apartment units as well as their retail/office units

Opening day was April 7th. In an effort to make connections with its potential customers, Jack Bell Properties has held an open house every Saturday with door prizes. Jack Bell Properties has co-branded with Verizon to offer Fios in all rooms. Verizon also provides the food and drinks at the open houses.

On the website, it is hard for customers to get a clear understanding of what the entire complex offers. The website is in need of improvement. This lack of an easy to access and central location for information could turn away potential clients. The website should serve as the central online location for information about the Victoria Station Apartments. There is currently a Facebook page, but there are no likes, and only one person has checked in at the location. There is no other presence on any other social media sites. Inside their office they have brochures and fliers offering information for those who come to visit the actual location.

Marketing Comparisons

The Victoria Station Apartments have recently completed construction. Jack Bell Properties’ goal was to introduce the apartments and place them in a prominent position in the minds of the target market. They have had the opportunity to


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strategically use marketing communications to develop the identity of these new apartments. We believe you can still do this, but even more effectively. Comparison between client and competitors

Price - Cost $730-$1300

Starts at a high price range (above the average for market) Affordable for the exclusivity available. Space is optional to rent or own. Several choices of services and amenities.

Promotion – Communication

Communication for Victoria Station Apartments is limited to the Jack Bell Properties website, as well as apartment finder websites that help compare details between real estate.

Place - Convenience

Needs a better location to conveniently acquire information A major benefit and highlight of the new accommodations, the location is

based off of the Denton Town Square, providing safe walking distance to entertainment, restaurants, and events.

The new DCTA train is conveniently located to make transportation local or to Dallas and back easy.

Located approximately two miles from I-35 Product – Consumer

Brand new modernly designed and appropriately located apartments rental office space

Exclusive space and availabilities o 80 Units o 2,500 square feet of office/retail space

This new establishment has the advantage of offering premier real estate to those interested in Downtown Denton entertainment and independent establishments.

SWOT Analysis

Strengths


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There are several strengths the organization has because of its situation and resources.

New Apartments Create original messages Family Owned and Operated Strong set of amenities

Weaknesses

When looking at the organization there are a few weaknesses that we need to look out for inside the company.

Limited access to detailed information in early stages of development Little awareness of the new complex and its accommodations Lack of central location for information

Opportunities

When taking into account all the different aspects of the industry, the market, the target market, and the offerings of the complex, there are several opportunities in the environment.

Industry is seeing improvement Support of Local Business Promote new experience through Victoria Station Apartments Having a “downtown” feel Close transportation, entertainment, and restaurants New building in Denton that could modernize city

Threats

It is also important to take into account all the threats that face this organization from the environment.

Possible noise disturbances because of fire department Possible noise disturbances from the DCTA train station Competitors in the Denton Market Poor state of the economy (even with recent improvements)

Customers Victoria Station Apartments has 36 current customers. There is a plethora of competitor customers: more than 60 apartment complexes in the Denton area alone, even if they may not all be competing at the same levels. Denton, containing two


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universities, gives apartments a steady influx of college graduate level students, and therefore several new potential customers.

Goals & Audience

Problems Victoria Station Apartments has an irreplaceable opportunity when looking at its newness to the Denton apartment market paired with the fact that it is owned by a local parent company. However, the strategic analysis revealed several problems and needs:

Low level of awareness- Not many people are aware that the Victoria Station Apartments are recently finished, let alone what they are offering, its prices, or amenities.

A lack of centrality for information- The website is not very informative.

A lack of residents and individuals leasing the apartments and office space- Even with its limited availability, there are a lot of leases open.

Needs Tying into the problems, there are three specific needs:

Raise awareness Create a central location for information Increase sales

Goals Based on the problems and needs we have identified thus far, there are four measurable goals that we believe can be achieved:


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5. To increase awareness of Victoria Station as well as the retail and office space that will be provided. We want more people to be not only aware of its existence, but its mission.

6. To create a more informative and easy to navigate central location for information. This will make it easier for all those involved from people in the company to potential and current customers.


8. Have high customer loyalty.

Audience: Target Market

We decided that the prime target market would be college students and other younger single or newly married individuals without children, embarking on the beginning of the rest of their lives. The specific demographic information for the target market we chose fits with the demographics of Denton. This target market consists of multi-ethic individuals just beginning their careers, starting over, or in transition. Based on the PRIZM segmentation’s “Boomtown Singles” and “Young Influentials,” we decided on a segment we titled “Successful Transitionals.” All the marketing communications will be targeted at this group.

Socioeconomics The median household income for Denton from 2006 to 2009 is $70,622.

The median age is 25.6 years of age. The University of North Texas has 36,067 students, and Texas Women’s University has 12,341 for a combined 48,408. Our chosen target market has these characteristics:

Income: between $40,000-$55,000 a year Wealth: midscale to lower level with low to below-average income

producing assets Place of Residence: mix of renters and homeowners Occupation: white collar, service Education: college graduate

Demographics In the 2010 Census, there were 3,448,000 people in our Region. Denton has

diverse demography. White………………………………………………………………….75% Hispanic……………………………………………………………...18.2% Black……………………………………………………………………8.4% Asian……………………………………………………………………6.6%


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Two or more races………………………………………………..2.9% American Indian/Alaskan Native…………………………..0.7% Native Hawaiian/other Pacific Islander………………….0.1% Our target market has the specific demographics of:

Age: 22-37 Sex: 50.8% female, 49.92% male Marital Status: single, newly married Family Size: households with no children

Geographics

The geographic location of the audience we are segmenting is Denton County. As stated above, the city of Denton has 48,408 students are enrolled at either University of North Texas or Texas Women’s University and many students are from other locations because of the two universities bringing a constant flow of new people. To target this county, would create a larger segment possibility for the apartment.

Generational As a result of our target audience being between the ages of 22 and 37 (born

between the years 1975 and 1990) they are classified as both the latter half of Generation X and Generation Y (the Millennials). However, to micro-segment our target, we have decided to concentrate on the older side of Generation Y. These individuals tend to spend more money on clothes, automobiles, college, televisions, and stereos. Ninety percent of them live in a home, and the rest in dorms or apartments. Psychographics

When it comes to psychographics, these are some of the youngest segments. Their interests include video games, watching TV, fishing, aerobic exercise, reading comic books, and attending college football games. They usually shop at places like the “The Limited” and “Express,” and frequent coffee shops, café’s, Laundromats, bars, and clubs. The two psychographic profiles we feel fit this target audience are: Innovators: successful, sophisticated, and receptive to new technologies. They

purchases reflect the cultivated taste for upscale products.


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Experiencers: young, enthusiastic, and impulsive consumers who seek variety and excitement and spend substantially on fashion, entertainment, and socializing.

Positioning and Key Messages

Product Position

Victoria Stations’ current positioning statement focuses on the apartment’s attributes and applications. Based on the recommended target from the segments we went into detail about previously, we want to amend it and allow room to focus on selling a lifestyle and not just a place to live. We believe this will give the apartments more differentiation and recognition in a county filled with apartments. Current Positioning:

From looking at the website, the current position is “To make the residents home base downtown and to get great access to shopping, eating, and nightlife by being close to the new train station and Denton Downtown Square.” New Positioning:

The Victoria Station Apartments provides an opportunity to young yet financially stable and goals driven individuals to live and work in a venue that is not just a home or workplace, but a young lifestyle in an original place: a place offering luxury paired with opportunity. It is a product that allows you to walk away with an experience: the experience of the Downtown Denton life of local tastes and businesses at your fingertips, as well as a desirable secure living environment. Key Messages

From this positioning statement, we have decided that The Victoria Station Apartments should focus on four key messages:


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1. Young 2. Opportunity 3. Luxury 4. Original

These key messages form the acronym Y.O.L.O, which also stands for “You Only

Live Once.” We believe this statement fits with the position above. In addition, it will be a reminder to those inside the company of the position, through all marketing efforts, that we want people to adopt. Examples: Young

a. The chosen target segments in a younger age category as outlined above in the Goals and Audiences section.

b. The Victoria Station Apartments offers a modern style as seen by the pictures on the company website.

c. Its location, with retail and office spaces, as well as the proximity to the square, caters to younger individuals who regard entertainment as their primary activity. This is seen in more detail in the psychographics listed in the previous section.

Opportunity

a. The Victoria Station Apartments is a new location in a growing city. Growing cities mean new people, new business, and individuals needing a place to live and work.

b. It presents renters with the opportunity to live and work in the same location.

c. The office and retail spaces have an opportunity for good business not only because of the luxury apartments above (with people who are successful and can afford such a style of living), but also a corner location close to the downtown area.

Luxury

a. All the apartments are decorated with a modern architecture and design. b. Each unit contains maple cabinets, brushed nickel hardware, as well as

carpet and sealed concrete flooring. c. Units come in both flat style and loft style floor plans. d. The high leasing costs, covered in the situation analysis, bring a sense of

luxury to renters. Original

a. The Victoria Station Apartment is the only non-student living apartment complex with retail and office spaces, as well as lofts. No other apartment


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complex has these same offerings combined and a location close to the square.

Strategies and Tactics

Based on the goals stated above, we believe that the following strategies and tactics will not only help Victoria Station achieve these goals, but also improve the overall integrated marketing communications efforts going forward.

1. Increase awareness of The Victoria Station apartments and retail space for competitive position in the Denton apartment market.

2. Create a more informative and easy to navigate central location for information.


4. Have strong customer loyalty.

We recommend these strategies to achieve our measurable goals: E. Implement an educational and informative advertising campaign in

Denton County. F. Create an organized and more informative website specifically for

Victoria Station. G. Implement limited and varied incentive programs: 2012 for

apartments and 2013 for retail space. H. Have 25% release rate for apartments and 50% release rate for

retail/office space.

Therefore, we propose using these tactics to connect the strategies to the goals:


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1. Increase awareness of The Victoria Station apartments and retail space for competitive position in the Denton apartment market.

a. Implement an educational and informative advertising campaign in Denton County.

i. Retain permission from both UNT and TWU for graduate students’ email addresses to send out informational YOLO flyers.

ii. To pass out fliers to local stores and boutiques within a five miles radius of the square.

iii. Continue hosting open houses with Verizon as the food and giveaway provider once a month until the end of 2012.

Food: hot dogs, pizza, hamburgers. Giveaways: pens, cups, bags, notepads with YOLO and

VSA website. Discount lease giveaway to first person to sign lease at

open house. iv. Blog about apartment/lease related issues and purchasing

keywords on Google. v. Continue to advertise on apartment search websites

Rent.com Hotpads.com Apartmentfinder.com Mynewplace.com Apartmentratings.com

vi. Advertise in local Real-estate magazines vii. Y.O.L.O. billboard off I-35

viii. Place Y.O.L.O stickers with VSA website all over Denton. ix. Have Web-design contest for graduate students to then use the

winner’s design.

2. Create a more informative and easy to navigate central location for information.

a. Create an organized and more informative website specifically for Victoria Station.

i. Utilizing the work of the graduate student, have links to all necessary information on the home page

Floor plans/prices Amenities Current photos/videos Nearby location and recommended entertainment About Us link back to Jack Bell Properties Resident Portal Contact Info Widget link to Facebook, Twitter, and latest blog post Special events/calendar


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ii. Update website once a month Pictures/videos Monthly change calendar of events Information on new specials


a. Implement limited and varied incentive programs: 2013 for apartments and 2014 for retail space.

i. Apartment – Run each incentive for a 2 month period May-June: $200 off first month’s rent July-August: free washer and dryer included September-November: pair with Verizon to give free

cable for the first six months December: no security deposit or application fee

ii. Retail Space – Run each incentive for six months (the first for eight months)

May-December 2012: will have the business advertisements free on the website and at the open house

January-June 2013: no security deposit or application fee

July-December 2013: paid for moving service

4. Have strong customer loyalty. a. Have 25% release rate for apartments and 50% release rate for

apartments. i. Host resident events once a month in courtyard

ii. Have continuous updates and reward programs for re-signers. Have bi-yearly surveys to gauge resident satisfaction. Specials: Pair up with Verizon to allow 3 months of free

cable. Have 24-hour help lines and maintenance.


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Methods and Evaluation

Our proposed integrated marketing communications plan for The Victoria Station Apartments has four key goals:

to increase awareness of The Victoria Station apartments and retail space for competitive position in the Denton apartment market

to create a more informative and easy to navigate central location for information

to have all apartments leased by the end of 2012 and all retail space leased by the end of 2013

to have high customer loyalty.

In order for this plan to be the best use of your resources, we advise that these strategies and tactics designed to help reach these goals be evaluated and revised every step of the way. Beginning with the benchmark measurement from your opening day until the end of this plan in 2013m we have compiled a list of measurements and forms of evaluation, as well as a proposed timeline for you to follow. Goal 1: Increase Awareness Quantitative Components

Facebook likes Twitter retweets and followers and hashtags Visits and comments on blog Visits/inquiries at office Attendance at open house

o All of these components are important because any social media activity, visits to the office, or attendance is directly proportional to the level of awareness. Thus, as awareness increases, so should all these components.


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Qualitative Components Attention study review

o This is a study that tells us where the individual learned of our company. It will be a helpful tool in understanding what of our marketing communications was most effective in raising awareness.

Goal 2: Central and easy to access location for information Quantitative Components

Length of engagement Number of pages visited

o If people are visiting more of the pages and spending more time on the pages, we can safely say that the website is more informational and clearly understood.

Qualitative Components Initial graduate student contest questionnaire

o How can the website be improved? o What does the website lack?

This questionnaire will help you evaluate the website from the perspective of people just coming from school with fresh knowledge of web design.

Section in six-month renter’s review on website effectiveness and helpfulness

o This review will help pinpoint the needs of the website and whether the most frequent users, the renters, find it helpful.

Goal 3: Have all apartments leased by 2012 and all retail/office space leased by 2013 Quantitative Component

Evaluate if goals has been met o 2012 for apartments o 2013 for retail/office space

These evaluations are simply and to the point. It will be easily seen if the goals are met be evaluating the number of apartments and retail/office space is leased.

Goal 4: Foster higher customer loyalty Quantitative component

Measure quantity of leasees who resign after expired contracts. o Looking at the number of leases that are renewed is directly

proportional to how loyal the customers are to the apartments.

Implementation Plan


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May-June 2012:

Offer Special 1 - $200 off first months rent for apartments Offer Special A – business advertisements free on website and at open

house for retail and office space Send out graduate email and fliers for website redesign contest

(including survey about website effectiveness) Implement advertising campaign with all selected components Take benchmark measurement

o Open house attendance o Website and social media click-throughs o Apartments and retail/office spaces currently leased

Host open house for May and June July-August 2012:

End Special 1, begin Special 2 – free washer and dryer for duration of apartment lease

Begin accepting graduate design contest entries Begin attention study review for visitors and open house attendees Continue monitoring activity and click-throughs on social media and

website and compare to benchmark Host open house for July and August

September-October 2012: End Special 2, begin Special 3 – pair with Verizon to offer six-month

free cable Web redesign contest winner awarded and ceremony at September

open house o If the contest does not yield the expected outcome, we have

examined how much it costs to hire a professional to redesign the web and those numbers are in the budget section.

Continue monitoring activity and click-throughs on social media and website and compare to previous data

Continue monitoring attention study review and compare to previous data

Host open house for September and October November-December 2012:

End Special 3, begin Special 4 – no security deposit/no application fee Host open house for November Install new web design in November Begin administering six-month reviews in November Host Christmas party for December Evaluate whether all apartments are leased at the end of December Continue monitoring activity and click-throughs on social media and

website and compare to previous data Continue monitoring attention study review and compare to previous

data January-February 2013:


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End Special A, begin Special B – no security deposit of application fee Host residential News Years party Host Residential Valentines Day party Continue administering six-month reviews Implement length of engagement review and look at the number of

pages visited Continue monitoring activity and click-throughs on social media and


data March-April 2013:

Continue administering six-month reviews Continue monitoring activity and click-throughs on social media and


data Continue in length of engagement review and seeing number of pages

visited and compare to previous data May-June 2013:




visited and compare to previous data Begin measuring resign rates Host residential summer party

July-August 2013: Continue administering six-month reviews Continue monitoring activity and click-throughs on social media and



visited and compare to previous data End Special B, begin Special C – paid for move in service Continue measuring resign rates

September-October 2013: Continue administering six-month reviews Continue monitoring activity and click-throughs on social media and



visited and compare to previous data


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Continue measuring resign rates November-December2013:




visited and compare to previous data Continue measuring resign rates Evaluate if all retail/office spaces are rented

Appendix

Budget Allocation for Advertisements and other Marketing Communications

Billboards:

Bulletin (Large Billboard): Range of $1,500 - $30,000 per ad per 4 week period

30 Sheet Poster (Medium Billboard): Range of $750 - $2,000 per ad per 4 week period

8 Sheet Poster / Junior Poster (Small Billboard): Range of $300 - $750 per ad per 4 week period

Digital Bulletin (Large Digital): Range of $3,500 - $25,000 per ad per 4 week period for an ~8 second spot in a loop of ~64 seconds

Fliers:

Small 4.125" x 5.25”: 100 for $21.95 Full page 8.5" x 11: 100 for $116.95

Giveaways:

Nylon Drawstring Bag: $0.90 ea. Mood Stadium Cup: $0.46 ea. Neon Sunglasses (at 150 qty.): $0.65 ea. Eco Non Woven Tote Bag: $0.78 ea. Eco Friendly Water Bottle: $1.44 ea. Aluminum Water Bottle: $1.81 ea. Eco-friendly Tote Bag: $0.64 ea. T-Shirts: $2.70 ea. - $6.06 ea. Baseball Caps: $2.42 ea. - $6.98 ea.


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Pens: $0.24 ea. - $2.67 ea. Advertise on apartment search websites: Can be free Y.O.L.O stickers:

½”x2” Rounded Corners: $0.02 ea (min. qty. 2000) 3”x3” Rounded Corners: $0.04 ea (min. qty. 500) 5”x3” Rounded Corners: $0.04 ea (min. qty. 500) 1”x1 ½” Oval: $0.02 ea (min. qty. 1000) 2”x3” Oval: $0.03 ea (min. qty. 500) 3”x4” Oval: $0.04 ea (min. qty. 500) 2”x4” Oval: $0.03 ea (min. qty. 500) 1” Diameter Circular: $0.02 ea (min. qty. 2,000) 3” Diameter Circular: $0.04 ea (min. qty. 500) 4” Diameter Circular: $0.05 ea (min. qty. 500) 1”x2” Square cut: $0.03 ea (min. qty. 500) 1”x1” Square cut: $0.02 ea (min. qty. 500)

Using professional web designer: $1,500-$3,000


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Graduate Student Questionnaire Name: Email: Phone:

1. When looking for an apartment, what information do you search for?


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2. When you look at the Victoria Station website, does it contain all the information

you would look for if you were searching for apartments?

3. What do you think should be included on the website?

4. What do you think should be included that is not currently on the website?

5. What elements of web design do you believe our website is currently missing?

6. In what ways would you improve our website?

6 Month Renter’s Review Name: Apartment #: Email: Phone: Lease dates: from to .

1. Overall, how would you rate your satisfaction with Victoria Station? Poor Fair Satisfactory Good Excellent

2. Do you find the website suitable to your needs?


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3. Is the portal easy to use?

4. Have you encountered any problems with your appliances? If so please explain.

5. Have you encountered any problems with your water?

6. Have you encountered any problems with your electricity?

7. Have you encountered any problems with parking?

8. Have you attended any open houses or events?

9. In what ways do you think Victoria Station should improve?

10. Do you find the staff friendly and helpful?

11. Does the maintenance crew respond quickly and fix any problems you have reported? Thank you for your time and your consideration. We value your opinion and desire to make this apartment the best it can possibly be.

– Jack Bell Properties


29

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