UNDERSTAND YOUR MARKET

Every development requires a plan, whether a napkin sketch of a cabin in the woods or detailed architectural renderings of a planned community for bankers and zoning officials. But just as each manufactured product needs a marketing plan as well as 3-D designs prior to execution, every development needs a marketing feasibility study to assess its success in the current marketplace.

Whether you are planning a mixed use development, senior living facilities, a hotel or entertainment complex, or a complete new community, understand your market trends, local demand, competitive activity and opportunities before you turn the first shovel of dirt.

LET THE MARKET GUIDE YOUR DEVELOPMENT

This year, more than ever, financial and market trends can dramatically impact your development decision. While economic instability contracts some markets, it always provides new and sometimes great openings.

• Begin globally, and then narrow your focus to your target local market.
• Understand the impact of economic domino effects on your plans.
• Use secondary research sources for demographics and psychographics to pinpoint trends and make initial demand projections.
• Track competitor activity to assess pricing and service levels, learn from their decisions, and identify market holes and opportunities.
• If needed, follow up with primary research, usually executive interviews, possibly focus groups, and if appropriate, statistically valid surveys. Use this information to establish building and development patterns, project demand, understand market needs.
• Use the primary research to identify customers for the development, build a sales database, and possibly pre-sell the development.
• Apply appropriate models to project your bottom line demand and market feasibility, and to feed accurate information to your financial projections, direct your real estate agent (if appropriate), support your financing plans, and guide your architects.

CONTACT US to help make your research the key to your company's future.