Condo dwellers are a good niche for marketers to target for their campaigns. In an article by the Philippines Inquirer, these dwellers represent people who just started their families and young professionals. These people represent the upper middle class.
Why Target Condo Dwellers?
* Higher Capacity to Pay– compared to the class D/E, these people have higher monthly income. They are composed of working professionals with daytime jobs or works at the BPO. They are family members of upper middle class families (housewives, children, etc). These people have a monthly salary of around PHP 35,000 and up. These people have more than enough money to cover their basic income.
* Appetite for Better Brands– Condo living is expensive. Aside from the monhtly amortization, a condo dweller spends on condo association dues (5,000 and up dependent on sqm of the area/condo developer) that are quite expensive. Despite this, they are willing to pay because they value that they get from security & comfort of the condo community.
The same applies with other items on their household, these people are willing to spend more for premium brands. If your brand offers something better then don’t mind the additional price as long as it improves their lives. This is evident on the selection of transport of this people. In my condo unit in DMCI QC, we get around 200 Grab and TNVS drop-off per day. In SM Light Mandaluyong, the number is quadrupled due to the community size. People are willing to pay premium for better transport.
* Growing Segment– in an article by Rappler, the Philippines economy will grow the fastest among the ASEAN 5. Its GDP is expected to grow from 7% to 7.5 %. With this growth, expect more Filipinos going up to the upper middle class segment.
Which Brands Can Benefit from Condo Marketing?
Brands that have premium offering can benefit a lot with effective condo marketing. If your product and service offers something better, these people are willing to spend extra. Companies that benefit from this would be telcos, household appliances, furnitures, FMCGs, food, groceries, etc. Condo marketing works best on brands that offer better experiences for residents.
Top 5 Tips for Condo Marketing
Tip 1: Brand Activation– Set up a booth during weekends. PLDT, Globe and other telco providers are doing this. They send their sales team during weekend so they can demo, give away fliers and demonstrate their products to condo dwellers. Most of the time this is done on the lobby.
Tip 2: Flyering– Companies that offer services and food can benefit from this. Sliding flyers on the door steps can help marketers convey their offerings to the unit owners. However, there are some real estate companies that does not allow this. I know DMCI is one of them. Their community in BGC and QC does not allow it anymore.
Tip 3: Special Weekend Markets– there are condo communities that run special markets during weekends. This special events are designed to encourage the dwellers to bond with their neighbors. They set up booth spaces (costs around 600 php per day) where condo dwellers and companies can sell their stuff. Normally, this is done on weekend holidays. Many of the residents go to these special events.
Tip 4: Bulletin Boards– DMCI has bulletin boards for the unit owners. They place special announcements such as real estate taxes, upcoming events, home owner association memos, etc. Some condo communities allow companies to post their ads there.
Tip 5: Leverage In-transport Ads– like I mentioned awhile ago, DMCI gets around 200+ drop offs from Grab vehicles daily. Why not leverage this for your campaign. Companies like AdMov offer advertising through the tablets. You can run ads everytime it detects that the passenger is going to a residential area.
The beauty of this condo marketing strategy is that it is more affordable and less hassle. You don’t need to talk to building admins one by one just to get permits. You can simply geo-target your ads to specify which condo buildings you want to run your campaigns.
Knowledge about condo marketing is essential for marketers. As our country grow expect this segment to increase. Hope the condo marketing tips we shared will be helpful on your campaigns. Feel free to hit the comments below if you would like to share other ideas or experience on this.
Author: Bobby Ben Davis Cristuta
Bobby is the CMO and Co-founder for Admov Philippines. He is a serial technopreneur. He is passionate in delivering emerging marketing channels and bring Manila as destination for innovative advertising technologies.