Successful sales of a new residential area through insight and destination marketing
The project kicked off with a thorough market research phase, aimed to give a deep understanding of the target group for Verket. Key macro socio-cultural trends, such as an increased drive towards personalization and a growing community focus, were linked to micro-level insights about the needs and wants of people living in the Moss city area and other nearby regions, including Oslo.
Based on these insights, the target group for the go-to-market initiatives was more narrowly defined than previously thought.
Building a winning go-to-market strategy
Based on the market insights, a segmentation model was developed. Rather than aiming for broad market appeal, two segments was prioritized based on the reasoning that they would not only have a higher likelihood of purchasing, but also that they would become active brand ambassadors for Verket after the launch. In addition to the segmentation, a positioning study was conducted to understand the relative position of competing residential areas and recent housing developments. A go-to-market strategy was crafted, with market pillars specifically designed to target the chosen segments and create a differentiated value proposition for the Verket city district. The market pillars captured the core defining features of the Verket concept, such as the area’s historical industrial roots, the community vibe and closeness to both the city and the sea. All ensuing concept development was designed to deliver on this go-to-market strategy.
Bringing it all together to execute the strategy
Prior to the sales launch, a broad marketing and PR campaign was run to build awareness and create enthusiasm and a perception of the new district in line with the go-to-market strategy. The concept itself, from architectural features to interior design, was also meticulously tailored to suit the desires of the target segments and to position Verket as something markedly different compared to competing residential areas.
The keys to success
The launch of the Verket city district was by all accounts a runaway success. There were three key reasons for this:
- Basing all decisions on a deep understanding of the current needs of the target group, in combination with important macro trends influencing how people want to interact with their immediate environment.
- Crafting a winning strategy based on this foundational understanding and with the goal of creating a meaningfully differentiated position.
- The willingness to bring all activities and parts of the concept development in-line with the chosen go-to-market strategy.
The whole area will be developed over a 15-year period. The first stage of building was begun in 2016 and over 60 apartments were initially put on the market. The sales launch was preceded by marketing and PR activities built on an insights-driven go-to-market strategy aiming to create an attractive and differentiated position for Verket. Two weeks after the sales launch, all listed apartments were sold for a record price per square-meter. No comparable project in the Moss region has ever come close to the sales results of Verket.