The retail landscape is in the middle of many developments and your shopping mall is probably not the only player in your market. In addition to your competitors not standing still, new technologies and devices have given your customers an unprecedented range of places to shop, and have intensified the competition for the hearts of mall visitors even more.
One thing is unquestionably true: a “me too” approach will not be enough to maintain asset value in the long run.
1. Create differentiation and recognition
Although the fight for the right shopping mall customer might not be easy, there is one potentially very powerful asset that you already hold up your sleeve: your brand
“We already have a shiny new logo” you might say.
Although the importance of a good logo cannot be overstated, the active ingredient in your brand is recognition and more importantly what it stands for; the element that sets your shopping mall apart from the competition. It is built on a clear set of values and marketing strategies that will help to send consistent messages both internally and externally.
2. Enhance loyalty
Think of your brand as the motivation for shoppers to come to your shopping mall and ask yourself the question: “What experience will the customers expect to have in my mall?”.
Finding the right answer to that question might seem obvious at first, but digging deeper will make your difference more meaningful and compelling. It all comes down to defining and consistently delivering experiences that foster emotional connections with your target audience, which in term converts your visitors into loyal shoppers.
3. Generate the best leads
A brand is not a logo, in the same way that digital marketing is not a website.
With so many technological options, people sometimes forget to make simple choices. The only thing that really matters is connecting with the people you want to connect with and sending a message that is relevant, consistent and which will stand out. The channel you chose to do so is not the most important thing.
The ability to perform this art consistently will drive the right audience to your center, making it a desirable spot for retail tenants to want to be involved in.
4. Support Leasing
Which brings us to reason number 4: a brand identity that goes beyond logos, websites and apps will help to make the leasing process easier. Finding that special place where your brand means more to the people you want to appeal to will ensure long term value to shoppers, retailers and investors.
Brands unsurprisingly want to be where their (potential) fans are and by making choices, you will be chosen.
5. Increase asset value
Developing a strong shopping mall brand is not about implementing cool new branding tactics, but about creating a compelling reason for the customers to care about you and your mall, and about ultimately driving the value of your mall.
If the steps 1 through 4 are achieved, you will have automatically achieved step number 5: a sustainable creation of asset value.
Sounds simple right? Well, maybe it is. So why not get started? It’s fun.
Get in touch and learn more about our approach.