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Target Market Segment Strategy
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3.3. Target Market Segment Strategy
According to the real estate consultants data, residents usually chose the premises of any type to lease (office, industrial or warehouses) according to the “classical” model of consumer choice process. The real estate choice presupposes high customer involvement and rational evaluation of all the factors (“thinking” rather than “feeling”). Little emotionality is possible while choosing the premises for the company’s headquarters or back offices, since these belong to the keystones of its future success and profit. The factor, intensifying the rationalist approach of the customer under analyzed circumstances to property choice, is the mentioned novelty of the product (service). A new buying situation (see Graph 3) here presupposes the customer’s substantial search for the information on the project by means of any available sources.
Graph 3
In order to be a success, a developer ought to create an extremely attractive value proposition for the target customer, which should be based on the objective evidence (the site obvious advantages in comparison to other possible locations). Some of the “Himgrad” Industrial Park surface benefits include lower than the city average rents level, tax remissions, low utilities prices, etc.
Another peculiar feature of chemical and petrochemical industries is that during the company’s location decision making process a huge number of technical details should be taken into consideration.
The situation is easier if we deal with small companies, since the Decision Making Unit there may be limited to one person or few ones. In case of medium-sized and large companies, the Decision Making Unit consists of different people, or even companies’ departments, performing different roles in decision making process.
Thus, the location or relocation decision is generally initiated by the company’s top management (which is mostly influenced by public relations media and is driven by brand and prestige); the deciders are commonly engineers and other technical specialists (which are driven by reason); the decision may be influenced by the company marketing or supplying department, which may assess the proximity to the company’s partners for the most, etc.
Besides, there exist two time gaps in decision making process:
1. a gap between the point when the company realizes the requirement for location, relocation or further expansion and the point when the location decision is made by the company;
2. a gap between the point when the location decision is made by the company and the point when the location itself takes place.
The second gap is conditioned by the technical complexity of the industries’ production facilities. As for the first one, the developer’s task is to prevent the customer’s withdrawal from the site, having taken decision in favour of some other location. And this becomes a challenging task, since the time gap may cover several months or even years sometimes. So, to make a bargain, the project developer ought to be able to answer the all departments’ specialists’ questions and satisfy all their needs and requirements.
Moreover, the decision making process here takes much more time, and becomes a step-by-step procedure, when the developer has to conduct a successive series of negotiations with different specialist.
When speaking about the second group of our target customers – foreign and international companies, we should bear in mind the necessity of keeping the services level to the international standards. Compared to local companies, having no choice of industrial parks in Russia, this group of customers is free to choose from other global locations – that is European, Chinese and American industrial parks and technoparks, having industrial premises. The competition on the global market is of a comparatively higher order than at the local one.
Besides, there is another intangible benefit – the brand name, the company reputation and some other points of prestige. E.g. the global company presence at the site to a great extent increases its attractiveness for other potential residents. The authority, prestige and influence of the first site resident set the project general tone. At present moment the negotiations with some leading world polymers processors are held and actually their entrance to the site is one of our main aims at the moment, able to increase the further promotional efforts.
The neglected state of the territory presupposes our obvious inability to attract the residents at the moment of the project’s initiation. Hence, at the initial stages of the project development the site could not be developed according to “build-to-suit” concept, when the developer holds preliminary negotiations with potential residents, signs binding lease agreements with them and develops the land plots or buildings according to these very residents’ requirements; it could rather be “spec building”, when no binding lease agreements are signed, and the developer improves the site state at his own expense.
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