What Barbie Can Teach Property Developer CEOs About Marketing
The makers of the Barbie movie invested more in the marketing of Barbie than the making of Barbie.
•Barbie production budget $145 million
•Barbie marketing budget $150 million
Let’s just say it again so that this sinks in.
The makers of the Barbie movie invested more in the Marketing of Barbie than the making of Barbie.
Now, in the property development apartment high rise (off the plan) world, the marketing budget is 5% or (much) less.
Now, what does the data tell us:
•Over 40% of developments off the plan fail
•The Barbie movie is about to hit $700 million worldwide
Maybe there is a learning here for property developer CEOs?
What Barbie Can Teach Property Developer CEOs About Marketing
In today’s fast-paced and highly competitive business landscape, marketing has become a crucial aspect of any successful venture.
Property developers, particularly those in the high-rise apartment off the plan sector, can benefit greatly from analysing the marketing strategies employed by industries outside their own.
Surprisingly, studying the marketing of something as seemingly unrelated as the Barbie movie can provide valuable insights for property developer CEOs.
The shocking truth is that the makers of the Barbie movie allocated more funds for marketing than the actual production itself.
While the production budget stood at $145 million, an impressive amount in its own right, the marketing budget exceeded it at $150 million. These numbers reflect the paramount importance that was placed on generating buzz, creating brand recognition, and captivating the target audience in order to ensure a successful release.
Compare this approach to the property development industry, where marketing budgets typically hover around 5% or even less.
This discrepancy raises some interesting questions.
If marketing played such a pivotal role in the success of the Barbie movie, why are property developers not investing more in this crucial aspect of their business?
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Could the low marketing budgets be contributing to the high failure rate of off the plan developments?
The statistics surrounding off the plan developments are quite alarming. Over 40% of such projects fail, leaving developers and their investors with significant financial losses and a tarnished reputation.
This is in stark contrast to the success of the Barbie movie, which has managed to rake in a staggering $700 million worldwide.
These figures highlight the potential impact that effective marketing strategies can have on a business’s success.
So, what can property developer CEOs learn from the Barbie movie and its marketing approach?
Firstly, it is crucial to recognise the significance of investing in marketing efforts.
While it may be tempting to allocate the majority of funds towards the actual project development, neglecting the marketing aspect can be detrimental to the success of the venture.
A well-implemented marketing strategy can generate interest, drive sales, and ultimately lead to a higher return on investment.
Additionally, property developers must understand the power of creating a strong brand.
Barbie, despite being a fictional character, is one of the most recognisable and iconic brands globally.
The marketing efforts surrounding the Barbie movie have not only promoted the film but have also further solidified the brand’s image. Property developers can emulate this approach by investing in brand building activities, such as establishing a unique identity, leveraging social media presence, and delivering a consistent message across all marketing channels.
Furthermore, property developer CEOs can benefit from focusing on capturing the attention and engaging with their target audience.
The Barbie movie has successfully managed to captivate its target audience, resulting in substantial box office success.
By understanding their target market’s wants, needs, and preferences, property developers can tailor their marketing strategies accordingly. This should involve conducting thorough market research, leveraging digital marketing techniques, and utilising creative storytelling to connect with potential buyers.
Lastly, property developers must adopt a proactive and agile approach to marketing.
The Barbie movie’s marketing team continuously adapted their strategies to suit the ever-evolving consumer landscape. Similarly, property developer CEOs should be open to embracing new technologies, trends, and marketing tactics.
This might involve utilising virtual reality tours, creating engaging content through videos and blog posts, and implementing data-driven marketing campaigns.
In conclusion, the success of the Barbie movie’s marketing efforts serves as a valuable lesson for property developers.
By recognising the importance of investing in marketing, building a strong brand, engaging the target audience, and adopting a proactive approach, property developers can significantly increase their chances of success in the highly competitive real estate market.
It’s time for property developer CEOs to take a leaf out of Barbie’s book and make marketing a priority in their business strategy.
