MASTERI WATERFRONT
Located at the heart of Ocean Park 1, Masteri Waterfront is expected to proudly create a “Signature Difference” amidst the bustling urban area, defining the Masteri lifestyle of Masterise Homes in the Eastern part of Hanoi. However, going through the period of 2021 – 2022, by 2023, Masteri Waterfront had to reassess its position and search for a new value to reemerge before the public. Volcano is honored to accompany the project on this journey, starting with the Miami precinct.
01. SCOPE OF WORK
• Researching and analyzing the market context.
• Defining the profile of the target customers.
• Providing consultancy and developing the brand strategy.
• Providing consultancy and developing the communication strategy.
02. CONTEXT
At the time of its launch, Masteri Waterfront argeted
high-end customers with the desire to own a second home. However, due to market fluctuations caused by Covid-19, a decision was made to change the direction and focus on attracting upper-middle-class customers who are buying apartments for residential purposes.
03. MAIN CHALLENGES
The market perceives Masterise Homes and Masteri Waterfront as high-end and “expensive” projects based on the image built through previous communication activities. As a result, they are often overlooked by middle-income customers when considering their options. During the decision-making process, customers compare not only the prices but also the amenities as “accessories” among various projects, including those with discounted offers in Ocean Park 1. Masteri Waterfront, being almost completed, cannot yet compete with projects that have been handed over or belong to well-established developers in the Northern market.
04. BRAND STRATEGY
Volcano delved into in-depth analysis of the customer profiles to vividly depict individuals with distinct lifestyles, desiring living spaces that truly reflect their own identity. Based on this, Miami – Masteri Waterfront is positioned as a Lifestyle property, bridging the gap between the target customers and the project by emphasizing the alignment between the personal lifestyle and the unique values of sophistication in living space, differentiated Experience from exclusive amenities, and the distinct Class of the project.
05. COMMUNICATION STRATEGY
To transform customer behavior and ignite a shift towards Miami – Masteri Waterfront, the communication strategy encourages customers to “Dare to live differently“, urging them to embrace the solution of “Creating unique essence through moving out”. It emphasizes that embracing Change for uniqueness is an irresistible trend, attracting those with distinctive profiles to come to Miami – Masteri Waterfront.
06. RESULTS
• The brand strategy and communication strategy advised and developed by Volcano have successfully attracted significant interest from the target customers towards Miami – Masteri Waterfront, demonstrated by the participation of thousands in various event activities, experiencing the show units at the project, and assisting in resolving the remaining inventory of the devision.
• The brand strategy has also paved the way for a promising future, creating a positive premise for the launch of the next devision named “Hawaii.”
