Improving the value proposition of any property requires a whole new perspective – one that shifts the focus from asset value to relationship value. Property is a uniquely difficult industry to change thanks to a longstanding tradition of thinking first about the asset and only then about the customer. Yet future growth is reliant on evolution – even if it feels disruptive. 

To overcome these well-established barriers and effectively improve the customer value proposition, we need to go back to basics and redefine it. We do this by unlocking the links between customer experience and business performance – first by asking, who even is the customer?  

Challenge one: understanding your (many) customers  

Property owners are often the customers of development or property management companies. Their customers are the tenants who bring office workers or shoppers who are also customers. Given that each of these parties brings different wants and needs, we must ask, whose value are you concerned with at any given time? Who cares about whom? And does anyone have a clear view across the value chain – or is it fragmented? 

For instance, it’s surprising how often the end user – the shopper or office worker – is overlooked at this stage. Instead, the landlord most likely views their direct customer as the tenant taking the space. Whereas, in reality, their tenant could be a large financial organisation bringing thousands of office workers and wants to make sure they have amenities like parking, bike storage, a gym, a café and good transport links.  

If the building has no pre-existing facilities and no space for new ones to be built, your ability to influence customer experience is limited – and not being able to tell this story to the tenant makes you a far less attractive landlord. Say a high-end development is selling a ‘premium’ proposition, for example, the developers may select upscale retailers as tenants. This leaves office workers with limited options when buying the things they need, making it a far less attractive place to work than its proposition may have promised.   

Next, you layer in the property management company and their myriad of contractors across cleaning and maintenance, each of whom bring their own needs, such as a safe working environment. If they’ve been employed via a competitive tendering process, they’ll also trim costs to focus on the functional elements of the job. This leaves little scope and resource to focus on customer experience beyond the basics – even if they want to.  

You don’t just have one customer journey to focus on but several – each with multiple touchpoints, motivations and drivers or barriers to success. Drawing the connection between them can be challenging, and we often see this play out as different projects happening independently of each other, from leasing to fitout and repairs. And if you’re unable to gain sight of the holistic whole with all parts working together, how do you create an effective customer value proposition, never mind a truly efficient operation?  

Challenge two: understanding the value chain  

This challenge is compounded by the fact the property industry is one that largely employs a top-down operating model. What’s more, decision makers at the top are often finance, investment and surveying experts. Their focus lies on the tangible, technical aspects of asset management, not the conceptual (or ‘softer’) customer experience.  

Given all of this, if you can disrupt mindsets at the most senior level, this will translate all the way down the value chain. If you can get those at the top to focus on people before asset, the right solutions for your property, and the shape of your particular value proposition, will become clear. It’s a question of caring as much about those living or working in the building as the building itself.  

The solution: use deep insight to influence the right decisions   

Deep insight enables decision makers to effect the necessary changes all the way from commercial strategy through to customer experience. We deliver this insight to those who can influence the decision makers to make the right decisions. And we start with the systematic mapping of key drivers and barriers at every level – from tenants to maintenance teams and office workers. What do they need, what are they trying to achieve? Where are their conflicts and opportunities?  

The answers to these questions deliver the insight needed to cultivate synergies, partnerships and relationships throughout the value chain. These connections enhance touchpoints across each customer journey and reinforce customer experience, enabling you to differentiate your asset within the market. By letting your customers define your value, you also begin the essential process of placemaking – which is ultimately your proposition.  

Placemaking as value proposition  

We put the customer right at the heart of the process – because ‘placemaking’ means nothing unless you truly understand what ‘place’ means to each customer throughout the value chain. That’s why we talk to all parties at all levels to fully understand their needs and drivers. Bringing our rich knowledge of the property industry, its challenges and operational needs, we’re also able to contextualise what we learn.  

With deep insight into the whole picture, we can then create business strategy for property owners, experience design for property managers, plus enhanced customer experiences across the board – adding value from the top down and end to end.   

This will ultimately lower the cost of acquisition and build customer loyalty – allowing you to charge premium rents. Plus you’ll gain greater agility to evolve in line with changing consumer and tenant demands, ensuring that you can keep adding value to both your property and your customer proposition.