Traditional property developers advertise homes based on price, location, amenities and environment. However, a growing number of home seekers and renters are not just demanding affordability, accessibility and flexibility but added value beyond functional attributes. ‘Co-living’ has become a key service arising out of these evolving expectations, but few in this emerging segment have created a truly differentiated product. In addition, fragmenting consumer preferences made it difficult to decide which demographics to target. It was proving impossible to satisfy consumers who wanted more than just their basic needs met and were quick to switch to better alternatives.
Upon commission, we set out to help Bindle create an alternative rental model by identifying a group of target customers and worked out ways to build a community within that.
*Out of respect for our client’s privacy and the nature of such a project, the client’s real name, project details, and sensitive information are omitted.
Shared values transcend demographics
Instead of relying on stereotypical profiling or demographic segmentation, we cut across that by investigating the attitudes and lifestyles of various potential target groups. In doing so, we identified a rising group of conscious consumers who realise that living ‘richly’ is not chasing material belongings, status or climbing the career ladder. When deciding where they’ll live, these customers expect more from the service than merely functional or spatial attributes of the property. They want freedom, flexibility and diversity in all facets of life.
Our key insight was that regardless of race, gender, age or other cliches, the most powerful differentiator to prospective tenants would be who they’d be living with: a like-minded community of “nomads” who also wish to live meaningfully together.
Living ‘richly’ is not chasing material belongings, status or climbing the career ladder...They want freedom, flexibility and diversity in all facets of life.
Moments of Truth
Creating shared responsibility for shared resources
With the target group skewed towards short-term leasing, it was imperative for Bindle to inspire residents to invest into their short stays on property. To do so, we evaluated every touchpoint in the customer journey for opportunities to remind residents they were part of a greater whole. That small actions helped strengthen the collective.
This was achieved through thoughtful experience design, personable communications and a rich program of activities that residents were free to participate in and ultimately help foster long-term connections with each other.
Looking at shared interests to create shared experiences
With a deep understanding of tenants values, interests and schedules, we mapped out a set of community-building programs that would fit into how residents actually lived. We also worked closely with the architects to consider how these programs could be integrated as property features. For example, the question of of providing tennis courts was determined by how much residents would desire these amenities.
Designing to Delight
From shared experiences to shared lives
In the face of social isolation, increasing vacancy rates for short-term rentals and housing affordability issues, we leveraged customer insights to help Developer-X define distinctive, shared values that were the most relevant to their target customer.
These shared values formed a powerful foundation for a co-living space to grow a strong, loyal community built not only on shared resources but on shared experiences, and ultimately a meaningful life.