BACKGROUND 99 North Audley Street – Elite Residences (99 NAS) was London’s first fractional ownership luxury property to offer an intelligent accommodation option for the super-rich who require a flexible, cost and time-effective alternative to second home ownership in central London. Membership offers convenient access to a selection of one- and two-bedroom serviced apartments in Mayfair at a fraction of the cost of whole ownership. • Situated in the heart of Mayfair, close by the West End’s many attractions • 59 impeccably appointed 1- and 2-bedroom apartments • Elegant interiors with a separate living and dining area, and well-equipped kitchen • Dedicated concierge and valet, twice daily maid service • 24-hour room service, Pre-arrival provisioning of your apartment • Storage facility, for personal items, between visits • Member benefits including, local gymnasium and pool access, complimentary Wi-Fi, private business services. • 30 days occupancy per year (refund for unused days) • Purchased for 30 years + annual maintenance fee. The owner, international hotel group Starriott, fundamentally believes in the concept of luxury fractional property ownership and is committed to making 99 NAS a success, after which they are planning to roll out the concept to cities including Paris, Frankfurt, New York, Tokyo and Beijing. However, early in 2020, Starriott was finding the properties hard to sell. They wondered whether the concept was too complicated or whether they had simply misjudged the market…the CFO questioned whether the target audience would ever buy the concept of fractional ownership – preferring either to purchase an apartment outright or to stay at luxury hotels ad-hoc. The CMO pointed out that a recent research study with wealthy visitors to London indicated a lack of awareness of 99 NAS, but a strong positive reaction and interest once the concept was explained clearly to them.
YOUR TASK (IGNORE COVID-19) You are a Luxury Marketing consultant appointed by the Starriott board to advise on marketing of 99 N. Audley St (99 NAS). Starriott needs it to be a success as part of its global strategy. You should consider how to reach the target audience/s cost-effectively in order to both attract them and explain the benefits of luxury fractional ownership in the heart of Mayfair, London. You should consider all suitable channels, both offline and online, plus the vital role of the on-site sales consultants. Use any relevant marketing theory to support your analysis and recommendations.