How Multifamily Rental Owners Choose Paint
A US paint and coatings company wanted to understand how multifamily independent rental owners (IROs) choose which paint to use for their property maintenance
The Challenge
Finding independent rental owners of multifamily units
The paint and coatings company wanted to understand the needs of multifamily independent rental owners (IROs) when it comes to selecting which paint to use for property maintenance. However, independent rental owners are hard to find as they are typically individuals who own one or two multifamily rental properties, requiring custom recruitment. There are also a lot of factors that drive their maintenance decisions, from balancing tenant needs to maintenance costs.
The paint company needed a B2B market research agency with deep experience in facility maintenance and operations market research to design a customer journey map exploring the needs and drivers of this niche audience.
Our Approach
Defining the customer journey of multifamily independent rental owners
Werk Insight, a B2B market research company, designed B2B customer journey mapping research to understand the decision-making process for IROs making maintenance decisions for their properties. Our aim was to understand what these individuals consider when making these decisions and what sources they go to for information and products.
Using a mixed method research approach, we started with 9 in-depth interviews with multifamily IROs to explore their needs in detail. The findings from these interviews were presented to the paint company at an in-person journey mapping workshop. This facilitated a deeper discussion around the needs, touchpoints and opportunities for the paint company in the IRO market.
Based on these findings, we designed a questionnaire to quantify the needs, pain points and decision-making dynamics of multifamily IROs. We conducted 100 interviews via CATI with multifamily IROs. Strict identity validation checks ensured they were truly independent owners, and not part of a larger company managing several multifamily units.
The Insight
Clear strategy for targeting multifamily IROs
Our research identified a clear market opportunity for the paint and coatings company based on the needs and drivers of multifamily independent rental owners. We provided specific recommendations for how the paint company should position itself in the market, which informed its business and marketing strategy for targeting multifamily IROs.