I recently came across a direct mail piece from Tridel advertising their latest luxury condo development called “The Republic of Yonge & Eglinton” and took particular note of the partnership with a local high end furniture store called The Art Shoppe who happens to have their Toronto store location a few doors down from where this new condo development is going to be. The brochure talks about life at the Republic and how “refined living reaches new heights at midtown’s most luxurious condominium address”. “From the elegant lobby entry with attentive 24 hour concierge services and meticulous finishes such as 10 foot ceilings, marble accents, signature cabinetry and oak hardwood floors”, you get the picture.
OK, now to the partnership….what I took notice of is how they encourage prospective buyers to tour their signature model suite ‘Exquisitely Furnished By The Art Shoppe’. There are some great photos of the suite and The Art Shoppe’s logo is very prominent on the front of the brochure. This is not only a great way for the furniture retailer to get their name out there, but it’s an extremely targeted mailing mainly to those who live in the area (and may want to check out The Art Shoppe) and think of prospective buyers going to check out the signature model suite and maybe even buy a condo unit. The Art Shoppe has an opportunity to display their skills and goods to prospective buyers and because they are located within a block or two of the development, they benefit by giving prospective buyers an idea of what they can do for their new condo. These kinds of highly targeted Marketing Partnerships can really drive revenues from a retail business and if you were to compare the returns somewhere down the line of what a partnership like this had brought to The Art Shoppe in terms of incremental sales from new condo owners compared to their local advertising efforts, it would likely be pretty safe to say that the partnership with Tridel would result in a more cost effective customer acquisition program than that of other efforts that they spend on. Oh yeah……. the partnership should help Tridel sell more condo units too at a higher price point than if they decorated the model suite on their own, as well – not too bad for them either.
Tuesday, November 2, 2010 at 8:04 PM
This is interesting timing – I just went by the Republic condo today and saw the sign advertising this – this is a smart move for both of them.
This is also interesting because the Republic itself was a partnership between Tridel and the Toronto District School Board, to build the condos and rebuild the school.
Smart marketing all around, great catch!