When I began developing in Panama back in 2000 we marketed Valle Escondido as "Twice the lifestyle for half the price". We successfully built and sold 175 homes because we focused on value. Although home prices have gone up since then, you can still buy a house with land for under $100 a square foot and have the many amenities of a resort lifestyle.
As Casey Hallaron points out in the blog post below, value branding works and is more important than ever. Panama developers would do well to heed this advice.
Panama needs to first figure out WHAT it is and where it wants to (and is able) to compete before it can really hope to have any chance at sustainable success. If I were granted absolute marketing power over Panama, I’d say that it needs to pursue a strategy that isn’t as trendy as selling $6 café lattes: BE A VALUE BRAND!
Value never goes out of style. Value is instantly understood by consumers, sometimes subconsciously. Value isn’t easy to deliver. But ask Wal-Mart or McDonalds how they’re faring in this crisis. Value SELLS. Back in 2005, when I first heard Panama had $80k pre-construction condos for sale, I didn’t need to hear anything else. I understood the inherent value of a roof over my head for under $500 a month. I didn’t ask about price per meter, didn’t over analyze the neighborhood or materials…I just signed the contract. Value is not a complicated, glossy or overly complex pitch, but it does require some hard work and HUMILITY.
Unfortunately, faster than a French surrender, Panama went from being a value player with low cost of living, retirement benefits and tax breaks….to a marketplace focused on luxury condos and high flying lifestyles.Read the post here