As marketing evolves, so do strategies to attract, convert, and retain customers. Within each industry comes specific challenges marketing teams face to be successful. For example, Commercial Real Estate has a variety of challenges that affect leasing space, but specifically for marketing strategies, a few stand out.
Cost to Market
Marketing an asset is a highly competitive process, which makes the cost to market any property skyrocket. Many aspects of commercial real estate marketing take away from a team’s budget. Creating the challenge of determining which tactics deserve the most allocated budget. What should your marketing team prioritize when it comes to cost?
A typical strategy in CRE marketing is sending elaborate gifts to brokers and possible tenants to spread the word regarding your asset. While this strategy hits home on the personalization touch, it is costly, with no tangible way to determine success. In addition, this tactic is almost impossible to track progress, hindering ROI.
When your team is looking to get the most bang for their buck and determine where to allocate budget – they should be looking to targeting features. When used effectively, targeting features can give concrete evidence that the desired prospect saw your asset and messaging. This strategy also is cost-effective and can be paired with integrations your team currently utilizes.
Maintaining Relevance
The Commercial Real Estate industry is notorious for its extremely lengthy sales cycle, which can affect the success of particular marketing strategies. The challenge with standard marketing strategies is they fail to stay relevant throughout this sales cycle, creating circumstances for prospects to fall off or lose interest in the asset.
Broker events are a common strategy in CRE today. These are hosted a few times during the leasing process. The issue is an asset can take more than 12 months to move into a deal stage, so hosting a few events within that time will not keep you in front of your audience throughout their entire buyer’s journey.
When you implement AI like RITA, your marketing team gains the ability to predict buying behavior and reach your target audience at every stage of the leasing process. Successfully keeping your asset relevant throughout leasing and RITA has the ability to reach your audience on the most effective platforms, so your team doesn’t waste marketing dollars.
Reaching Critical Audiences
Another challenge within marketing strategies in CRE is reaching the audiences necessary to lease space. Typical methods cannot predict interest or positioning to the correct end-users. This is a crucial issue that marketers must deal with to ensure they don’t waste their budget or efforts on uninterested audiences. The most significant aspect of this challenge is the inability to track views or target the exact prospect you know will benefit from seeing your asset.
For example, print brochures are a common marketing strategy within CRE, and these materials are beneficial to advertise an asset. The question is do they reach the right audience, and sadly we don’t have many tangible ways of tracking this. When it comes to marketing spend, it is important to remember which aspects generate the most ROI, and if you can’t track success, you can’t track ROI.
To reach critical audiences in CRE your team needs to leverage Partner Hub. With this integration, you can reach the exact prospects that have toured your asset, interacted with your brokers, and end-users that will make buying decisions. Ensuring your strategy effectively reaches those most crucial audiences and ultimately accelerates your leasing cycle.
The biggest challenge within marketing in Commercial Real Estate surrounds generating attributable Return on Investment. Today’s current marketing strategies struggle to provide success metrics; therefore, we’re spending marketing dollars on strategies that may or may not impact leasing. Instead, look to RealtyAds for a cost-effective, attributable, and efficient way of marketing your assets.
As marketing evolves, so do strategies to attract, convert, and retain customers. Within each industry comes specific challenges marketing teams face to be successful. For example, Commercial Real Estate has a variety of challenges that affect leasing space, but specifically for marketing strategies, a few stand out.