What’s the secret to successful commercial real estate marketing? Find out how market leaders secure their target audience here.
In this article:
- Establishing Market Presence
- Why Commercial Real Estate Marketing & Sales Need to Work Hand-in-Hand
- Maintaining a Strong Presence in the Commercial Real Estate Market
- Getting the Biggest Market Share By Focusing On Specific Target Markets
- Principles of Business Success
The Secret to a Succesful Commercial Real Estate Marketing
Establishing Market Presence
In one of our previous posts, “The 7 Success Secrets of Market Leaders,” we identified 7 characteristics exhibited by market leaders. Knowing how you compare to these best practices will help you grow your business.
In the previous post, we addressed the fourth of these seven characteristics: all market leaders optimize their time.
The fifth characteristic that all market leaders share is they maintain their market presence.
How do they do this? They focus on three target markets.
Why Commercial Real Estate Marketing & Sales Need to Work Hand-in-Hand
Market leaders are experts in their respective CRE discipline, and they broadcast this expertise to become thought leaders. More so, clients and prospects recognize market leaders’ names, understand what they do, and come to them when they have a need or question.
Through maintaining this market presence and position of a thought leader, market leaders enjoy more referrals, win more competitive opportunities, and are often sourced by the press for quotes and opinions.
Market leaders also recognize that they must continually adjust to maintain their “top of mind” position.
Maintaining a Strong Presence in the Commercial Real Estate Market
Nowadays, new technologies have made it easier for any commercial real estate professional to create a strong presence in the marketplace. Yet, this is generally limited to digital efforts such as blogs, LinkedIn, and Twitter, to name a few.
Nevertheless, having a strong online presence ensures recognition to potential customers in the local scene as well as in the global market. Moreover, digital marketing has made the commercial real estate industry more enticing and competitive.
Market leaders understand that to be truly recognized as a thought leader and as a resource in their local market, they also need to perform, to find, win, and consummate opportunities for their clients.
Being a market leader and maintaining a dominant market presence is a combination of being both a thought leader and having significant transaction success.
Acquiring certain years’ experience in commercial real estate certainly helps. Couple that with constant updates and a clear focus on specific target markets and you’re on your way to becoming a market leader in this industry.
RELATED: 9 Ways To Sell On The Internet
Getting the Biggest Market Share By Focusing On Specific Target Markets
There are a lot of commercial real estate marketing techniques you need to learn about, but for now, let’s start with the three target markets that you should focus on.
Market leaders in commercial real estate need to be assertive and goal-oriented. They must give extra effort to look for new business opportunities. That includes knowing where exactly to look for potential customers or identifying the focal targets.
Market leaders maintain their dominant market presence by focusing on three target markets. These include:
As noted in the last blog of our Market Leader series, market leaders proactively allocate time to be in front of clients and prospects consistently.
Market leaders create targeted prospecting campaigns for potential clients and engagement/maintenance campaigns for their inactive and active clients. Their continual presence in front of these two segments cements their position as the resource to turn to when a need arises.
They also recognize their strengths and weaknesses when allocating time for prospects or potential customers. Market leaders will spend the majority of their time in coming up with marketing plans for individuals interested in purchasing commercial properties.
2. Top 100
Market leaders implement a targeted and consistent marketing campaign, including personal, physical, and digital efforts specifically for their Top 100 market influencers. Your Top 100 is the one hundred people that have the greatest impact on your personal success.
These influencers may come from various marketing efforts. They could be from creating networking connections, online marketing efforts, and other means.
Market leaders don’t worry if they may not have a current relationship with several of the people in the segment. What matters is that all of the people in this segment will get to know the market leader.
This is a simple but often misunderstood concept.
Your success is not based on who you know, but more importantly, who knows you.
Market leaders understand their name recognition, no matter how vague or limited, is essential to their success. As such, they share information on channels which have the widest and most diverse distribution.
Whether this is a speech, an article, a blog, a radio show, or other mass-produced venues, acquaintances have far greater personal, trusted relationships with mass-produce dents than the market leader. That is, at least until the acquaintance shares the market leader’s content with these potential clients.
One of the most effective marketing strategies is word-of-mouth marketing. A satisfied client may share his or her commercial real estate dealing experience with one or two acquaintances.
This establishes name recognition, reaching more potential clients. This happens even without direct contact with the company’s marketing efforts.
Principles of Business Success
Market leaders understand the most basic principles of business success. Regardless if you are a commercial real estate broker, mortgage broker, property manager, or if you are a baker, a dry cleaner operator, a tire salesman, there is nothing more impactful to your business than sales and marketing.
Market leaders maintain their dominant market positions because they focus their and their team’s efforts on these two success drivers.
At the Massimo Group, we have worked with our market leader clients in creating customized plans and approaches. This allows them to attain and maintain a top of mind position with the key influencers in their respective markets.
If you would like to speak with someone at The Massimo Group about how we can work with you to build your plan for greater success, contact us today.
Do you know the difference between cold calling and campaign-based, targeted prospecting? The difference is huge. In this 3-part Mini-Course Rod will take you through the exact pieces needed to create a prospecting campaign that will: target your ideal prospects, warm them up before the call, and give you the best chance to win their business! You can watch the mini-course here.
Up Next: The 3 Most Important Elements Of Your CRE Online Marketing Strategy
Step #5 to being a market leader is maintaining your market presence. Download the other Success Secrets of Market Leaders below:
Editor’s Note: This post was originally published on July 16, 2015, and has been updated for quality and relevancy.