The commercial real estate market is constantly experiencing highs and lows, and anyone can attest to its cyclical nature. As the market fluctuates, real estate professionals are wondering whether their marketing strategies should reflect the ups and downs of the market.
Right now, real estate is falling behind as interest rates are high and the market isn’t catching up quickly enough. During market booms, spending increases as players seize investment opportunities, but during market downturns, real estate professionals face the dilemma of how to navigate such situations.
One very important question arises. Should my marketing efforts come to a screeching halt during these difficult times, or should they continue, albeit at a reduced intensity?
The answer lies in staying consistent, even if it means dampening the marketing flame rather than extinguishing it completely.
Shutting down your marketing engine during a market downturn will unnecessarily waste your hard-earned momentum. In industries where visibility is important, suddenly disappearing from the marketing environment can result in a loss of traction and brand presence. Instead, it is most prudent to strike a balance between recognizing changes in the market while maintaining a stable, albeit modified, marketing presence.
Working closely with your marketing team and agency is important during times like these. Here are some strategies to guide your marketing efforts during difficult times.
1. Consider cost-effective alternatives. Transitioning from traditional print media to digital marketing. The digital environment offers many opportunities to reach larger audiences at a fraction of the cost.
2. Evaluate and track metrics: Real-time metrics allow you to continuously assess the impact of your marketing. By understanding the impact, you can adjust your campaigns and optimize your marketing.
3. Consider changing your focus. Moving from paid advertising to organic social media efforts. Paid campaigns can be effective, but they often come at a high cost. During market downturns, when budgets may be under scrutiny, organic social media engagement offers a more sustainable and affordable means of maintaining visibility.
The key is adaptability. Commercial real estate professionals must be agile and adjust their marketing strategies to the cyclical nature of the market. The goal is not to succumb to the inertia of economic downturns, but to strategically ride out the waves and emerge stronger. Dampening, rather than extinguishing, marketing flames can help you maintain an ongoing presence and struggle to rekindle the momentum lost during periods of dormancy when the market tide turns. so you don’t have to.
Kimberly Zar Bloorian is the founder and CEO of Kloud Marketing in Great Neck, New York.
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