The commercial real estate market is a perpetual ebb and flow of highs and lows, and any player can attest to its cyclical nature. As the market oscillates, real estate professionals question whether their marketing strategies should mirror the market’s ups and downs
Currently, interest rates are high and the market has not promptly caught up, leaving real estate in a state of lag. During market upswings, expenditures increase as players seize the opportunity to invest, but when the market takes a downturn, real estate professionals are faced with the dilemma of how to navigate such conditions.
One pivotal question arises: Should my marketing efforts come to a screeching halt during these challenging periods, or should they persist, but with diminished intensity?
The answer lies in maintaining consistency, even if it means dimming the marketing flame rather than extinguishing it entirely.
Shutting down the marketing engine during a market dip unnecessarily squanders your hard-earned momentum. In an industry where visibility is key, a sudden disappearance from the marketing landscape can lead to a loss of traction and brand presence. Instead, it’s wisest to strike a balance that recognizes market’s changes while maintaining a steady, though modified, marketing presence.
Collaborating closely with your marketing team or agency becomes crucial during these times. Here are some strategies to guide your marketing efforts during challenging periods:
- Explore Cost-Effective Alternatives: Transition from traditional print media to digital marketing. The digital landscape offers a plethora of opportunities to reach wider audiences at a fraction of the cost.
- Evaluate and Track Metrics: Real-time metrics enable you to constantly evaluate the impact of your marketing. Understanding the impact enables you to make campaign adjustments to optimize your marketing.
- Consider Shifting Focus: Shift from paid advertising to organic social media efforts. While paid campaigns can be effective, they often carry hefty price tags. During market downturns, when budgets might be under scrutiny, organic social media engagement provides a more sustainable and affordable avenue for maintaining visibility.
The key lies in adaptability. Commercial real estate professionals must be agile in adjusting their marketing strategies to align with the market’s cyclical nature. The goal is not to succumb to the inertia of a downturn but to emerge stronger by strategically navigating the waves. Dimming the marketing flame instead of extinguishing it helps sustain a continuous presence, ensuring that when the market tide turns, you’re not left struggling to reignite lost momentum during a period of dormancy.