Save Your Commercial Real Estate Marketing From The Recession Butcher Block
Economists are predicting a recession, and some say it’s already begun. But I advise you to wait before you take a red pen to your marketing budget. I know marketing is an easy target for cuts. Businesses want to keep their employees and cut every other way before implementing layoffs. Canceling a marketing campaign is often easier than reducing production or divesting yourself of commercial real estate. But if you want to survivethe rocky waters ahead — and even thrive — you may need every marketing dollar you have.
Things are changing fast. With several weeks of record unemployment claims, we know small businesses are at risk. We also know that recovery is eventually going to come; we just don’t know how long it will take and what it will look like.
What isn’t likely to change is our need for commercial real estate. Even if the move to remote work has a longer-reaching impact on certain market segments, we will still need places of business. Look at how important our grocery stores and distribution centers have become during the pandemic.
Retail stores will open again. Restaurants and entertainment venues will buzz with activity. In the meantime, how do commercial real estate companies survive? How do you discover, reach and nurture new customers? With your marketing.
In 2009, the Harvard Business Review published an article about business marketing patterns and consumer behavior trends during downturns. The authors analyzed brands that succeeded and failed at marketing, and they determined that the ones that were able to strategically assess their marketing, reallocate funds and respond to consumer demands were better positioned both during and after the recession.
So rather than butchering your marketing budget because of a recession, change tactics.
Invest In Customer Knowledge
Get to know your customer base and target audience well. Pay attention to their shifting needs during and after this crisis. How we engage with our built world is likely going to change.
Go ahead and assume that this recession is going to be a long haul, but be ready for the upturn. Pay attention to how the pandemic is changing the ways we engage with each other, the ways we work and our physical environments. When we get to the other side of the recession, commercial real estate will likely see a new normal. Be prepared to modify your strategies and tactics.
Slash Practices That Aren’t Working
Keep your marketing resources allocated to what’s relevant to your loyal base and target audience. Pay attention to the data on what content is resonating. Be aware that what works well during the recession period could change as we begin to recover.
Double Down On Your Principles And Your Value
People want the dollars they spend to matter. Why should they spend their money with you? Double down on who you are and make your value messaging clear. Avoid changing your core principles. If you change them because of the recession, you risk alienating the people who currently see your value.
Focus On Digital
The online world is where people are right now. The brands that are most likely to make it through the recession are the ones that foster a strong online following. Find ways to use digital marketing to cultivate a strong community. Engage in online communities. Start conversations, and be part of online trends.
Try To Maintain Or Increase Marketing Spending
The trend is to reduce marketing spending during a recession. But if you can maintain or increase your spending, you may reach more people because you have less competition. This could be your chance to position yourself for a market takeover or to acquire other brands and their customer base. Use the emptying marketplace to get your brand name out there.
Eliminating or drastically shrinking your marketing budget may not be the best way to reduce your risk in a recession. What we have to do now is be smarter managers of our marketing budgets. Make cuts based on data and with precision.
Original Article Found Here