As marketing continues to evolve, strategies to attract, convert, and retain customers must adapt. Each industry faces unique challenges, and for commercial real estate (CRE), there are several marketing hurdles that stand out, particularly when it comes to leasing space. Let’s explore the most prominent challenges CRE marketers face and how to overcome them.
Cost to Market
Marketing an asset in CRE is highly competitive, which drives up costs significantly. Teams often face budget constraints, and deciding where to allocate funds can be a challenge.
One common strategy in CRE marketing is sending elaborate gifts to brokers and potential tenants to raise awareness about an asset. While this strategy personalizes outreach, it is expensive and lacks measurable success metrics, making it difficult to track return on investment (ROI).
When trying to maximize your budget, your marketing team should focus on targeting features. These capabilities allow for precise tracking, showing clear evidence that your messaging reached the desired prospect. Targeting is cost-effective and can seamlessly integrate with existing tools and platforms, making it an ideal choice for ensuring that your marketing dollars are spent wisely.
Maintaining Relevance
Commercial Real Estate is known for its long sales cycles, which presents a unique challenge for marketing strategies. Traditional marketing efforts often lose relevance over time, causing prospects to lose interest or fall out of the sales funnel.
Broker events, often hosted a few times throughout the leasing process, are one example of a common strategy. However, given that assets can take over a year to reach a deal stage, a few events are insufficient to keep prospects engaged over the entire cycle.
By leveraging AI-driven tools like RITA, marketing teams can predict buying behaviors and deliver relevant messaging at every stage of the leasing process. This ensures that the asset remains top-of-mind throughout the lengthy cycle, helping to optimize marketing spend by reaching the right audience through the most effective platforms.
Reaching Critical Audiences
A significant challenge in CRE marketing is reaching the right audiences who are genuinely interested in leasing space. Traditional methods often fail to predict or position content for the right end-users, wasting time and marketing budgets on uninterested parties.
For instance, print brochures remain a staple in CRE marketing, but they provide little insight into whether they are reaching the correct target audience. Without the ability to track the effectiveness of these materials, it’s impossible to measure their ROI.
To effectively reach critical audiences, your team should utilize Partner Hub. This integration allows you to target prospects who have already interacted with your asset, including those who have toured the space or engaged with brokers. By ensuring that your marketing strategy focuses on these high-potential leads, you accelerate the leasing cycle and improve overall efficiency.
Conclusion
The biggest challenge in CRE marketing today is generating an attributable return on investment. Many current marketing strategies fail to provide actionable success metrics, leading to wasted resources on initiatives that may not impact leasing. To overcome this, look to RealtyAds for a cost-effective, measurable, and efficient way of marketing your assets. With powerful targeting, AI capabilities, and integrations like Partner Hub, RealtyAds ensures that your marketing efforts drive results and maximize ROI.
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.