A resident of Waltham, Massachusetts, Michael Snedeker draws upon an extensive background in commercial real estate development in his role as the executive vice president of Elite Building Corp. in Lynnfield, Massachusetts. In his leadership role with the Boston-area company, Michael Snedeker develops sales and marketing strategies for a leading commercial construction company.
After choosing a site, obtaining financing, and completing construction, the next steps in any commercial real estate development project is finding tenants or buyers through sales and marketing. In the competitive world of commercial real estate, an innovative marketing strategy makes the difference between a successful project and a failure. Here are three tips for developing your next marketing plan:
1. Develop an online strategy. In today’s world, an online marketing strategy is essential. More than simply building out a website, a successful online commercial real estate marketing plan includes the use of social media, email campaigns, and online advertising through Google and Facebook’s cost-per-click programs.
2. Develop a local/physical strategy. Despite the nearly unlimited reach of the Internet, many of your best clients might come from your local region. Complementing a robust online marketing plan with physical marketing materials such as mailers, carefully located billboards or other display advertising, and ads in local print media will supercharge your marketing plan. Many commercial real estate professionals also use cold calling or in-person networking events to create a more personal connection with potential clients as part of their strategies.
3. Measure and adjust. Your marketing strategy is only as good as your metrics. By measuring the impact and effectiveness of different planks of your platform, you will be able to tell what is working and what isn’t. For online marketing, tools such as Google Analytics allow you to determine how well your website is performing, while real-world marketing campaigns are evaluated through lead-generation analysis.