Marketing Commercial Real Estate in an Economic Downturn
How do you continue marketing to your CRE audience when the US economy is repeatedly kicking you in the shins?
By Amy Catterson || August 11, 2022
So, you’ve heard the news…economic downturn… and you’re wondering 'what now'? How is this going to affect me? How is this going to affect my business and the commercial real estate industry? How do I market around this?
Well, from a marketing point of view, begin by ensuring that you prioritize adding value through the content that you're posting. It’s important now more than ever to be mindful of what content you’re putting out into the universe. We’ve got more advice on that a little later in this blog, which will hopefully help return some of your sanity.
Economic downturn, what does that mean?
What happens when there is a shift in the economy and things don't quite go as planned? It’s important to predict how this will impact commercial real estate and the market (in the US) and then take the steps to ensure that this doesn’t impact you.
Because no two "recessions" are exactly alike, marketers find themselves in poorly charted waters during every economic downturn, however, one can study marketing trends that have worked in the past and put this forward to help.
Should you continue to market during a downturn?
Now is actually the time to strap in and turn up the volume on your marketing. Increasing marketing during an economic downturn can lead to growth, shocker, right? You see, companies that continue to market themselves stay at the forefront of the minds of consumers. It also sends a message of strength and big-picture thinking. This is attractive to the consumer during such hard times.
So, what marketing tips can we give you?
Market to existing clients. Ensuring a loyal customer base during an economic downturn is a HUGE asset. It’s cheaper, simpler, and a more effective way of marketing. So, how do you make yourself attractive to these existing customers?
Keep in touch through emailers, offer loyalty rewards when things are tough, follow them throughout the purchasing process and prohibit any creep-ins of cognitive dissonance, aka buyer’s remorse. Ensure to also pay attention to your branding.
Elevate your content
By leaning on consistent branding and engaging with your audience you eradicate doubt. Marketing strategies that you can adopt include a combination of blog posts, emails, newsletters, and ads. But don’t just stop there, elevate your content, obviously in line with your budget. Debt is not cute.
Keep it positive
Positivity is key! Keep your messaging positive and focus on the pros rather than the cons. Keep your tone light, we already know sh!t is hitting the fan, you don’t need to tell us. So focus on pushing positive content and positive messages related to the downturn.
Start telling the stories of your properties and how they are a fix to the problem. Get creative with your storytelling and be epic. Based on your budget. Again, debt is not cute.
Where to now?
An economic downturn can have a dual effect. Some businesses suffer from it, while others thrive! These two categories differ primarily in the type of goods or services they offer. So, what next?
Pick a theme that will work for you and run with it. Produce content that is going to support your theme of choice and make yourself shine, always ensuring that you are bringing value (and positivity) to your client, through this content.
You’ve got this, we believe in you!
If you need any help, hit us up.
Until next week,
Stay ATYPICAL 😉