If you work in commercial property, you should know how important it is to make sure you target the right market. A poor marketing strategy stems from a poor research process, or an over-ambitious mentality at trying to target ‘everyone’. The reality is, it’s no good targeting a retail shop owner with an office on the 9th floor, and it’s no good targeting a service-based organisation with office-based staff with a site in the middle of the countryside. Instead, you target the shop owner with a space for new retail opportunities, with amazing footfall and access to a residential market. You point office workers in the direction of city-based spaces with great transport links. You have to know your property and who would value that space the most, then target them.
Targeting your market
There are a few easy steps you can follow to make sure you target the right market.
- Know your property
In order to identify which market to target with your property, you need to understand the property you are selling. What would prospective buyers or tenants like or dislike about this property? Identify its key features and what its USP is – this will help you to understand who would be interested.
- Invest in creative commercial property photography
Your photography is key when it comes to trying to sell your property. Your photography, videos and virtual tours are what really give your potential buyers or tenants a realistic feel for the property, so make sure you put in that time and money to get the best results.
- Form your campaign
Take those important key features of your property – the ones you identified as being relevant to your market – and form the base of your marketing campaign. You can read about how 5874 did this with Heathrow Logistics Park, here.
- Use multiple marketing methods
Take advantage of the many marketing and advertising processes available to you. Digital advertising with retargeted ads can be a great way to finalise a deal in those who have already shown an interest. Don’t forget to also utilise more traditional methods, such as direct mail and brochures which can be just as effective.
- Understand the needs of your market
Once you have targeted your market and they begin to show interest, it’s important to make sure you understand their needs and make any prospective changes before taking it to the next step. Take into account time constraints and any other essential changes that need to be made in order to fulfill the needs of the prospective tenants or buyers.
Focus your marketing on the relevant audience, otherwise it will end up being just a waste of time, energy and resource. Make sure you do the research and tailor the offering to suit.