Marketing raises awareness and persuades people to choose one thing over another. For the most part, marketing strategies for both retail and commercial property are similar. However, there is one primary difference in that retail space is used specifically for selling product. For that reason, the space must have the right configuration and infrastructure. In comparison, commercial space is used for a broad range of businesses.
Overall, marketing strategies for retail are generally more focused because the space is so defined, whereas for commercial property, marketing is somewhat generic.
Adequate Time—For retail and commercial property, be careful not to make people feel pressured. Instead, you want to market effectively while giving interested parties adequate time to review the space, look over contract details, and finalize the deal. With retail property, it usually takes a little longer to lease or sell because again, the space must be able to accommodate the product and the culture surrounding that product.
Key Benefits—Because other people are marketing retail and commercial properties at the same time as you, be ready to provide potential tenants with a list of key benefits. Honing in on the advantages your space has over others is persuasive. However, along with pointing out benefits, always be honest. If there is a flaw with the space or a limitation, offer a solution as opposed to covering it up.
Marketing Method—Since there are slight differences in retail and commercial property, it is essential that you choose the right marketing methods according to market condition. The same is true for someone interested in leasing rather than buying. Remember that each of these markets has a unique target audience, so while some marketing strategies work for both, you also need specific methods according to the type of space.
Create a Vision—When you’re dealing with empty space, whether for retail or commercial, some people have a difficult time envisioning the finished product. Therefore, consider marketing strategies that create a vision. You could host an open house-type event with digital imagery that allows potential leasers and buyers to see what the space might look like when complete. Sometimes a little visual encouragement goes a long way.
Market Readiness—For both types of properties, there is typically a best time to lease and sell. Instead of looking at all your properties as one entity, consider them individually when identifying the right time. For instance, you might have retail space available in an area with construction, which to a potential tenant can be a huge turn off. In this case, it might be to your advantage to market the property when construction activity is winding down.
Regardless of the time or primary method of marketing retail and commercial property chosen, you want to incorporate blog content. Posted on your website, offered as a standalone blog, or included in an email, blogs are a very powerful marketing tool. If you need professional assistance, at The News Funnel we have an outstanding team of professional writers to assist.