by Mike Westgate, Vice President of Marketing at RealMassive
“Social media isn’t a tech play, it’s a relationship play. It’s living, breathing…it’s your customer, your lifeblood.”
Traditional commercial real estate marketing activities such as property brochures, email blasts, and building signs have obviously helped propel the industry over the past several decades. While we fully expect these tactics to continue to add value, I’m delighted to see an increasing appetite for modernization and accelerated outcomes. Over the past year I have enjoyed several conversations with industry pros who are clearly motivated to expand their marketing efforts into digital channels. With relationships at the core of CRE, social and mobile marketing has broadened the definition of engagement, and when leveraged can accelerate and strengthen relationships. In particular, we were overwhelmed with eager participants when we launched “The New #CREcosystem,” a collaborative dialogue on CRE modernization. RealMassive couldn’t script this story alone, so we “passed the mic” to showcase emerging and influential voices, and the insights were fascinating. Most striking was the willingness to collaborate and share industry best practices, especially within the marketing discipline. Inspired by these insights and informed by a few anecdotes from my past life in tech and consumer, I decided to pen a series of open-ended micro-blogs exploring basic marketing concepts. The topics may include (but not be limited to) value proposition, brand building, productive content, and analytics. Consistent with all of our marketing efforts at RealMassive, these exploratory blogs are intended to ignite a dialogue, and I encourage you to help direct the outcome. Now that the table is set, let’s dive into topic one, developing a value proposition.
Defining your value prop doesn’t need to be a laborious process, but it is worth investment and can be one of the most foundational enablers to business growth. The way I see it, if you haven’t written your song’s chorus, who is going to sing it? A strong, clear value prop will not only help you identify what you do that is unique to the market, but it will enable your employees, customers, and partners to share your message consistently. Driven by the dynamic nature of commercial real estate technology, we methodically revisit and optimize RealMassive’s value proposition on a bi-annual basis. The process often includes customer collaboration and testing, but essentially boils down to answering a few basic questions about the business:
1) Who are we primarily serving?
2) How does our product/service benefit them?
3) How are we unique to our competitors?
To illustrate that we’re practicing what we preach, our official value proposition states that “RealMassive delivers ACCESS, EXPOSURE, and INSIGHTS to professionals seeking to modernize commercial real estate.” Each of the three tenets represents a distinct group of features and benefits which can be interpreted uniquely depending upon the target audience (asset managers, brokers, researchers, etc.). For example, if I’m explaining RealMassive’s marketplace value to an audience of CRE marketers, ACCESS refers to data presence and SEO, EXPOSURE refers to expanded reach through digital marketing, and INSIGHTS refers to digital performance analytics.
“If you haven’t written your song’s chorus, who is going to sing it?” [tweetthis twitter_handles=”@RealMassive”]”If you haven’t written your song’s chorus, who is going to sing it?” #Marketing #CRE[/tweetthis]
Whether you are a brokerage firm, a product owner, or a professional service provider, answering these simple questions might prove a healthy exercise in focusing your development, marketing, and sales efforts. If you decide to give it a shot, I’d be anxious to hear your results. To learn more about RealMassive’s approach to data, marketing, and analytics in the new open and connected commercial real estate marketplace, contact us!