August 21, 2018
One of the most common mistakes businesses make is to equate marketing with sales. While they are inextricably linked, and good marketing makes sales a whole lot easier, they are two distinct processes.
And, for a lot of industries, it makes sense to conflate sales and marketing. When you’re selling hot dogs, it’s a pretty simple process: find hungry people and get in front of them. But when you’re talking about commercial real estate, it’s just a bit more complicated.
Because of this, one of the best ways to improve your sales process is to tailor your marketing process. In other words, the best way to sell isn’t just to get in front of as many people as possible. The best way is to get in front of the right people.
When you already have a listing, here are 3 ways to improve your sales process:
Identify the Ideal Tenant or Buyer
Instead of spending a lot of time and effort letting your current network know about your listing, focus on the type of person that would be most interested in it. For example: if the property is a warehouse, odds are the attorneys in your network won’t really care and sending them an email with the listing will only discourage them from opening your next email. But with a group of import/export companies, eCommerce businesses, or freight shippers, you have a stronger likelihood of getting their attention.
Don’t bother with a no-stone unturned approach: tailor your email list and advertisements to the right people and you’ll get more of their attention.
Focus Less on the Sale and More on Solving a Problem
Deals succeed or fail due to the relationship. When you keep your focus on nurturing the relationship with a prospective tenant, buyer, or their representative and helping them solve the problem in front of them, you’ll break down the barriers more quickly than if you just push to get the deal across the finish line.
Realize Prospects are Smarter
A decade ago, the only way anyone looking to buy, sell, or rent commercial real estate was to first contact a commercial realtor.
Now, though, people like to do their own research as they start the process. When you are starting the early stages with a prospect, assume that they have at least a baseline of knowledge on the market.
At the end of the day, when you refine and tailor your marketing process, you increase the quality of your pipeline and thereby reduce the time and resources needed to make a sale. Find ways to build a more relevant relationship with prospects rather than simply focusing on maximizing impressions your listings receive.
To find out how RealMassive’s marketplace and data solutions can boost your sales process, get in touch with us here.