May 18, 2016
The Dawn of Modern Retail #CREcosystem
We’re continuing the digital dialogue among retail professionals about how technology is propelling the industry. The insightful responses we’ve received to date make one thing clear, connectivity is the foundation of nearly every modern day business. Organizations, including those in commercial real estate (CRE), are faced with heightened expectations produced by on-demand consumption of goods and information. The retail industry pros featured below recognize the importance of maintaining relevance in an ever-changing market and leverage technology as a competitive advantage.
“Social media has evolved from a one-way communication channel into an ongoing dialogue, growing into a dynamic tool for customer engagement and research.” [tweetthis twitter_handles=”@RealMassive”]#SocialMedia is evolving into a dynamic tool for customer engagement & research. #CREcosystem[/tweetthis]
Until now, mobile and social channels have predominantly been viewed as complementary to traditional activities such as relationship building or commerce. However, responses from our panel of influencers reveal a much more dynamic, interactive, and powerful experience enabled by digital-first customer engagements. Social media has evolved from a one-way communication channel into an ongoing dialogue, growing into a dynamic tool for customer engagement and research. Through this lens, retail CRE pros are using these technologies to not only respond to shifting consumer and market demands, but to actively shape the industry around them.
What is the future of social media in retail real estate?
“Social media is all about conversations, which is a great fit for a highly collaborative industry like commercial real estate where relationships drive business. Digitally savvy professionals will continue using social media to reach new audiences, not just to build brand awareness, but for lead generation, customer service, and partnership opportunities.”
“Social media will continue to break down the barriers between the online and offline world, provide a living, breathing focus group for how our projects are doing every hour of every day, and if done properly become another extension of the brands we are all trying to build.”
“Social media is a tool, and an effective one at getting your message out. It will never replace in-person relationship building, but as we continue to figure out how best to target potential customers and investors, social media will play a more active role.”
Have you developed a strategy to integrate social media into your business and marketing operations?
“I post pictures on Instagram, Facebook, and Twitter, which normally showcase the interesting part of the brokerage business. Graffiti, interesting rubble (like an old legless piano), or closing tables, which remind people of what I do without shoving a ‘do business with me’ sign down their throat.”
“I’m intrigued with how social media can help with mom and pop leasing. We are testing Facebook remarketing where our post shows up in your newsfeed if you visited our microsite, targeting entrepreneurs in a specific geographical area.”
“We are currently implementing a strategy to integrate traditional communication channels with social media to deliver a consistent message about who we are and what we do.”
Twenty-first century consumers are dynamic and interactive participants of the digital world – they are increasingly commingling their personal and branded engagements. Social technologies exponentially amplify customer reach and can deliver insights and products that lead to more meaningful relationships. Digital media provides natural, intuitive channels for communication and collaboration between customers and service providers. These channels are replacing traditional communication and purchasing hierarchies, enabling transactions across geography and unlocking unique value.
Have you seen any examples where e-commerce encourages physical store traffic and vice versa?
“QR codes failed to gain traction and it is unproven whether online couponing drives foot traffic or simply creates an opportunity for discounts at time of purchase (coupon aggregators are a key driver of this). One approach that has been successful, however, is the use of social media campaigns to capture UGC in store. Encouraging shoppers to tweet their purchase or outfit is a great way to build brand awareness and grow earned share of voice.”
“I recently ordered several Apple items for pick-up in the store, and of course when I got there, it was so easy to purchase items in the store from my phone, I bought more. That model works!”
“Yes, and it’s no surprise that companies who are investing in it are leading. Companies like Walmart, Target, Nike, Michael Kors, and the Aldo Group are all doing a great job of this.”
What are you looking forward to most at #RECon16?
“I am looking forward to meeting new connections. I have met some of the best new Client / Friends out of RECon and look forward to the opportunity to network each year.”
“Chairing MAXI’s and celebrating how our industry’s marketers are evolving to respond to the paradigm shift in consumer preferences.”
“#ICSCStyle pivoted from fashion to friendship. The #CREcosystem campaign is all about our ICSC community and embracing innovation in our industry.”
We’re looking forward to meeting each of you at #RECon16! In addition to joining the ongoing digital dialogue, we would love the opportunity to put a face with an avatar. Feel free to join us Sunday, May 22nd at 5pm at Aria’s Sports Bar for a social meetup hosted by theBrokerList and QuantumListing.
Join the Conversation on Twitter: #CREcosystem