It is not surprising to experience a rough ride in the global market, especially since it can be affected by economic instability and uncertainty with some of the players that actively take part in it.
When this happens, a market activity often slows down and can impact the intensity of cost-related processes such as marketing and supply-related transactions which are primary contributors to the real estate industry.
When faced with such situations, agents often feel discouraged and frustrated when they are not getting the foot traffic to their agencies or their listed properties.
However, from a marketing standpoint, an economic slowdown should act as a driving force that will continue to move and not pull any stops in campaigning to reach out to more players in the market.
It’s the strategies that count and should be those that will continue to promote your real estate business by providing better opportunities and helping the market move on despite the slowdown.
Don’t waste time
Marketing campaigns can leverage providing offers and discounts to customers, add value to products, maintain professional relationships, and help provide alternative solutions to address difficulties in the face of economic difficulties.
Should an economic slowdown cause you to minimise or stop your marketing campaigns in order to cut costs and cushion the economic impacts?
Hold on, you may want to give it some more thought before you pull the plug on your real estate marketing campaigns.
It may be your chance to consider changing your perspective in looking at economic challenges as a cup that is half-full rather than a cup that is half-empty.
Here’s why.
It’s a time when you need to consider increasing your market presence and activity. When you reduce market exposure, it can send the wrong signal that you could be halting your operations, which can even be more harmful and dangerous to your business.
Avoid being idle
To address this, you need to evaluate your marketing campaigns and thrust, where it is essential for you to re-assess your campaigns, strategies, and channels. Find out what’s ineffective or not working and eliminate channels that have either underperformed or are not working at all.
Will high-pressure and aggressive selling tactics work in an economically beleaguered market? It depends on the situation, however, it is more likely to not work or be effective at all.
Make the most out of every opportunity
Instead, it would be advisable to shift your focus to highly-probable prospects and consider reaching out to them through a mix of phone, email, or personal meetings whenever possible, with the aim of establishing a relationship, rather than getting a client right away.
The reason for this is simple- you explore how to understand their business situation in an economically-challenged scenario and what difficulties their businesses are facing. This could help you modify your marketing strategies to provide remedies or alternate solutions to help them continue to make their online presence relevant and consistent.
Do take note that many, if not most of these businesses have one or more similar scenarios that their businesses are going through, so make it a point to identify what these are and for you to also adapt in customising your own thrusts and objectives for each or all of your real estate marketing campaigns.