When the most decorated Olympian of all time first appeared on a cereal box, consumers rushed to purchase the breakfast staple. It wasn’t an unusual marketing move when Kellogs Corn Flakes adorned their cartons with the image of swimmer Michael Phelps. According to data published by Ad Age and other sources, celebrity endorsements can have fairly profound effects on a company’s stock price as well as overall sales.
That’s the consumer marketplace. Celebrity endorsement is not an approach that is typically used (if at all) in commercial real estate marketing. An eighteen-year veteran of the National Football League, Peyton Manning, has real appeal with just about anyone that knows football. While it’s common to see the gridiron star stumping for the likes of Papa John’s Pizza or Nationwide Insurance, his image is most likely not going to appear in your next offering memorandum. Consumers rely on celebrity endorsement because we tend to trust what’s familiar to us. Actor, Tom Selleck, who now appears in commercials to advocate for a reverse mortgage company is a perfect example of celebrity developing trust.
Trust Your Peers Regarding Outsourcing Marketing
While celebrity endorsements are powerful, customer testimonials are considered even more powerful according to Pardot. Logically, this the power of the endorsement grows when it comes from our peers or others within our circles of influence. So then, why are so many commercial real estate executives still hesitant to outsource their marketing activities? According to Chris Seger, Principal at Pure Development, the choice to outsource is clear. He says, “It’s been my experience that the outsourcing model allows businesses to scale when needed while avoiding unnecessary operating expenditures.” In fact, according to at least one source, outsourcing marketing can save as much as 50% over full-time employees. Inc. magazine says outsourcing creative services, in particular, is essential, “Outsourcing work has helped countless companies deliver a superior product and drive revenue.”
Don’t Trust Just Anyone With Your Commercial Real Estate Marketing
Eric Northbrook, Managing Director, at Voit Real Estate Services, didn’t decide out of the blue that, “...the outsourcing model can work and serves as an excellent resource for firms looking to reduce overhead and expand capability.” He had to find a partner that he could trust to market his commercial real estate company the way he needed. Specifically, Northbrook looked for a partner that understood the intricacies of commercial real estate and had the experience and a talented group of industry-specific marketing specialists.
Before you rely on just any commercial real estate marketing firm, here are some requirements to consider.
Specialized: A commercial real estate-specific marketing company should convince you that your industry is their industry. Their familiarity with commercial real estate related tasks will expedite the development of the creation of marketing materials that are critical to your business.
Experienced: Be sure to check out their track record. A good commercial real estate marketing firm will have worked on thousands of commercial real estate marketing assignments for some of the most well-known brands in the industry. Ask to see samples of branding, flyers, newsletters or whatever materials are most important to your efforts. The work they show you should be clearly built upon dozens of years of commercial real estate marketing experience.
Comprehensive: You don’t want to piecemeal work to multiple vendors. Make sure the firm that you rely on for your marketing covers the entire gambit of the commercial real estate marketing spectrum. It should include strategists, account managers, graphic designers and website developers that are ready to implement marketing plans as well as handle all your industry specific marketing projects.