This is part 2 of the ‘5 marketing lessons the commercial property industry can learn from the best technology companies’ article published here.
The way we communicate has changed. Your kids WhatsApp you if they need to get in touch. You get a push notification if the price of the stock you’ve invested in has gone down. No more nerve-wracking phone calls from your broker. Even your mother messages you via Facebook to wish you happy birthday.
Printing more brochures and sending them to your existing contacts is no longer enough. Recent research into B2B marketing practices found 58% of B2B marketers use print and offline advertising methods, but only 24% of them find it effective, making it the least successful paid marketing method (Bubblegum Research). On the other hand, the same research found 84% of B2B marketer use social media and 50% of them find it effective. A great example of a company utilising social media for B2B is Studio Gang Architects with their Instagram account.
By understanding how your clients consume media, you will be able to communicate your value proposition to them in the right way through the right channels. Are you using online methods and social media enough? For most in commercial property, the answer is ‘probably not’.
You might not have used it, but you’ve definitely heard about Snapchat. You might ask why bother with Snapchat? Snapchat is almost synonymous with Millennials. It embodies the essence of Millennials’ mentality and approach to work life. It’s fast paced, instantaneous and the lines between the virtual and physical worlds are blurred.
If you’re competing with likes of Amazon or tech startups for a limited pool of talent out there in the market, consciously ignoring digitalisation is shooting yourself in the foot. Graduates coming to work for your company are likely to be tech savvy individuals. They are used to apps helping them with university assignments or smart watches monitoring their health. According to the PwC study ‘Millennials at work’, Millennials tend to be uncomfortable with rigid corporate structures and turned off by information silos. Modern technology in organisations breaks silos and enables collaboration. A lack of it, therefore, may have a negative influence on attracting young talent as a result.
It stretches beyond hiring and managing Millennials. Younger employees on your clients' side might start questioning a lack of transparency or speed-to-market. Adapting to technology-enabled communications allows you to win Millennial clients and keep them for a lifetime.