Despite the widely held narrative that crowdsourcing is the domain of young, up and coming entrepreneurs, a growing number of big names in commercial real estate are starting to adopt the trend, Bloomberg reports.
This comes in the wake of rules introduced by 2012’s Jumpstart Our Business Start-ups or JOBS Act which were in turn adopted by the U.S. Security and Exchange Commission. The headlining feature of this long list of dos and don’ts was lifting the ban on ‘general solicitation’, allowing businesses to cast a much wider net for potential investors through tools such as email marketing.
Why choose Email Marketing
According to recent surveys, email remains the crowd favourite for receiving commercial communications, even as newer technologies make inroads. This popularity comes as no surprise – because users can keep a record to review later, emails forgo any pressures of time sensitivity. A marketing email can also carry on-site photographs and property details that would otherwise run the risk of being lost in translation. Combined with its affordability and painless setup process, email marketing makes a convincing argument for any commercial real estate firm looking to diversify their repertoire.
Top tips for Email Marketing
All too often, would-be marketers overlook the subject lines of their emails, missing an opportunity to shape their first impression. Emails that use generic marketing headlines have a slim chance of standing out in crowded inboxes and could potentially sour relationships. However, a concise, informative and personalised subject line is much more likely to generate interest.
Targeting is arguably a forte of email marketing, with platforms such as Mailchimp offering the freedom to refine audiences down to a granular level. Using this to segment contact lists makes it possible to cherry-pick high-value content tailored towards investors, developers, buyers or other key stakeholders.
Recent studies by Yesware indicate that even if two marketing emails go unanswered, there is still a 25% chance of hearing back from a third, making consistent and proactive follow up all the more important. Varying outreach timing to reach those who don’t open the initial email and responding promptly to potential leads can secure deals that could have otherwise fallen by the wayside.
Preparing for GDPR
Once GDPR comes into full effect later this year it will impact every facet of how firms process data, including their marketing contacts. In order to prepare now:
- Ensure that everyone sent a marketing email has given their consent to be contacted beforehand
- Make clear the reasons why their data is being processed and why they are being contacted
- Detail how their data is processed, both in house and by third parties if applicable
- Make sure that users can see their information or, if they desire have it deleted entirely