Considering business to consumer public relations for commercial real estate – strategy setting by commercial property type:

Retail

Marketing to consumers has long been thought of as the domain of the retailers themselves – while mall owners set their media relations strategy based on reaching retail real estate brokers.  But in recent years, having a mall-wide program to support individual retailers has

become increasingly important.  Every retail owner should consider: how are we promoting the brand of each shopping center, to its core target consumers?  Digital pr strategy and special events typically play key roles in these strategies.

Office

When brokers market an office building, they need to demonstrate to potential tenants that the location will support their business goals.  Consider: how can you position the building in

the marketplace to support those goals?  For example, professional buildings in which doctors, dentists and other service providers lease space can benefit from a brand marketed

as convenient and accessible to the surrounding community.  Many office buildings also include components that may directly benefit from a consumer public relations campaign – see the example below of Chicago’s John Hancock Center.

Hotel

“Hotels are commercial properties, but they go to 0% occupancy every day at check-out time,” goes the old saying in the industry.  If you’re an owner/investor – check out the consumer marketing campaign that the hotel’s brand is running, or that the management is considering.  While the location and building quality of a hotel is certainly critical to its core value, its ongoing cash flow will be largely determined by how well its marketing program reaches consumers.

Industrial

Consumers rarely need to visit distribution centers; if they do, the buildings are positioned differently, as “factory outlets” or other types of big box retail (see above).   But consumers can become a huge factor if a community opposes the development of an industrial park, or

of a specific facility.  When land use battles begin, industrial developers need to engage in a

consumer public relations campaign – and fast.

Multifamily

Buying, selling or refinancing your multifamily property?   B2B will do fine.  Leasing units?  Now that is a consumer public relations and marketing strategy.  In particular, most

successful multifamily owner are now engaging their potential tenant communities with

creative print advertising campaigns featuring a strong social media component.  Mobile marketing strategies are also being deployed, to reach potential renters, and drive building cash flow.

Integrating B2B and B2C – Example: Chicago’s John Hancock Center

Chicago’s John Hancock Center, the city’s delegate building to the World Federation of Great Towers, is owned by Golub & Company (B2B client).  The building has two

separate public relations strategies – one B2B (for office leasing) and one B2C (attracting consumers to the 94^th Floor Observatory).

The Observatory recently held a private event during which the National Hockey League’s Stanley Cup – won this year by the Chicago Blackhawks – was taken to the roof of the building, the highest point the actual Cup has ever reached, in any city that has had the honor of the Cup for the year.  After its trip to the roof, the Cup was brought to a private reception at the Observatory, where a small group of “friends of the firm” – including a few potential tenants –

were invited to have a

photo opportunity with the Stanley Cup itself.

This winter, when an ice skating rink is temporarily added to the Observatory, the

partnership with the Blackhawks will continue.  As that rolls out, the B2C campaign will continue to drive visibility for the Observatory direction – and indirectly, it will support the

B2B campaign for new tenants in the property.

How are you integrating business-to-consumer marketing strategies into your traditionally business to business commercial real estate marketing?

To contact Margy Sweeney:

Phone:  312-252-7314
Email: margy@blisspr.com
Twitter: @margysweeney
LinkedIn: Margy Sweeney

How immersed are you in the industry you publicize? In today’s world, attending industry events brings great value to public relations programs – for both agency and corporate public relations professionals. Beyond networking, events bring unique value to understanding the context of industry media coverage, and getting to know what issues keep the decision-makers up at night.

Here are some tips and video on how to get the most value from business networking events.

BlissPR Tips: Leveraging Industry Events for PR Advantage

1. Leverage events to get to know your industry. There’s an old PR saying that you should be, “a mile wide and an inch deep.” Not true for B2B public relations. B2B PR is a knowledge-based business (instead of a product-based business), and to truly understand our clients, we must be a part of their world. Attending industry events gives us an avenue to immerse ourselves into the industry’s culture and learn the language. In the following video, hear more about using events to get to know your industry, from BlissPR’s Margy Sweeney, Lindsey Schober and Berj Alexanian:

But don’t take our word for it – here’s more on the importance of events, from a company that organizes them “for a living”. In this segment, BlissPR’s Berj Alexanian takes us behind the scenes immediately after the Bisnow Chicago Real Estate Summit for an exclusive interview with Michael Farber, Bisnow Vice President of Expansion, to talk about the importance of networking events in the real estate industry.

More BlissPR Tips: Leveraging Industry Events for PR Advantage

Here are three more tips for getting the most out of industry events for PR pro’s, including more video “Live from Bisnow-Chicago” with more context from our BlissPR Chicago professionals.

2. Mine the events for pitch and story ideas. Industry networking events are prime places to pick up a new pitch or story idea. Pick attendees’ brains about new industry trends and ask questions about what’s top of mind or what’s keeping them up at night.

 

3. Meet the media. Industry specific networking events are a great opportunity to get to know trade media reporters. Make sure to seek them out, and be prepared with questions for discussion (see Tip 5).
4. Personal relationships are key – Industry networking events are often a relaxed and pressure-free place to strike up conversation and deepen personal relationships with peers, clients and reporters. Make sure to introduce yourself to people you don’t know, and don’t be afraid to ask lots (and lots) of questions.

A little coffee and a nosh can be a great beginning to a conversation that would not normally take place otherwise. Here’s more:

5. Do your homework – Any networking event can be overwhelming, especially if you don’t know anyone or are new to the industry. Before you go, do your homework. Develop a plan. Be sure to know the basics of your industry and the current issues. Read the trades and the publications your industry values. Find out who is attending, and pick out three or four people you want to talk with. The goal isn’t to collect as many business cards as possible. The goal is to have a strategy going into the event, so you can gain knowledge and develop relationships that will bring value to your clients and your firm. Please find the final link below where the BlissPR Chicago team stresses the importance of properly preparing yourself prior to a networking event.

What helps you to make the most of events in your industry?

To contact Margy Sweeney:

Phone:  312-252-7314
Email: margy@blisspr.com
Twitter: @margysweeney
LinkedIn: Margy Sweeney

• One emerging positive story you may want to keep an eye on is the commercial mortgage-backed securities (CMBS) market. Recently, after a hiatus following its collapse a couple of years ago, the CMBS market has seen signs of life, and experts I’ve talked to expect a return to the modest activity seen in the ‘90s. A strategic B2B PR program will leverage stories related to CMBS sooner rather than later. 
• For banks and other lenders and mortgage originators, another positive story is a possible increase in deal flow. If you’re a lender that hasn’t been doing much lending and you’re ready to start lending again, consider a ramp-up in media outreach as deal flow increases, since you want your clients to know that you’re back in action. 
• For other sources of commercial real estate capital, such as funds, life insurance companies, private equity firms, and institutional investors, the burgeoning commercial real estate recovery calls for a reassessment of communications strategy. In preparation for a possible increase in deals and capital placements, you will want to re-evaluate your target audience. When trying to place capital, go where the deals are. It may sound obvious, but many firms overlook the need to change their communications strategy as the market shifts. Are you targeting your current audience? 
• Then there are the Real Estate Investment Trusts (REITs), which are uniquely positioned to benefit from a resurgent market. The collapse of the market left most of its participants with no way to determine the value of the property in their portfolios or investments securitized by those properties. As the market recovers, REITs will be able to better determine the value of their holdings on the market and how much their debt is worth. If you work for a REIT, set PR strategy now on how best to announce acquisitions and dispositions.  As the gap between bid and ask prices on property and debt continues to narrow as a result of increased trading, assess who you need to reach with your PR program.

No one knows what the future holds – probably a good thing, as not knowing what’s going to happen is part of what makes working in B2B public relations so much fun. But it’s very likely that the commercial real estate market will show increased signs of life this year, and as it does we should be proactive to find positive stories for commercial real estate professionals to tell.

What are your positive real estate stories?

To reach Dave:

Phone: 312.252.7318
Email: dave@blisspr.com
Twitter: @davidmiranda
LinkedIn: Dave Miranda

Today, the market is more complex than it ever has been, particularly in the commercial real estate sector and the world of corporate site selection. To make sure the market is ready for your message, consider the following three questions: 

• Who is my audience? Where does their business stand in the economic cycle? Right now, real estate – particularly employment-driven sectors of commercial real estate – are lagging other industries like financial services and professional services in the economic recovery. Be sure you know if your audience is in “growth” or “survival” mode, and tailor your messages accordingly.
• Am I too late to the game to offer a fresh perspective? People don’t have time for ideas that they’ve heard before. For example, if you have a message focused on sustainability, consider how much green washing people hear every day. Make sure you have something new to say – and that your message stands up to any likely challenges.
• Am I too early? Is my audience ready to hear what I have to say? If your audience is not open to what you have to say, you’re wasting your time – and theirs. Be sure to connect your message with their current interests and challenges.

In 2005, I ghost-authored a retail market communications piece that received negative reviews from the audience because our research was good, but our timing was bad. Together with my client, we carefully researched statistics on the spending habits of Generation Y, on Americans’ lack of savings, and presented a case that retail could be in for a rude awakening. Far from being heralded as a prophet of market cycles to come, in the overheated market of 2005, retail professionals were looking for inspiration on how to go faster, close more deals, and beat out their arch-nemeses. Instead, we threw them into a cold shower of ugly statistics. Moral of the story? There’s no value in an “I told you so.” A more productive way to engage your audience is to educate them on how you can help them meet the challenges of today’s economy, while planning for all possible futures. Nobody wants to hear a blunt take on how they are getting it wrong.

Remember that clichés are born for a reason. How are you using market timing to make sure your communications are resonating with the market?

To contact Margy Sweeney:

Phone:  312-252-7314 
Email: margy@blisspr.com
Twitter: @margysweeney
LinkedIn: Margy Sweeney

Social media today represents a parallel to the commercial real estate industry’s slow embrace of email in the 1990’s:  late to start, but critical mass builds on a steep curve.

Remember the first person in your real estate company to sign up for an email address?  I do – and it was me, in 1995. But my former coworkers from that office and industrial development company who resisted email and “that Google thing” are now Blackberry addicts.  They are also the social media users of the future, and I have no doubt they’ll make money doing it.

National Real Estate Investor, the Wall Street Journal and titans of the industry are already blogging, tweeting and linking.   Case in point:  the full service commercial real estate service firms like CB Richard Ellis, Jones Lang LaSalle and Cushman & Wakefield are all embracing social media in various forms, and the industry’s many entrepreneurs have formed communities online via LinkedIn, Twitter and even in some cases Facebook.

On this blog, we have already discussed how banks are handling social media and the impact of the guidelines recently issued by FINRA. These guidelines are relevant to many in the commercial real estate finance corner of this industry.  We’ve also blogged about social media tips for wealth managers – many of whom advise on real estate investments.

Below we offer 5 suggestions on how commercial real estate executives can start to engage in social media:

1) LinkedIn Engagement  

Hands-down, there is more engagement in the commercial real estate industry on LinkedIn than in any other social media forum.  Join it.  Link to everyone you can.  Work it like an ICSC cocktail party, but with less small talk.  Once you’re connected, join groups and participate in the discussions. Post comments and recommend people you like and respect. 

Rule of thumb: You’re a successful networker, or you wouldn’t be in commercial real estate.  Take it online, and take it up a notch.

2) Commercial Real Estate Blogs

The Wall Street Journal blogs are among the most popular and user-friendly blogs out there, and they offer one of the most widely-read blogs in the industry. The Developments blog focuses on trends and deals of national interest alike, for example.  Get started by reading the blog regularly, following the links they offer to find additional blogs of interest, then maybe begin making comments online.  To find blogs germane to your sector and business goals, look at your regular sources of news and networking:  industry associations like CoreNet Global, ICSC, NAIOP and trade publications like Commercial Property Executive, France Publications and others.  Company blogs, such as the AlterNOW blog, can also provide timely interpretations that provide a strong perspective and point of view on issues important to this industry.

Rule of thumb:  If you read it or join it, look for its blog, then read it and share it.

3) Webcasts/Podcasts

Many commercial real estate firms offer a variety of informative materials (in some cases Thought Leadership) presented to clients or potential deal partners on a regular basis. It comes in a wide range of forms including market information, road shows, economic commentary, private event presentations or articles on commercial real estate trends.  This can all be repackaged as webcasts, podcasts or other social media friendly materials. For example, you can produce short commercial real estate market commentary segments, or host a Q&A session on upcoming trends and recent transactions.

Rule of thumb:  If you used marketing dollars to create a traditional marketing or thought leadership piece, get more for your money by making it social, interactive and online.

4) Social Media Press Releases

Social Media Press Releases (SMPRs) are optimized press releases that can include video segments, pictures and links to further information. Because of the extra information they can provide, many view them as more of a resource than a promotion. You can include videos of interviews with key spokespeople, links to other data in a particular area, or previous pieces you have published.  Excellent for deal announcements where you still need to lease space in the remainder of the building, think about adding a video of finished space – and  also possibly video of the space that new tenants could visualize becoming their own.  For some video examples, check out the Leopardo Construction YouTube Channel.

Rule of thumb:  Add interactivity wherever you can – no more text-only announcements.

5) Twitter

Everyone jokes about “tweeting” and there are legitimate questions about current engagement in Twitter amongst high profile commercial real estate decision-makers.  But cynics be warned:  your competitors are signing up.  Do you want to be the last one there?   A recent article from Inc.com gives tips on how people can use social media outlets, such as Twitter to their advantage in attracting and engaging with new customers.  Give it a read – and I’ll see you in the Twitterverse (@margysweeney).

Rule of thumb:  Sign up, follow people and firms you respect, and engagement will follow down the line.

Are you still curious how to reach your commercial real estate clients in social media?  I suggest you ask them – and be prepared to receive lots of LinkedIn requests and new Twitter followers.

What is your commercial real estate firm doing to embrace social media?

To contact Margy Sweeney:

Phone:  312-252-7314 
Email: margy@blisspr.com
Twitter: @margysweeney
LinkedIn: Margy Sweeney

Real Estate: The world’s largest shopping-mall operator, Simon Property, announced today an offer to acquire one of its top rivals, General Growth Properties Inc., for $10 billion. If successful, the deal would potentially create the largest U.S. owner of high-end malls. According to reports, General Growth Properties is also in negotiations with Brookfield Asset Management about the possibility of funding to support an emergence from bankruptcy-court protection. The decision will be left up to General Growth’s board, with final say coming from the company’s creditors and the bankruptcy judge. To read more, click here.

Retail: The Container Store sent its employees a “hug” on Valentine’s Day with the launch of its inaugural “National We Love Our Employees Day.” Kip Tindell, Chairman and CEO, noted that the initiative was started to recognize employees and thank them for all their hard work, especially during the recession. According to the press release, “employees will be treated to special celebrations and recognition at the retailer’s stores, home office and distribution center” throughout the week. Read more at Retail’s Big Blog.

Markets: All eyes are looking internationally this week, specifically towards Greece, as the U.S. markets wait to see if the meeting of Europe’s finance ministers will produce a package that will ultimately bail out Greece and its fiscal crisis. The debt problems of Greece have shaken the confidence in the 16-country currency union, pushing the euro to a nine-month low against the dollar. While a bailout deal is still uncertain and no one knows exactly what it might look like, what, if any, role will the major European banks be asked to play? To learn more about Greece’s debt problems and what it means globally, click here.

What will YOU be looking out for in business news this week?

To reach Gretchen:

Phone:  212.840.1460
Email: Gretchen@blisspr.com
Twitter: @gsteinmiller
LinkedIn: Gretchen Steinmiller

Obama’s Budget:  President Obama released today the annual budget. Overall spending is expected to climb to $3.83 trillion and the national deficit is expected to shoot up to $1.26 trillion. Read more here.

Commercial Real Estate: REITs are still facing difficulties with decreasing rents and occupancies, but they have rebounded from March ’09 lows. The nature of investing in REITS, according to this article in the Wall Street Journal, has changed: formerly a stable and steady source of cash flow, REITs may now track the broader market, and many investors are now looking for growth opportunities. We are at or near the bottom of the CRE market, but it may be a long time before buildings begin to show increased value. If you’re looking for undervalued REITs, be aware that prices may already reflect an anticipated CRE recovery.

Retail: The Wall Street Journal provides an in-depth look at the e-book battle between Amazon and Apple, which came as a result of Apple’s launch of the iPad. On Sunday, Amazon halted all sales of books published by Macmillan in efforts to face the challenge of potentially raising prices to match Apple’s pricing terms for the iPad.

What are YOU reading?

To reach Nicole:

Phone: 212.584.5473
Email: nicole@blisspr.com
Twitter: @nicolejleblanc
LinkedIn: Nicole Leblanc

M&A:  This morning British chocolate makers Cadbury accepted a bid of 11.9 billion pounds ($19.7 million) from Kraft foods after 4 months of wrangling. The deal creates the world’s largest confectioner. Cadbury shareholders will get 840 pence a share, with 500 pence of that in cash and the rest in stock. Cadbury will also pay them an extra 10 pence per share as a dividend once the deal is unconditional. For full terms of the deal, please click here.

Markets:  All eyes are watching the special election today in Massachusetts for the late Senator Kennedy’s Senate seat. According to a survey by InsiderAdvantage/Politico, Republican Scott Brown holds a slight lead over Democratic runner Martha Coakley with a 52% to 43% gain. The pressing issue at hand is the needed 60^th vote for the healthcare bill. If Brown wins we will most likely see the bill dead in the water. If Coakley takes the seat some version of the healthcare bill will likely become law. To read more click here.

To reach Karlsson:

Phone: 212.584.5485
Email: karlsson@blisspr.com
Twitter: @kbanks
LinkedIn: Karlsson Banks

First, resolve to be specific. Avoid saying nothing – or nothing meaningful – in the hopes of covering everything. For example, take sustainability. Everyone wants to make sure the world knows that their organization is focused on sustainability or “thinking green.” But what does your organization have to say that is truly different from the next guy down the street?  Do you have new information about negotiating green contracts?  Does your technology help to quantify or measure carbon reductions?  Do you have new statistics, research or case studies to drive proof of your “green” accomplishments in your public relations program?  Do you have an opinion that reflects new thinking, and you’re ready to put your stake in the ground in regards to a high profile debate?   If you are a commercial real estate firm, your take on sustainability should be different than the local economic development corporation, which should be different from a law firm or a consulting firm.  Know your niche – and be specific in the information and thought leadership that is shared with the public under the banner of your organization.

Here are five ways to clarify your messaging that could make the difference between common banter and sought-after thinking in the marketplace.

Five Communications Clutter Reduction Tips:

• Define five core messages.  Five is generally enough to cover what your organization can truly deliver.  Be disciplined in paring down broad thinking to meaningful points on narrower topics.
• Support your business strategy.  Make sure your pithy sound bites have actual bite – and will be memorable enough to the right people, to help to drive results.
• Smart does not equal strategic. Lots of smart people contribute great things – but not everything has a role in external messaging.  Look at your firm from the outside in, and make the tough choices about who speaks on what topics to the outside world.
• Know your audience. Know what they read, what they watch, what they click.  Information must be meaningful to the people who will do a deal with you.  Make sure the topics and messages you choose will resonate with top decision-makers.

There are many ways to create and implement strong messaging, including media training to back up a strategic messaging philosophy.

Bottom line:  Escape from the irony of having too much to say – clear the clutter in your organization’s messaging, and let your great thinking shine through.

How do you plan to clear your messaging clutter?

To contact Margy Sweeney:

Phone: 312-252-7314
Email: margy@blisspr.com
Twitter: @margysweeney
LinkedIn: Margy Sweeney

Here are some headlines to look for this week:

Retail: The big retail buzz this week is Black Friday and November same-store sales. More Shoppers Hit Stores, but Spend Less Each this Black Friday, and the media is covering the weekend shopping at a rapid pace. Today, Cyber Monday will be watched closely and we expect stories to follow leading up to Thursday’s release of November retail sales. According to Barron’s, the big winners for November are expected to be Costco and TJX. Read more: Click here.

Management:  Microsoft is the latest company to face a management transition with the announcement that CFO Chris Liddell will leave the company by the end of the year to look for a new job. Read more here.

Real Estate:  A Dubai-based state-owned investment conglomerate Dubai World, with $59 billion of liabilities, set off a global stock market selloff this week after it said it wants to restructure its debt, including at its property subsidiary Nakheel. Read the Reuters coverage here. The announcement is rattling the U.S. real estate market as well. According to analysts, Dubai may have to unload properties at distressed prices which could drive down the price of all commercial real estate.  While it looks like the debt may be covered by UAE government interests, the question is: what will happen to the individual property sales? What impact will those prices have beyond the Middle East?

What are YOU reading this week?

To reach Nicole:

Phone: 212.584.5473
Email: nicole@blisspr.com
Twitter: @nicolejleblanc
LinkedIn: Nicole Leblanc