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Retail Marketing Success: Why Commercial Property Valuation Is Key

Retail Marketing Success: Why Commercial Property Valuation Is Key

Are you a retail owner or want to get into the commercial property market? It's important to know where you fall within the market of the type of product/service you wish to sell, as there are multiple properties available that come in different sizes, features, benefits, and purposes to best suit your business.  Commercial property is a big investment and knowing the ins and outs and having a clear understanding of property valuation is a fundamental step to success.

If you’ve been in the industry for years or just starting out, the market is ever-changing, and staying ahead of your competitors is important. Are you wanting to grow your business? Add value to your investment? Ever heard the term Commercial Property Valuation? Then you’ve come to the right place. In this article, we are going to state the four key principles of retail marketing for success and how a valuation for your commercial property will be the best investment for the future growth of your business.

Research is key when it comes to a reputable valuation report, depending on where you stand within the market for your commercial property, a property valuer will determine and tailor the best valuation service needed for your requirements to best meet the outcome you need.

What is a Commercial Property Valuation?

There are various types of commercial properties available such as offices, retail spaces, industrial, warehouses, and apartments. When choosing a property valuer for your retail property you are guaranteed professional quality service, our valuers are specialized in the field and will conduct thorough research into the valuation process, taking into account various factors that may come into play as well as the current market conditions at the time of the inspection. Once completed you will receive a report that will detail the findings of your commercial property as requested for the type of valuation service you have chosen this information will help you navigate any informal decisions you may have to set you on the right path to grow your business. And what avenues to take that will benefit the potential growth and development to reflect a positive increase in the value over time.

With any investment type having a strong foundation and clear plan of what goals you wish to reach and how you plan to achieve them, and that's where Marketing comes into play. Below are four key principles defined to get you on the right track to becoming successful within the retail industry.

What is Retail Marketing? 

Marketing plays an important role in any business's success, a process in which you bring the product/service directly to your customers. 3P’s of Marketing

  • Planning
  • Promotion
  • Presentation

Having a unique product/service is the first step to any foundation keep in mind marketing has its additional components to consider, these include:

  • Packaging
  • Competitive pricing
  • Sales campaigns

Let us dive into the four key principles of marketing.

Product 

Before you can even think about marketing, there needs to be a product/service that you are launching or want to rebrand within its industry. It's important to have a complete item whether physical or intangible. Considering all the details that make up the item, especially the packaging.

Your brand identity or business aesthetic is how customers remember you, so your packaging should tie in with that, here are a few aspects to consider

  • Know your demographic
  • Low-cost packaging
  • It’s an experience to make the packaging a part of that
  • Be considerate of wastage, consider sustainable and eco-friendly

Price 

When it comes to pricing, several factors come into play that you need to remember. As they say, finding a happy medium will have a positive impact on sales.

  • Overhead expenses
  • Profit
  • Demand within the market
  • Competitors
  • Market conditions

With pricing, there are two common methods to consider. Simply decide which would best suit your business. Firstly, cost-plus pricing is a way to find the break-even price and then mark it up. The final price will come down to how much profit you wish to make. Secondly, value-based pricing is an estimation of how much a product/service is worth to customers. With this cost method strategy, you are appealing to the customer's emotions. This method can be popular for various levels of value and demand within the market. With retail owners, this can be a benefit as the higher the price- the higher the profits you will receive.

Place 

As they say, it's location, location, location, that is key. But, even if you have the best location, if your product/service is unavailable it will negatively impact your sales. There are multiple types of distribution channels available to give you an endless list of opportunities to present products and services to customers. Therefore, if you can utilize online marketing, the actual location of your storefront is less important. What is important is the channel you choose, as you need to keep in mind the target audience you have set for your business.

Although it can be simple, marketing might not be as easy, as it all depends on your product and how you showcase it in your retail store and online.

Promotion

Lastly, we say the most important is promoting. In retail, it's all about communicating with your customers and finding what interests them. This allows you to grab their attention and give them what they expect.

Depending on the type of product/service, you may have to change techniques to successfully promote it. There are traditional ways of advertising, however, there are also new ways to promote online. For example, through social media influencers. Whichever strategy promotion method you decide on it's important you have a clear understanding of who your target audience is. Find the best way in which you can reach them based on your product/service.

Conclusion

It all comes down to creativity and staying ahead, as the industry is continuing to grow and evolve. Therefore, knowing where your business stands is important. For any business owner being successful and making a profit is the goal. This, in turn, can add value to your business. A commercial property valuation is a foundational tool to have as part of your strategy for success. Remember to also consider the four principles above to ensure you are on the right path. Thus, giving your business a better future of growth and development.

As the market is always changing knowing where you stand financially is important. That's why we highly recommended seeking out a property valuer to determine what valuation service is best for your requirements. Get a true value of your property and clear insight into what is working and what needs to change to be successful.

Author bio: Samantha Grant is a specialist in her field and has been working within the property valuation industry for over 20 years. As a Senior Valuer, Samantha is an authority in all forms of residential, commercial, and industrial valuations. She has served as an expert witness in high-profile litigation proceedings. Samantha’s professional knowledge is often utilized in industry conferences and seminars. She also acts as a performing guest lecturer and an industry expert.

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