Leveraging Account-Based Marketing in Proptech: Lessons Learned from my Time as WeWork’s Real Estate & Broker Partnership Lead
During my tenure as the Tri-State Head of Real Estate and Broker Partnerships at WeWork, I was deeply involved in employing account-based marketing (ABM) strategies to foster and scale our partnerships. ABM, a strategic approach to business marketing, involves concentrating resources on a set of target accounts within a market. It uses personalized campaigns tailored to engage each account. This blog will explore how ABM, particularly through email marketing, can be an effective tool in scaling partnerships in the proptech industry, drawing on my experiences at WeWork.
Identifying Target Accounts: At WeWork, the first step in our ABM strategy was identifying key real estate brokers and firms that aligned with our expansion goals. We focused on those who were influential in the Tri-State area, known for their innovative approaches, and whose client base matched our target demographics.
Key Strategy:
Use market research and data analysis to carefully select target accounts. Look for potential partners that align with your business objectives and have the capacity to influence your target audience.
Customizing the Communication: Once we identified our target accounts, the next step was to craft personalized email campaigns. We tailored our content to address the specific needs and interests of each broker or firm. For instance, for brokers specializing in startups and tech companies, we highlighted WeWork's vibrant community and networking opportunities.
Key Strategy:
Customize your email content to resonate with the specific interests and business goals of each account. Personalization goes beyond just using the recipient's name; it's about aligning your message with their business priorities.
Building Value-Oriented Relationships: In our email campaigns, we emphasized building value-oriented relationships rather than pushing for immediate transactions. We shared success stories of how partnerships with WeWork had benefited other real estate brokers, demonstrating the potential advantages of collaborating with us.
Key Strategy:
Focus on building relationships based on value. Use case studies or testimonials to showcase the benefits of partnering with your company. Highlight mutual gains rather than just selling your service.
Nurturing Leads through Follow-up: Consistent follow-up was a crucial aspect of our ABM strategy. After the initial email campaigns, we engaged in regular, targeted follow-ups to keep WeWork top of mind. These follow-ups were not aggressive sales pitches but gentle reminders of the potential collaboration's value.
Key Strategy:
Develop a systematic follow-up process. Keep your communications helpful and informative. Regular follow-ups help maintain interest and gradually move the lead towards a partnership.
Tracking and Analyzing Results: Throughout the ABM campaign, we continuously tracked and analyzed the results of our email marketing efforts. This data helped us understand which approaches were most effective and allowed us to refine our strategies accordingly.
Key Strategy:
Use analytics tools to track the performance of your email campaigns. Analyze open rates, click-through rates, and conversion rates to gauge effectiveness and make data-driven adjustments.
Conclusion:
Account-based marketing, especially when executed through targeted email campaigns, can be a powerful strategy in the proptech industry. At WeWork, this approach not only helped in scaling our broker partnerships but also provided valuable insights into effective B2B marketing strategies. The key lies in careful account selection, personalized communication, value-based relationship building, consistent follow-ups, and data-driven decision-making. By employing these strategies, proptech companies can effectively scale their partnerships and achieve sustainable growth.