During my 25+ years in the marketing industry I've seen firsthand how fast-paced the field is and how industry trends come and go with a blink of an eye. I've also had the pleasure of connecting with some of the brightest minds in the industry which has enabled me to sharpen my marketing skills. For this reason, I recommend to anyone working in the marketing side of commercial real estate to be constantly networking with a variety of industry professionals.

Here are some ways networking can be valuable in improving marketing strategies:

In a world where more people own a mobile device than a toothbrush, social media has fundamentally changed the way we live, work, shop and play. In fact, 1 out of every 6 minutes the average American spends online is on a social media site. We share information about companies, brands, products and services through rating systems and customer reviews, and many shoppers use social media as part of their pre-purchase research.

As a learning organization, Phillips Edison values the education and development of team members at all levels of the company.  We dedicate significant resources to provide continuous professional growth opportunities, and leaders are held accountable for promoting a culture which encourages and supports associate growth.  As COO, my direct reports consist of senior level executives, and so I often focus my team’s development on leadership, decision making and communication skills. 

It was quite the year for the $600 billion grocery business in 2016, with new entrants to the brick and mortar space such as Amazon and the introduction of a variety of innovations around how grocers are meeting consumers’ increasing demand for convenience. 2017 promises not to slow down at all in terms of news. Here are three things I’ll be keeping an eye on in 2017.

More Prepared Food

Last week Phillips Edison & Company held its 2017 Annual Meeting in Nashville, Tennessee. A three-day, all-associate gathering, this event is designed to give our geographically diverse team an opportunity to reconnect. We spend time reviewing accomplishments from the previous year, discussing goals for the coming year and engaging in a variety of interactive team-building activities that solidify relationships, improve communication and enhance collaboration.

This week, the Phillips Edison team will meet in Nashville for our Annual Meeting. We hold this event each year in an effort to give the team an opportunity to come together and reconnect. All associates will spend three days reviewing the results and goals of the business and discussing a variety of topics vital to our continued success. One topic that we will highlight this week is the need for excellent decision making skills at all levels of the company.

Helping women achieve professional success and advance in their careers is an important initiative at PECO and something I believe is critical to our future. At Phillips Edison & Company (PECO), we support this idea through our PECO NOW (Networking Opportunity for Women) program, an associate-led initiative designed to recruit, retain and develop women in leadership positions.

I attended ICSC’s New York National Deal Making Conference last week, and was encouraged by the level of activity that I saw over the course of the two days. This conference is important as it comes during a natural inflection point for our industry. It is in the midst of the holiday shopping season which is a busy time for retail regardless of product or center format type. Its proximity to the end of the calendar year also creates some urgency on the part of retailers and landlords to close outstanding deals or agreements before the year ends.

How often do you throw out comments such as “good work” or “great job”? These “drive-by compliments” are a quick and easy way to tell someone that they are on the right track.  However, if we intentionally take the time to be more specific with praise, we provide more beneficial feedback that will make a lasting impression. It takes time and effort, but also takes advantage of a valuable opportunity to coach in an informal way.   

One of Phillips Edison’s most valued assets is its people.  We take pride in having the best team in the business and put a great deal of effort into helping our associates continue to learn and grow.  As part of that, a little over a year ago we chose to discard the often dreaded annual review process in favor of a more fluid, ongoing coaching approach.