Photo courtesy of Swanepoel Social Media Report 2010
The Titanic shift from traditional media to social media has confounded businesses of every type. Luxury real estate marketing professionals are no exception. With the Do Not Call laws, telemarketing is no longer an option. People are tossing direct mail in the garbage more so now than ever, without even looking at it. The ability to record TV programs and “zip through” commercials while on mute has significantly reduced the effectiveness of advertising on broadcast TV. Even banner ads are being ignored online.
All of these major changes pose this important question: How do you effectively reach your targeting market? The answer: You do NOT reach your target market. You allow them to reach to you by being accessible and offering extraordinary value.
The Social Media Dilemma: A Plethora of Choices, plus a Scarcity of Time
In the not too distant past we had three basic choices in the US when viewing TV: CBS, NBC and ABC. With the advent of cable TV, suddenly there were over 500 channels. Today Direct TV has about 130 HD (high definition) channels alone. Now, with YouTube and the ability for just about anyone to produce and publish video there are literally millions of choices for viewers to watch.
While viewers have a plethora of choices for online entertainment, they ironically have a scarcity of time. This means that in any given category of entertainment they only can retain a couple of names of websites or other media channels in their minds. The same holds true for any category of product or service.
The Antidote: Become the Break-Away Brand
The plethora of choices coupled with the scarcity of time poses what we have coined as the primary marketing ultimatum: Stand Out or Bow Out!™ If you do not stand out, and occupy the top of mind location on a short very short list of brands in a specific category, you might as well settle for crumbs at best when it comes to market share.
Here is an example of how this works. What is the first adhesive cellophane tape that comes to your mind? Can you think of another brand in this category? Do you have time to research more brands? 3M’s Scotch Tape is the “category killer” in cellophane tape category. To become the category killer you must become the bread-away brand.
To stand out and become the break-away brand, as a luxury real estate marketing professional, you need to select an uncontested category or niche in your marketplace that you can dominate with passion by offering extraordinary value, better than anyone else. That is how you get your target market to reach to you and recommend you to their friends. Being remarkable in a specific category triggers word-of-mouth advertising or buzz which can be amplified through traditional media and also spread virally through social media.
Take the antidote to the social media dilemna or settle for crumbs. Stand Out or Bow Out!
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