As real estate professionals, the more successful you are the more opportunities come your way and temp you to diversify or extend your brand to include other niches. To avoid the biggest pitfall of brand extension, bad timing, wait until you have become the undisputed market leader within your current niche, and do not make a move before then. Otherwise, you will dilute your efforts and become vulnerable to competitors who are also gunning for the #1 spot.
In 2019 we were given the opportunity to create the branding and marketing strategy for the developer of a $100 million condominium development who is one of the clients of our client in Ocean Reef, Florida. We worked on all aspects of brand development and marketing strategy from designing the logo, the print brochures, the messaging, the website, even the menu covers and check presenters for their restaurant. This was a natural fit for our skillset especially with our background as broker/owners of a commercial real estate firm in Beverly Hills where we worked closely with developers to market high end retail projects and did many restaurants deals.
The condo project was a resounding success. Given the caliber of the development and the prestige of the marketplace in which it is located, it has provided a springboard to dive into a whole new market niche for our firm and extend our brand beyond just real estate brokerage. The key here is that providing brand strategy for luxury residential developments is fully aligned with our core competence and comfortably expands our focus on luxury lifestyles.
Another opportunity that has come our way is taking over the marketing for the Legends Invitational Golf Tournament at Pebble Beach which is now in its 31st year. The annual event that benefits the Navy SEAL Community also includes the White Truffle Dinner at The French Laundry in Napa prior to the tournament. This opportunity also came about through our work in Ocean Reef where we handled the marketing of three philanthropic sporting events: The Vintage Golf Classic in partnership with Dom Pérignon, and our Fine Wine Society, that benefitted the community’s primary non-profit, All Charities, The Jack Daniel’s Golf Tournament, and the Boston Whaler Fishing Tournament both of which also benefit the Navy SEAL Community.
Research from Wealth X has shown that the top two interests of the world’s most affluent consumers are philanthropy and outdoor sports. Now, that live events are once again accessible after the pandemic, there is a pent-up demand for attendance. Our timing is right!
Hence, these new niches, marketing luxury condominium developments and philanthropic culinary & sporting events, are natural brand extensions for our firm. And they are a perfect fit for our blog, The Language of Luxury. Please view our new video below for more details about these exciting new niches.
WATCH THE VIDEO ABOVE
To avoid the biggest pitfall of brand extension, bad timing, be sure you wait until you have become the undisputed market leader within your current niche. Do not make a move before then!