Personal & Company Branding: The Added Value of Provenance-Part 5

Provenance, in the realm of luxury goods refers to where a product is sourced. That is, where it is designed and manufactured. As such, a product’s provenance can become a quality cue, an indicator of superior quality, that adds value in the minds of many luxury consumers who are willing to pay a premium for it. Interestingly, the actual difference in the quality of the product, due to its geographic origin, may be real or just a perception. As a luxury real estate marketing professional it is important to understand the role of provenance as a quality cue in personal and company branding.

In Part 4 of this article series on Provenance, we posed the question, “What happens when a luxury product from a world-class French heritage brand (See Part 3 for more background on heritage brands) is actually manufactured in China? Does that negate the added value of its provenance?  

Many high-end designers are manufacturing their luxury goods in China and other foreign countries to reduce costs and increase profits.  This does break the chain of provenance. So, the real question is who cares? If you hold stock in those companies and their bottom line is healthy, would you care? 

But, what do the actual consumers think about provenance? Based on a flurry of outrage in a French trade magazine, Canal Luxe,they seem to care quite a bit.  Here in the USA, the Boston Consulting Group conducted a survey of 5000 people on this topic of provenance as a quality cue.

Over 80 percent of U.S. consumers stated that they would be willing to pay more for products with  “Made in USA” labels than for those labeled “Made in China.” The reason most often expressed was apprehension about quality and wanting to keep jobs in the USA.  The big surprise was that the majority of Chinese consumers that were surveyed preferred goods made in the U.S. and were willing to pay between a 10-80 percent premium for specific products they were shown.

Which luxury consumers are most likely to care about provenance?  This brings us back to our previous article series in which we identified two kinds of luxury consumers:  The Self-Actualizers and the Status Seekers. (See our series, Luxury is a Soul Supplement). 

Status Seekers are less likely to care about provenance, as their priority value is to impress others. Self-Actualizers are more likely to care because they may feel that lower manufacturing costs should be passed along to them. They may be more skeptical about the actual quality of the goods. Or, they may feel more national pride about sourcing the products in their own country. Neither luxury consumer should be judged for their reasons to pay a premium for luxury goods with or without provenance.   

Provenance does not always equate to a higher price tag.  It always equates to an added value based on your personal mindset and that is actually what makes it a luxury.  

For many people in Los Angeles, their beer of choice is sourced right in their hometown by the microbrewery, Golden Road Brewery.  Tony Yanow and Meg Gill set out to create a range of craft beers that “reflect the way people live (and drink) in the dynamic melting pot is Los Angeles”.  Their story is another classic tale of how provenance adds value in in company branding.  But, how do you establish your own provenance in your personal luxury real estate branding? Watch for clues in Part 6!

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Personal & Company Branding: The Added Value of Provenance - Part 4

Ferrari Enzo - Italy -- Photo by Naiyyer

LOCATION. LOCATION. LOCATION!

Provenance refers to a chain of ownership, a lineage, a pedigree, roots, or ancestry, i.e., where people, plants animals and things come from. Provenance can add a real or perceived value to what you are buying. In luxury real estate a home once owned by a celebrity or a home designed by a well-known architect or interior designer, can definitely command a premium price. The location, where something is sourced, is also an important component of provenance. 

To understand the added value of location, consider Chateau D’ Yquem from France.  It is known for being the finest sauterne wine in the world, often served with foie gras or as a desert wine. A wine connoisseur can distinguish the difference between their grapes, grown on only 457 acres, from the same Semillion grapes grown in the adjacent property. The terroir (the earth where the grapes are grown) and the microclimate make all the difference. 

The added value of location can be real or perceived. When you think of lobster, Maine lobster has an added value. Pacific (spiny) lobster is less expensive (but equally delicious in our opinion).  Vermont cheddar cheese and maple syrup usually commands a premium price. As a trend, farm to table dining provides an added value for those who appreciate supporting local produce growers. Pelligrino from Italy and Perrier from France have become two successful sparkling water brands in the USA. 

Many luxury brands use the location where their products are sourced to give their brands provenance. Here are some examples: Oxford (Men’s clothing-Chicago), Benefit Cosmetics (San Francisco), Loeb Shoes (London), DKNY (Donna Karan - New York), Ferrari (Italy) and Yves St. Laurent (Paris). 

Authenticating, the chain of ownership in purchasing a valuable piece of art or an antique or the lineage of a thoroughbred horse, or the terroir of a fine wine is a key component of the buying process. Because provenance can add value, real or perceived, it is mostly appreciated or required by those who can afford to pay the premium.  And, that is why it is such an important topic to understand as a luxury real estate marketing professional. 

But, what happens when a luxury product from a world-class French heritage brand (See Part 3 for more background on heritage brands) is actually manufactured in China? Does that negate the added value of its provenance? 

It was this question that inspired us to write this article series, The Added Value of Provenance, and also our previous series, Luxury is a Soul Supplement, where we explored an entirely new definition of luxury.  Stay tuned for Part 5 where we answer this question and tie the two series together.

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Personal & Company Branding: The Added Value of Provenance-Part 3

In Part 2 of this series we discussed what to do If you wanted to challenge an established luxury real estate company with deep roots in your community, i.e., a company with traditional values, a heritage brand with provenance (a brand story rich in history).  But, what if your competition is young and progressive.  How can you position yourself or your firm as just the opposite--a heritage brand with provenance? 

To recap, a brand position is the summation of what you or your company stands for.  Heritage brands stand for a history of traditional values and are often associated with the geographic location in which they were established which gives the brand provenance. 

The opposite of a heritage brand position would be contemporary brand.  In the product category of cosmetics, Bobbi Brown, MAC or Benefit are contemporary brands.  Guerlain, Lancôme and Christian Dior, are heritage brands with a provenance rooted in Paris.

Each brand position attracts a different target market because branding is all about matching the brand’s values with those who aspire to or embrace the same values.  The best brands are those who clearly articulate their brand position and do not try to be all things to all people.

Two global luxury real estate heritage brands are Sotheby’s and Christie's. They are both over 200 year-old auction houses established in England. Like the antiques and painting that they auction the companies themselves have provenance.  These brands provide a historical, international context for their respective real estate businesses, which adds to their value proposition. What they do not have is the provenance of a local independent firm, which can be a competitive advantage if positioned effectively. 

Creating a new heritage brand with provenance can be challenging. But, here is an example of a luxury denim jeans company that pulled this off brilliantly.

Do we really need another jeans company?  Nordstrom’s carries dozens of jeans brands; Macy’s seems to carry even more brands.  Just about every major clothing designer has a jeans line.  How can one startup company hope to differentiate itself in a sea of fierce competition?  Perhaps, these are questions you have asked of yourself as a luxury real estate marketing professional.

Imogene + Willie, in Nashville, Tennessee was founded in this millennium by the husband and wife team of Matt & Carrie Eddmenson.  They source raw selvedge denim that is woven on the antique shuttle looms of North Carolina’s iconic Cone Mills. Their classic style jeans are sold out of a retrofitted gas station and also online.  Prices begin at $225.

Their story is endearing, genuine, wholesome and authentic.  The Eddmensons explain how their grandparents on both sides of the family infused them with love and genuine traditional values, values that give them a foundation of heritage, lineage and thus, provenance.  They hired people who also match their values and their vision for producing the best fitting jeans, custom tailored to fit you, perfectly. They pass along these traditional values in every pair they sell. 

If you have the time to read their story and watch their video you may just be inspired to hop on a plane and have your next pair of jeans custom fitted by these two in Nashville. If you value the richness of stories like theirs, a true piece of Americana, and the luxury of owning jeans that were hand made for you in the USA you will understand why provenance is so important to luxury real estate personal and company branding.

Watch for Provenance, Part 4, LOCATION, LOCATION, LOCATION!

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Personal & Company Branding: The Added Value of Provenance-Part 2

Welcome to Part 2 of our article series on provenance. In Part 1, we established that provenance comes from the French provenir, "to come from", referring to the chronology of the ownership, custody or location of a historical object. Here we will discuss how provenance can also become an added value in luxury real estate personal and company branding.

Consumers like to do business with people and companies who are like themselves, those they feel they can trust.  Successful luxury real estate personal and company branding accelerates the speed of trust. It does so by succinctly and authentically communicating that your brand’s values and personality is a match to the values and personalities of your ideal clients or customers. 

To speed up the time it takes for consumers to recognize that your brand is a perfect match for them your brand messaging must clearly establish what you or your company stands for and how that position is sharply different from what your competitors stand for.  This is known as communicating your brand position.  If you were challenging a market leader the ideal brand position would be the polar opposite of your competitor’s brand position. 

Brands that have provenance are called heritage brands. Provenance establishes lineage, pedigree, i.e. roots.  It provides a history and a story that adds a traditional vs.. contemporary context to a brand making it more valuable in the mind of consumers who appreciate traditional values. 

Heritage brands communicate their sincerity, authenticity, wholesomeness, and caring. On one end of the spectrum of luxury heritage brands with provenance is See’s Candy that began in 1921 in Los Angeles.  Mary See symbolizes the old-fashioned values of homemade quality and friendly service. 

One the other end of this luxury spectrum is the gentrified brand, Hermès. This French firm, established in 1837 specializes in leather (traditionally, saddles and riding accoutrements), lifestyle accessories, perfumery and read-to-wear clothing.

A local independent real estate firm that has been around for some time could be considered a heritage brand with provenance. For those consumers who appreciate the local roots and traditional values of such a company this would be their brand of choice.

If you wanted to challenge this established company of this nature, you would want to position your firm as young and progressive vs. old and traditional.  As such, you would not need to waste your time or marketing dollars trying to win over traditional-minded consumers. Instead, you would focus on those whose values and personality resonates with your contemporary brand position.

But, what if your competition is young and progressive.  How can you position yourself or your firm as a heritage brand with provenance?  Stay tuned for Part 3 where we showcase a successful, high-end blue jeans company that has recently done just that.  If this company can stand out in an extremely over-crowded clothing category, there is hope for you to do the same, as a luxury real estate marketing professional or company.

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Personal & Company Branding: The Added Value of Provenance -Part 1

This is a new article series about a subject that is essential to understand if you want to thrive as a luxury real estate marketing professional: Provenance. The term provenance comes from the French provenir, "to come from", referring to the chronology of the ownership, custody or location of a historical object. 

Provenance can play a key role in luxury real estate personal and company branding.  It also pertains to historic homes, art, antiques, manuscripts, vintage cars, boats, planes, and more. Gaining a deeper appreciation of this topic, which is important to many of your high net worth clients can give you a distinct competitive advantage. 

In Part 1, here, we lay the foundation for the topic of provenance in relationship to the location of origin.  In Part 2, we will explore how location of original can be used to your advantage in branding yourself or your luxury real estate marketing firm.

It’s March, Trader Joe"s is featuring this green Gouda (pictured above), as the “cheese of the month” or their "Spotlight Cheese". If it were any other time of the year, most likely, customers would not consider buying a green cheese.  But, this one, made with basil pesto, was a novelty.  

On the package it says, “Product of the Netherlands", which gave it an immediate provenance, a context of added value. Gouda (actually pronounced ‘how-da”) is one of the most popular cheeses in the world. The name Gouda refers to a number of cheeses produced according to the traditional Dutch method including the original Dutch variety. 

This added value of provenance based on location can become a highly successful branding strategy.  Watch for Part 2 where we will discuss this significant aspect of luxury real estate marketing.

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Personal & Company Branding: Co-Branding with the Color of the Year

Co-branding is a synergistic marketing arrangement between two or more brands. The idea is to act in cooperation in a way that combines the strength of the brands. It is also a way to differentiate products and services in a highly competitive marketplace.  Co-branding is an excellent strategy that can give you a competitive edge because most luxury real estate marketing professionals under utilize it. 

Here is an example that reflects a wonderful co-branding arrangement between Sephora  (a LVMH* company) specializing in selling beauty products) and Pantone, a 50-year-old company known for its universal color systems in graphic design (web and print), fabrics and more.

Sephora stores are like the cosmetic section of a department store. They carry a multitude of known brands.  Now they also want to market their own Sephora branded products. 

According to Pantone, Inc. they are “the provider of color systems and leading technology for the selection and accurate communication of color across a variety of industries. The PANTONE® name is known worldwide as the standard language for color communication from designer to manufacturer to retailer to customer”.

In our own work as luxury real estate brand strategists and website designers we communicate via Pantone colors with our clients, graphic designers, web designers and printers.  We give our clients a complete Pantone profile of their brand’s color theme.

Every year Pantone announces the Color of the Year.  For 2013, the color is Emerald Green (Pantone 17-5644).

The photo above shows an eye -popping display in the Sephora window displaying makeup they created using Pantone’s “Color of the Year”.  Pantone becomes an endorser brand giving additional credibility to Sephora’s new makeup line. Pantone benefits by expanding their influence, their product line and their consulting services into yet another industry:  cosmetics. 

Inside the store, in this picture, you can see that Sephora has developed an eye-shadow trio, mascara and an eye liner pencil in emerald green. Consumers can derive social currency because they are wearing the color of the year.

Think about ways in which you can co-brand with other non-competing businesses in your luxury real estate marketing practice. It is a great way to stand out from the crowd.

 *LVMH -Louis Vuitton, Moet, Hennessey

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Real Estate Personal & Company Branding: How to Create “Buzz” About You

Courtesy of The Shop

Do you want to stand out from your competition and become the breakaway luxury real estate marketing brand in your area? The most effective real estate personal and company branding involves identifying an uncontested or under served market niche that you can dominate.  But, to become the breakaway brand you must offer a remarkable value proposition that catches the attention of the media and sparks word-of-mouth advertising or “buzz” among your fans.  

With the Internet making real estate market information ubiquitous most luxury real estate marketing professionals find it very difficult to differentiate themselves from their competition.  They are usually hard-pressed if asked to articulate how they are different or better, how they stand out.   If you are having this challenge, you are not alone! 

Another word for market niche is market “category”.  Categories are easy to understand in the restaurant business: fast food, Mexican, Chinese, steak house, etc.  You can imagine how difficult it is to find an uncontested restaurant category if you just think about the usual suspects.  Most restaurant categories are usually over-crowded in larger towns.  But, here is a example of how a new restaurant in Santa Barbara, California has positioned itself to become the breakaway brand in an uncontested new category. 

Recently, a friend of ours told us about a fantastic new informal breakfast and lunch only restaurant in Santa Barbara called The Shop.  It looks like a fast food restaurant where you order from a posted menu and they bring your order to the table.  You can sit indoors or on a patio with picnic tables and umbrellas.  But, the quality of the fresh ingredients, and the caliber of the menu items, including home-baked breads, is what you would expect at a full service restaurant for double the price. 

The four owners of The Shop identified a much-under served market:  Foodies who want the quality of “slow food, fast”!  They really struck the right chord with us.  We needed a lunch place that had great food with an original, varied menu that was inexpensive enough to visit often.  They must have read our minds. We have become raving fans.  Evidently, we are not alone as the place is packed every day, so we learned it was best to get there before the crowds. 

Did you pick up on how The Shop is able to articulate, in just three words, their new brand category in Santa Barbara as well as their extraordinary promise of value: SLOW FOOD, FAST? They really thought this through and that makes it easy for fans to spread the word.  It facilitates word-of-mouth advertising, which is one of the most important reasons to get your personal or company branding spot on in your luxury real estate marketplace.

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Luxury Real Estate Personal & Company Branding: Be Ultra Thoughtful

As a luxury real estate  marketing professional being "ultra" thoughtfull is a great differentiatior! Tomorrow is Valentine's Day, and bringing someone an unexpected chocolate treat will make them remember you for a long time.

When Ron and I were working in commercial real estate in Beverly Hills,Beverly Hills adjacent, and the West Side of Los Angeles, we would pick up little treats for our meetings on Valentine's Day.  Tuescher-Chocolate of Switzerland in Beverly Hills was always one of our choices.  They make champagne truffles that will leave anyone speechless.  

We took this shot of Tuescher's Valentine's Day window, yesterday in Beverly Hills.  Valentine's day is a perfect day for giving someone an unexpected treat.  It is one way of being ultra thoughtful.  What will you do tomorrow?

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Luxury Real Estate Personal & Company Branding: Promises, Promises!

One of the biggest challenges that face luxury real estate marketing professionals is articulating their own unique value proposition.  Yet, this is by far one of the most important aspects of personal or company branding.  Your extraordinary promise of value is what your ideal clients can expect when doing business from you vs. your closest competition. It is what makes you stand out.

An empty or exaggerated promise can lead you into a trap where you disappoint your clients by under-delivering. Hype can be your worst enemy. Let the empty Beverly Hills store depicted in this post remind you about the fate of businesses that communicate empty promises. 

Your reputation is your most important asset. Reputations are based on kept promises.  It is always better deliver exactly what you promise, and then exceed their expectations.

If you take the time to identify a niche within your marketplace that is underserved it will not take much to deliver a superior value proposition. Keep in mind that your target market has settled for mediocre service. If you promise too much you will not be taken seriously.

To differentiate yourself or your company from your competition you need to offer an extraordinary promise of value.  To do this you must be passionate about what you do and you find something specific that you can do better than anyone or any company in your marketplace.  We call this your strategic differentiator.

The idea is to become known for your strategic differentiator. Your marketing messaging must focus on the communication of what makes you distinct, which is essentially your extraordinary promise of value.

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Real Estate Personal & Company Branding: Laugh Out Loud!

In personal and company branding for the luxury real estate industry, humor can be a great emotional branding tool.  But, it has to fit your brand like a glove. It must fully resonate with the personality of the luxury real estate marketing professional or company who uses it.

Southwest Airlines has done a remarkable job of incorporating humor into their brand.  On our last Southwest flight the flight attendant sang a obscure Christmas Carol to the passengers, off key mind you, and got a “seated ovation”

You may have heard the expression, “Laughter is the best medicine”.  Benefit, the cosmetic company that took the market by storm and then was acquired by the luxury brand conglomerate, LVMH (Louis Vuitton, Moet, Hennesey),has a different twist:  “Laughter is the best cosmetic!” 

Other brands have attempted to imitate the “retro-humor” of Benefit and have not succeeded.  This quirky brand position, when executed well, is truly inimitable.  Another airline would have a tough time imitating Southwest’s brand of fun. 

Many people associate laughter and fun with less formal brands and do not associate it with luxury.  We have always believed that a great belly laugh is one of the greatest luxuries in life and unabashedly incorporated LOL (a text messaging shortcut for “laugh out loud”) into our company’s sub-brand, The Language of Luxury.

If humor is an important part of who you are as a luxury real estate marketing professional or company, by all means, find a way to express that as part of your brand. You will be surprised at how many people will resonate with it!

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Personal and Company Branding: A Brand is Not a Look

What is a Brand? Many refer to a brand as the logo (that includes the brand name), or the basic “look” of the collateral material or website.  Many think that luxury real estate brands should have script fonts, gold-metallic embossed lettering, on business cards or presentation folders for example, or use the colors black, gold, burgundy, or dark green.  While these elements may be used to help express the essence of a brand they are just superficial aspects of personal and company branding.  A brand is not a look!

A luxury real estate marketing brand is the inimitable “soul” of the professional or company expressed via their exceptional manner of interaction with their target market.  It is their distinctive way of doing business based on their priority values and their unique personality.  The logo, the name and the look must symbolize this entire package and communicate the essence of the brand. 

Nordstrom as a brand is known for wonderful customer service.  That is what their brand stands for. One of Nordstrom’s signature ways of interacting with a customer is for the salesperson to come out from behind the counter and hand the customer the bag.  It is a subtle way of saying, “I am accessible to you and I don’t hide behind the counter.” 

Recently, we tested the latest and greatest ski equipment at Jan’s Mountain Outfitters in Deer Valley, Utah, where we have shopped for skis since Deer Valley opened. While in the store a couple seated next to us was raving about how the boot fitter spent quite a bit of time, adjusting each part, and insuring that their boots fit perfectly. It was a pleasure to hear that Jan’s remarkable service has been consistent throughout the years.

The staff at Jan’s really takes the time to understand how you ski, where you ski, and your level of expertise.  They are experts. They are passionate about skiing and they are thrilled to have you experience the very best!  It is their way of doing business.  It is their brand. Their consistency in expressing the soul of their brand is part of the soul of their brand.

A look can be easily imitated. How many auto makers copy the styles of the world’s most expensive cars? What cannot be imitated is the soul of a brand. What are you doing to consistently express the soul of your brand?

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Personal and Company Branding: Emotional Super Bowl Ads Fail to Connect

In personal and company branding, emotional branding is marketing communications that connect your unique value proposition with the emotional needs and aspirations of your target market. Emotional communications without that connection may feel good, but they will not significantly increase your bottom line. 

The emotionally impactful commercials were some of the big winners in the Super Bowl advertising contests. The Jeep ad with Oprah’s voice-over took the top prize.  But, will it sell Jeeps? While Oprah’s message was heartfelt it said nothing about the Jeep’s specific value proposition (as distinct from its closest competition) and how it can satisfy the needs and aspirations of its customers. 

Budweiser has been using Clydesdale horses in 23 Super Bowl ads since 1986. In this year’s ad a horse was reunited with its trainer.  It packed a wallop of emotion, but how will that sell more of this brand of beer? What about newcomers to these ads, those with zero connection to the previous horse ads—will they get why they should drink Bud vs. Coors in 60 seconds? If you cannot view the video below click here.

“The Ram and the farmer” was another emotional branding winner.  It told a good story, but the story did not tell Ram’s target audience anything about what makes Ram different and better from a Ford. 

In our pre-game Super Bowl post on the 2014 Mercedes CLA commercial we highlighted how the ad brilliantly communicated how the car could satisfy the most pressing needs and aspirations of its target market.  In just a few seconds it established this MBZ model as a direct competitor of BMW and Audi who also target a younger demographic with certain models. It did so by revealing its affordable price tag. 

Personal and company branding is precision communication that compels your target market to do business with you vs. your competition. Evoking emotions through your marketing communications can accelerate and strengthen the connection between you and your ideal clients. But, that can only occur if you first communicate your unique promise of value and how your brand can satisfy their priority needs and aspirations.

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Personal & Company Branding: Super Bowl Cool

Courtesy of Mercedes Benz

A successful personal or company luxury real estate brand is the total package of precision communication that compels your target market to do business with you vs. your competition. For branding to work at this level the communication must instantly convey your extraordinary promise of value, i.e. how your service can readily satisfy your client’s most pressing needs. 

A great way to tune into branding on a grand scale is by watching Super Bowl commercials.  Some of them just try to be clever and create buzz, which misses the real point. People may talk about the ads but will the right people, the target market, actually go out and buy the products?  

Keep in mind that the same message that is spot on for your target market may not resonate with anyone else. That is why you need to know the psycho graphics (the mindset) as well as the demographic profile of your ideal client. For example, active teenagers will yawn when they see a commercial for a mobility scooter that is a lifesaver for the disabled or elderly, unless they see it as the perfect solution for a family member or friend. 

This year Mercedes Benz in on to something exciting and so is their Super Bowl commercial. Mercedes is out to attract a whole new generation of buyers—the young urban professionals who heretofore have snoozed through their commercials.  Making a huge bet at the 2013 Super Bowl, they are targeting this demographic with a very well crafted commercial for their 2014 CLA. 

Mercedes and their ad agency really understand the psycho graphics (mindset) of this target group.  First, their Super Bowl commercial shatters the perception that the MBZs are too expensive by driving home the message that the base price of the CLA is under $30K.   Then, they appeal to every male “yuppie” fantasy.  Note: If you cannot see the video below Click Here 

Suddenly, Mercedes Benz is cool, hip and affordable. That is a very powerful message to get across in a one-minute commercial. It shifts the mindset of their target market from NO-INTEREST OR CAN’T HAVE (because it is too expensive) to MUST HAVE (because it is within my reach and it can satisfy my most pressing needs!). Mercedes shifts from a brand position of “TRADITIONAL AND SOPHISTICATED” to “CURRENT, STYLISH AND TRENDY” in an instant with a new class of car. This is a major feat of extending their brand to include a wider customer base, without alienating their core customer. 

A key component of brand strategy is taking control of how you want your brand to be perceived and by whom.  It is all in the total package of precision communication.

Are you controlling how your luxury real estate brand is perceived?

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Personal & Company Branding: Are You Listening with Big Ears?

In order to engender brand loyalty and generate a continuous flow of referrals you must find ways to listen to and interact with your target market. If you listen with “big ears” you will come to know your target market very well and you will be able to serve them better than your competition does.  Here is an example of how a LA radio station has built a loyal audience over 27 years by listening with big ears.

What is the first radio station that comes to your mind in your marketplace? For us, it is 94.7 THE WAVE.  Their brand category is smooth, adult, contemporary music. Broadcast from, Los Angeles, it reaches us here in Santa Barbara.  Some of the artists you hear on The WAVE are George Benson, Adele, Sade, John Legend, Beyonce, Kenny G, Simply Red, Vanessa Williams, Dave Koz, Santana, Anita Baker, Boney James, Luther Vandross, Chaka Khan, Sting, David Sanborn, Seal, Norman Brown, Mariah Carey and many others.

This station really has its branding act together! They call the station the “smoothest place on the dial”. And, they know their target market very well indeed.  Each Sunday, the station broadcasts live from two restaurants in the area.  Fans can meet the crew and each other while enjoying Sunday brunch during the broadcast.  They also produce major concerts featuring the artists that they play on the air.

These live events allow the station to listen to and interact with their target market and that encourages brand loyalty.  We have been listing to THE WAVE since they first launched in 1986 and missed them when we lived in Napa.

Organizing events that are not entirely focused on marketing luxury real estate and then inviting your sphere of influence can give you the opportunity to interact with and really listen to your target market.  For example, host a wine tasting at your office and feature a local winery or purveyor of wines.

How can you listen and interact more with your own target market?

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Personal and Company Branding: Oprah's Brand Aid?

As a luxury real estate marketing professional your reputation is intimately connected to your personal brand.  What happens when there is a breach of integrity?  Can it be repaired?  Following the Lance Armstrong story will offer many clues.

On November 1^st, 2012,  I (Alexandra, here) wrote a post about the fate of the Lance Armstrong brand, “Can a Brand be Saved?”  Given the silence of Lance Armstrong, it did not seem possible.  However, a “ Brand-Aid” is on the horizon in the form of an interview with Oprah Winfrey.

 A few days, ago Lance Armstrong had announced that on Thursday, January 17^th, Lance will be on Oprah for a “no holds, barred” interview.  Why choose Oprah and not 60 Minutes or Dateline?  Here is what Jason Gray from the Wall Street Journal had to say:

“Armstrong is a public figure amid a consuming scandal and Winfrey offers a chance to reboot” Lance chose Oprah, because the other shows, “could not deliver what Oprah Winfrey delivers, which is Oprah Winfrey herself.  Winfrey’s camp has said there are no conditions or prohibited questions on the Lance time.” 

On Oprah’s nature and style, Mr. Gray stated, “Oprah is Oprah.  She is a master of her medium, a friend, a confessional, fully control, at peace in her own Oprah atmosphere.  Oprah time is not harshly lit, painful awkwardness.  Oprah envelops you in ‘Oprahness’.  She asks.  You talk, because it’s Oprah Winfrey.  And Oprah listens.  This is comforting.”

What is next?  Some speculate that a “tell all book” is in the works; lawsuits, and other consequences will follow.  Will Lance weather all this? Will his personal brand survive?  What will the public reaction be after the interview?  Will he redeem himself in the court of public opinion? Will Oprah's "Brand- Aid "make a difference? What do you think?

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Personal and Company Branding: Do You Have a Branding Exit Strategy?

photo by Oliver7perez

Do You Have a Branding Exit Strategy?

If your quest is gaining or sustaining market leadership in your luxury real estate marketing arena, it is a good idea to develop a personal or company brand that appreciates in value over time.  That way it can become part of your exit strategy when you are ready to either retire, merge or sell your practice or get involved in a new venture.

Hostess Brands, maker of Twinkies and Wonder Bread, is in bankruptcy.  Other than their physical plants (their equipment and real estate) their other salable assets are the Hostess brands.  These include: Nature’s Pride, Merita , Home Pride, Butternut,  Wonder Bread and Twinkie.  According to the Wall Street Journal, “Hostess’s bread brands could fetch more than $350 million.”

Why would someone buy someone else’s brand names?

Instant brand recognition

Buzz-worthiness—PR opportunities

The brand stands for something in a consumer’s mind—positive emotional associations

It is easy to re-label an existing product with an iconic brand name

No need to establish a new brand name—reduced marketing expenses

One of our clients for whom we developed a strong real estate brand decided to exit the real estate business.  This broker had a viable brand and a website with a proven track record of generating and converting leads.  A new real estate company that wanted to enter the marketplace bought our client’s name and the website. And, our client ended up with a substantial nest egg for their next venture. The new company was able to have an immediate source of revenue when the signs and staff changed.

Think of your own potential exit strategies as you develop your luxury real estate marketing brand.  Forward thinking will payoff down the line.

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Luxury Real Estate Personal & Company Branding: The "Hailo" Effect

Luxury real estate marketing professionals often ask us about the importance of selecting the right brand name.  It really comes down to how fast and easy you want to make it for your potential referral sources to remember your name, because top-of-mind status IS the name of the referral game. 

In marketing luxury real estate, previous conventional wisdom focused primarily on your “sphere of influence”, those people who know you directly and think highly of you.  But, with the advent of the Internet and social media the very concept of your sphere can change radically.

The fundamentals of staying in touch with your immediate sphere still apply.  But, now there is a potential to have a continuously expanding  “peripheral sphere of influence” comprised of people you have never met!  And, the aggregate of that sphere can literally become a significant source of referrals. 

Here is an example:  A couple comes to your town on vacation, has a great time and is inspired to purchase a second home in your marketplace. They ask a local, a stranger, “Who is the best real estate agent or broker in the area? Now, if you can get your name to come up first for that local person, even if that person is not in the market to buy or sell their home right now, that person is in your peripheral sphere of influence. Don’t you think it is important to make it easy for that person to remember your name, first? 

Some of the best brand names are those that you hear once or see once and never forget.  Here is an example of one of those great brand names: HAILO, the taxi app or iPhones and Androids.  This name may be more significant for those of you who live in a major city and frequently use taxis for transportation.  But, once you have heard about it once you are very unlikely to forget it.  

With just a couple of taps of your phone you hail a cap and it tells you what your wait time will be.  No more flailing arms to summon a cab!  Then, as soon as you step out of the cap at your destination, it sends you a receipt, because your credit cards are on file for immediate payment with the app.  The service is available in New York, London, Tokyo, Chicago and five other cities so far. 

Graphically, the logo is very simple. HAIL on one line, O just below. Black letters with “yellow cab” yellow background. It is a better way to hail a cab in just one word. 

There are many tried-and-true principles and approaches that can be applied in crafting a great brand name. Selecting the right approach for your luxury real estate practice or your company in your marketplace is the key.  It must fit the essence of who you are.  And, it must help you differentiate you from your competition. 

Is it worth taking the time to make the right brand name choice? It is if you want to capitalize on and expand your peripheral sphere of influence.

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Personal & Company Branding: Adopting The "Beginner's" Mind

Using technology and Internet marketing has increasingly become a mainstay in the field of marketing luxury real estate.  It is humbling, to say the least, to discover that your competitors have been the first to adopt the latest and greatest technology and you just at the beginning of the learning curve.  Instead of wallowing in frustration here is a tip to help you get up to speed faster: Embrace a “beginner’s mind”.

A “beginner’s mind” is a term often used in Zen. It is a state of mind that is free of pre-conceptions about a new subject, free of pretending that you know, and also free of self-criticism for not knowing or doubting that you can learn the subject easily. It is a state of genuine curiosity and eagerness to learn.

It is easy for adults to become jaded.  To understand this state of mind better, think of the perspective of a child who is discovering ice cream for the first time.  What would it be like to rediscover your own marketplace with this mindset?

In our strategic branding and marketing consulting practice for luxury real estate agents and brokerage firms, each time we take on a new client we start our consulting engagement with a trip to their marketplace at no extra charge to our clients. This gives us a chance to have some real face time with clients. It also makes it possible to quickly study and thoroughly learn about their marketplace

By being there, with beginner’s minds, we invariably discover exciting nuances about these markets and find non-obvious business development opportunities that can give our clients a competitive advantage.

We advise our clients to continuously take a fresh look at their marketplace through the eyes of their new clients who are discovering it for the first time.  With a beginner’s mind, you can more readily discover the best way to serve your luxury real estate buyers and sellers.

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Luxury Real Estate Personal & Company Branding: Sensory Branding

Some of the most successful examples of luxury real estate personal or company branding are those brands that strike an emotional chord with ideal clients. One of the best ways to engage prospective buyers and sellers is through repetitive sensory impressions that make you stand out from your competition. 

Most people associate branding with a visual symbol like the Nike “swoosh” or the silhouette of a rabbit (Playboy) or the LV monogram (Louis Vuitton). Some products have a distinct smell that creates and positive olfactory memories. With enough repetitive sensory impressions consumers can often identify a brand from a great distance, by sight (without words), or with just one whiff. 

Auditory branding is another way to create an indelible impression of your brand. Joel Beckerman has actually won awards for “sonic branding” and has a roster of Fortune 500 clients who believe in this brand strategy.  You may have heard his “whoooosh” when you have sent email on an iMac or any other email enabled Apple product.  If you heard that “auditory logo” while watching a TV show in which the character was sending an email, you would instantly know that the computing device (even if it were not visible on screen) was an Apple computer or device.

Engaging the senses in your branding creates an emotional connection with your target market that can give you a significant competitive advantage. But, it must communicate your unique brand personality and also be consistent throughout your communication channels.

For one of our lender clients, who brokered jumbo loans for luxury real estate, we created a motion website graphic of his logo zooming down a road and coming to a screeching halt in the foreground, with full sound effects.  He was obviously into cars.   This resonated perfectly with his ideal clients who could appreciate it.(See Case Study)

 What are some ways that you can incorporate sights smells and sounds into your own branding in order to create a strong, positive emotional brand for yourself or your company?   

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Luxury Real Estate Personal and Company Branding: Are You a Jack of All Trades?

Brand positioning is one of the most misunderstood concepts in marketing.  Yet, it is, by far, one of the most important concepts for you to understand as a luxury real estate marketing professional if your quest is market leadership.  

To accelerate word-of-mouth advertising, you need to make it clear to your target market exactly what category of services (or market niche) your brand stands for. The goal is to be the first brand name that comes to mind in your chosen category or niche.

Positioning your personal or company brand in the minds of your target market enables YOU to establish the brand category with which YOU want to be associated in their minds. If you do not make your brand position abundantly clear by staking a claim to a specific category, or if you try to be all things to all people, they will undoubtedly pigeonhole you in the wrong category.

We know a very talented real estate agent who dabbles in many categories including investments, single family homes, condos, REOs, fractionals, foreclosures, international, commercial, etc. She is a “jack of all trades” and not a master of one. To her credit, she makes a decent income by most standards.  But, she does not even come close to realizing her full potential as a market leader, which is easily within her reach if she were to focus on a single profitable category or market niche.

Companies spend millions of dollars each year trying to get their products’ brand names to come to your mind first when you think of their product categories.  Here is an example of brand positioning that illustrates the importance of “owning” a single category.

Did you ever hear the commercial about a couple arguing over the subject of mints? One says,  “Certs is a candy mint”. The other says, “Certs is a breath mint”. Then, the announcer says, “Stop! You are both right. Certs is the only mint that is two, two, two mints in one”.  Obviously, the company positioned their product in two categories.

Here is the challenge: If you personally wanted to buy a candy mint would you think of Certs first?  Or, if someone asked for a recommendation for candy mint would Certs come to your mind first? Ironically, this product does not contain even one drop of oil from a mint plant.

Later, they focused their ads on a single brand category (breath mints) with laser sharp communication. They magnified the pain of having bad breath and also the need for their product with a crystal clear value proposition in this brilliant slogan: “ If he kissed you once, will he kiss you again? Be certain with Certs!”

In marketing luxury real estate you already have narrowed your category in the overall real estate field.  Now, narrow your category further. Position yourself or your company as the expert in that niche!  Become the big fish in a smaller pond, provided that the category has the potential to generate the income you desire. Go for the lion’s share of a smaller category and “own” the category in the minds of your target market.  Only then can you capitalize on the amazing economic benefits of word-of-mouth advertising, because your brand comes to mind first in that category.

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