Luxury Real Estate Marketing: Five Principles of Successful Branding and Marketing

Ride the Wave

Last year Apple rolled out the iPad, an entirely new computer category, and they created a tidal wave of change in many industries.  We have been following this story closely because it speaks volumes about the principles of successful branding and marketing that can be applied to your luxury real estate marketing practice.   Here is a summary of these principles:

1. Spot the Trends-Ride the Wave:  Prior to the iPad a couple of companies came out with tablet computers. But, none were successful.  Apple saw two important trends emerge in other categories of consumer electronics:  The “net book” (small laptops) and e-book readers (Kindle, Nook) were taking off in popularity.  The principle--Spot the trends, ride the wave.

2.  Be the First in a New Category: Apple asked itself this key question, “What could it do better than anyone else in the world in this field?”  Their answer:  Touch screens, apps and awesome user graphic interfaces!  By incorporating these wildly successful features of their iPhone to the tablet computer, and “hitching their wagon” to the net book/e-book reader trends, they defined a “must have” new computer category.  The principle--Be the first in new category. It is the surest way to become the dominant player, a.k.a., the “category killer”.

3.  Capitalize on Your Unfair  Competitive Advantage: Apple’s other highly competitive advantage was their vast customer base from iTunes. It did not take much heavy lifting to include the purchase of apps in their iTunes store where consumers already had their credit cards on file.  Google and Microsoft did not have consumer stores. The principle--capitalizes on your “unfair” competitive advantage.

4. Be the Opposite of Your Competition: Apple’s most significant challenger is Google who took a completely opposite tack in marketing strategy.  They creating an operating system, Android, and made it available to an unlimited number of other would be Apple challengers like HTC who develops smart phones and tablets.  The aggregate number of devices on the Android operating system far surpasses Apple’s.  Google wisely backed off from being device manufacturers.  Google’s aim is to broaden their advertizing reach.  Whereas, Apple’s main focus is creating products that people love. The principle—to challenge the market leader take the opposite brand position and pursue the opposite marketing strategy. 

5.  Take a Distinctive Stance that Resonates with your Ideal Clients:  You can walk into any Apple store and have a uniform high energy experience from knowledgeable staffers and also take one-on-one classes to answer any of your to your tech question.  All of their products are integrated which reduces the learning curve.  Once you have “joined the brand”, why even think of switching brands?

Apple has become a “luxury” brand that offers consumers a means of self-expression.  With a very sharply focused brand identity, Apple stands for fun, knowledge and innovation.  What does HTC stand for? What is a Xoom? How can one Android phone or tablet computer distinguish itself from another, other than on specific features that can eventually be copied?  The principle—to be a market leader your brand must stand for something distinctive that your ideal customer or clients can instantly recognize as a perfect match to their personal values. 

Spot the trends, ride the wave.  Be the first in a new brand category. Capitalize on your “unfair” competitive advantage. Be the opposite of your closest competition. Take a stance that distinguishes you from your competition and resonates with the core values of your ideal clients.  Apply these five principles and you will be well on your way to gaining or sustaining market leadership in your area.

 

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Luxury Real Estate Brand Strategy: The Perils of Monkey See, Monkey Do!

As a luxury real estate marketing professional, imitation of the market leader is definitely not a viable brand strategy for the challenger. It becomes a case of “Monkey see, Monkey do”. Imitation may be the sincerest form of flattery, but it will not result in increased market share.

On a recent trip to Los Angeles, we stopped by our favorite shopping center in Century City adjacent to Beverly Hills.  This is an outdoor mall with movie theaters, restaurants, department stores, boutique stores, and electronic equipment stores.  The mall is situated between several high rise office buildings with walkways and bridges over the streets that bring a constant flow of people to the center.  As we were walking along checking out the latest and greatest we passed the Apple store that was packed with customers, many who were coming out with purchases. Then, several doors down, we noticed the new Sony Store that was not crowded at all.

In Japan, Sony has slipped to #2 with Apple becoming the #1 “luxury” electronic brand.  Now, with lost market share, Sony is trying to play catch-up.  But, how are they different?  What does Sony stand for? Why was Sony not as busy as the Apple store?

In the Sony storefront was a large billboard of leaping young people (pictured above) with the slogan, “Connect/Compete/Conquer”. In front of the billboard are three colorful balls.  This message was our first encounter with the brand as a store. What does this message mean in terms of a unique promise of value as distinct from Apple?  We are still scratching our heads in wonderment. 

If you do not immediately offer a compelling reason to switch brands on first encounter your chances of gaining market share from the incumbent market leader are next to none.  The same holds true for marketing luxury real estate.

 

The Sony store is beautifully designed, and fun to walk through.  We donned glasses to view the newest 3D screens, we saw holographic image technology, and we played with their new touch screens.  The sales people were very knowledgeable and very helpful.  They wore colorful T shirts with Sony logos (just like the Apple staffers).  One of the fun things that caught our eye was colorful keyboard covers that would transform an ordinary white keyboard into lime green, hot pink, or orange.   But, it was Apple that introduced the concept of multiple bright colors to their product line.

The Sony laptop computers uses the Windows 7 operating system.  So do other brands.  How are Sony’s laptops different from those brands?  Certainly, the feature of applying a colorful plastic cover to your keyboard is unique.  But, any other brand could replicate this feature for pennies and render Sony’s keyboards indistinguishable.

A handful of people walked in and out admiring and testing the displays.  But, we did not see any products purchased in the Sony store while we were there. 

Luxury real estate marketing professionals, take heed!  Imitation of incumbent market leaders will get you nowhere as a brand strategy.  Think different.  That is what Apple  has done.

 

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Personal & Company Branding: The Top 25 Ad Slogans of All Time

Brevity of communication when it comes to conveying your unique promise of value is of paramount importance for luxury real estate marketing professionals who seek market leadership. Millions of dollars are paid to advertising companies to achieve this for products and services.  Why not learn from the best when crafting your own marketing message? 

The top 25 ad slogans of all time is a great place to start.  See how many of these slogans you recognize.  If you score more than 50% you are certain to understand the core concept of branding.  These brands are forever imprinted on your brain with these slogans.  The advertisers want their brand to come up first whenever you think of the corresponding product category. Coming up "Top-of-Mind" is what branding is all about.

Jingles are slogans put to music.  Numbers 1, 4, 6, 18 & 19 are jingles.  Can you remember the tune?

The answers are at the bottom of the list.

  1. Plop, plop, fizz, fizz, oh what a relief it is
  2. You're in good hands with _______.
  3. Don´t leave home without it
  4. Reach out and touch someone
  5. A little dab'll do ya
  6. M'm! M'm! Good!
  7. Please don't squeeze the ________.
  8. The pause that refreshes
  9. Look, Ma, no cavities
  10. When it absolutely, positively has to be there overnight
  11. Snap! Crackle! Pop!
  12. Finger lickin' good.
  13. Betcha can't eat just one.
  14. Because I'm worth it
  15. The milk chocolate melts in your mouth, not in your hand.
  16. Good to the last drop.
  17. Just do it!
  18. You'll wonder where the yellow went when you brush your teeth with ________.
  19. Sometimes you feel like a nut, sometimes you don't.
  20. The Uncola.
  21. Think Small.
  22. Where's the beef?
  23. Let your fingers do the walking.
  24. When you care enough to give the very best
  25. The Breakfast of champions

 1. Alka Selzer,2. Allstate, 3. American Express, 4. AT&T, 5. Brylcreem, 6, Campbell’s Soup, 7. Charmin, 8. Pepsi, 9. Crest, 10. Fed Ex, 11. Rice Crispies, 12. Kentucky Fried Chicken, 13. Lay's potato chips, 14. Clairol, 15. M&Ms, 16. Maxwell House Coffee, 17. Nike, 18.  Pepsodent, 19.  Almond Joy, 20. 7UP, 21. VW, 22. Wendy's, 23. Yellow Pages, 24. Hallmark, 25. Wheaties

 

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Luxury Real Estate Marketing: Open House At The Beach!

 

This picture was taken at the lowest of tides.  It is a wall of sea anemones, and it reminds us of all the joy we derive from living near the ocean.  We look forward to the lowest tides several times during the year.  At that time the ocean stages a magnificent open house.  Walls of reef appear encrusted with mussels, clams, sponges and other species.  Some have windows where pelicans and seagulls survey the ocean framed in these new openings.  Some of the reefs look like small hills and carved within them are caves, where crabs and starfish and other sea creatures attach themselves.  The sea lions and seal climb up these mounds and sun themselves

Attached at the bottom of the reef walls are anemones.  These creatures are firmly rooted to the reef walls using their adhesive basal disc.  They stay in the same spot unless the conditions become untenable, then they move on to more hospitable walls.  The anemones in the Pacific coastal waters of Santa Barbara are iridescent turquoise blue and their insides rimmed with green. They have transparent tentacles that keep moving to create motion in order catch their food.  When touched the anemones close up, to capture their prey.

For us the beach is a place of solace.  We often refer to it as our conference room.  We go to the beach to clear our heads to breathe in the salt air, to watch the dolphins play and to marvel at the pelicans flying in formation.  We feel a primal connection to the ocean and the rhythm of the waves.  We love the patterns the water leaves on the sand, the colors and the wealth of life the ocean supports.  We enjoy watching the dogs frolic on the beach, the kids digging channels and building castles, the volleyball games, the surfers, the kayakers, and the paddle boarders walking on water.  We never tire of it, and as we head home, we make plans to return.

 

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Luxury Real Estate Branding Strategy: Are You Getting the Lion's Share?

If you could do two things today that could significantly change your financial outlook for the better, here is what we would recommend:  1) start treating your luxury real estate marketing practice like a business instead of a profession; 2) Discover your competitive advantage, what you can do better that anyone else. Then make the decision to be either #1 or #2 in your marketplace or some niche within your marketplace that you can dominate. That is the journey we call the “unabashed pursuit of market leadership”. 

Take a page from the playbook of one of the greatest business leaders in recent decades, Jack Welch, the previous CEO of General Electric.  Mr. Welch’s had a motto: “Fix, sell or close”.  To survive in the company portfolio, GE-owned businesses had to be number one or two in their industry or have the potential to get there.  

Everything changes when you shift to the mindset of a business market leader.  Your entire game board takes on a whole new meaning. That is when the fun begins!  What is at stake?  The stakes are always high in the realm of market leadership: the lion’s share of business and revenue.  If you are not aiming for #1 or #2 you are settling for the crumbs.   

What is most exciting to understand about the pursuit of market leadership is that the entire playing field is in the minds of your target market.  Although the evidence of being #1 & #2 manifests in having the most market share and the highest revenues, mind share always precedes market share.  The battle for market leadership is won when you achieve “top-of-mind” status.  Who is the first luxury real estate professional to come to mind in your market place (or niche therein)?  Who is the second?

The ideal scenario is to identify an uncontested market niche that you can dominate.  Otherwise, the game becomes a battle between the incumbent market leader and the challenger to gain or sustain top-of-mind status.   It is in the realm of the mind that branding takes place. 

What is the first corn chip to come to your mind?  The vast majority will answer, Doritos.  Can you think of another corn chip brand? Most people cannot. Fritos actually occupies its own snack food category, an uncontested niche, in customers’ minds, according to experts.

Personal and company branding is not about getting a new look in the same way you would go out and buy a new outfit. Doing this may help you stand out from your fellow crumb gathers (#3 and below).  Branding is all about strategy and jostling for top-of-mind status where the lion’s share of the business is at stake. 

In our strategic branding consulting practice we only work with incumbents who want to fend off the challengers or the challengers who want to surpass the incumbents.  It is all about strategy; how to out-think not outspend your competition.

Start treating your luxury real estate marketing practice like a business. Aim for gaining or sustaining the #1 or #2 position in the minds of your target market. Then, watch your financial outlook change for the better.

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Luxury Real Estate Marketing: What Is Most Compelling About Your Marketplace?

In the field of marketing luxury real estate, one of the true tests of the market leader is the ability to quickly and concisely communicate your extraordinary promise of value. Another test is the ability to articulate the most compelling and unique aspects of your marketplace. 

In our area, Santa Barbara, California, one of the most charming attributes is the influence of Mexican culture in architecture and design.  For example, the 10th of the California missions, the Santa Barbara Mission (known as the Queen of missions) was founded on the Feast of St. Barbara, December 4, 1786. Over two centuries later, the Mission is still very much alive.

The Mexican cultural influence can also be seen in many of the hotels, and commercial buildings in downtown Santa Barbara.  The steps depicted in the photo above are part of the central shopping center on State Street, El Paseo Nuevo.  A different tile design was used for each riser of these steps.  The Mexican motif in tile work focuses on deep rich colors - reds, cobalt blues and dark yellow. Earth tones are also used to convey warmth and a convivial ambience.   

The finest Mexican ceramic tile, Talavera, is 100% handcrafted, hand glazed and hand painted.  Many homes in the Santa Barbara area reflect the Spanish Revival Architecture and utilize Talavera title in kitchens, baths and moldings.  It is said to be timeless and sets a mood of comfort in the house vs. a more formal feeling. 

The semi-tropical climate and the proximity to the mountains, beaches and ocean, in Santa Barbara, lend itself to an ambience of relaxed & casual luxury.  And, that in a nutshell, is one of the most compelling reasons to buy a home here.

 

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Luxury Real Estate Marketing: The "Free" Effect!

 

We have been saying for some time now that there is more to our sluggish economy than real estate and mortgage woes.  Two of the non-obvious factors are the disruption of technology and the “Free Effect” that can render entire product or service categories obsolete, overnight.  We have all seen the tables quickly turn in the field of luxury real estate marketing due to both of these factors.

For example, an incumbent market leader is being besieged by a challenger who is “out-technologizing” them on the internet and is capturing the lion’s share of the buyer leads in their market place. An example of the “Free Effect” became apparent when MLS search, previously the exclusive domain of agents, was offered as a free commodity to consumers on agent and broker websites without even having to register on the site. The combination of disruptive technology plus zero cost to consumers can have significant ripple effects on the economy in general as well as your personal economy.

We recently read a blog post by Kathy Schowe in La Quinta, CA, about a new iPhone App that does everything a business card scanner does and more. Kathy is also on the Language of Luxury Team of Experts (Desert Homes & Golf Communities).  Card Munch is a FREE app that uses the phone’s camera to scan a business card and then sends it to a data center where, drum roll… a live person creates a digital version of the card.  Minutes later you are notified that the digital version is ready for use with 100% guaranteed accuracy.  If you have Mobile Me (Apple) it syncs with all of your contacts on all of your devices. You can also email the card to your desktop and save it in Outlook, or send it to anyone. 

There are even more features that are well worth your investigation of this fine app. Card Munch was purchased by Linked In and they have integrated it with their social media platform as an optional feature. But, what is most amazing is that it can replace business card scanners that sell for up to $400, for free! We have been interested in purchasing one of these devises for years but could not justify the cost. Now, it is a must-have app!

What is more, through blogs like Kathy Schowe’s and the Language of Luxury, we are giving Card Munch free advertising because we are raving fans!  No longer are there a handful of journalists that cover new tech products. With spontaneous reviews like ours, the immediacy of social media can literally make a hit out of an app overnight.

Take full advantage of disruptive technology and the “Free Effect”. Better to turn the tables on your competition than vice versa.  As a luxury real estate marketing professional, reducing your overhead with the combination of new technology and free apps can lead to a stronger bottom line and a happier disposition.

 

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Luxury Real Estate Marketing: Peripheral Referral Marketing

As a luxury real estate marketing professional, you live and breathe real estate day in and day out. But, if you think referral marketing is primarily about real estate, think again.  The best referral marketing is peripheral.  Peripheral means tangential or secondary, only slightly relevant to your primary subject of real estate.

This is important to understand when it comes to staying in touch with clients who just purchased or sold a home and also with contacts in general. If you are a blogger, droning on about real estate alone will bore your audience to tears!

Traditionally, a person, couple or a family buys a new home every seven years, on average. For most people, moving is stressful.   They have given quite a bit of attention and focus to real estate as a buyer or a seller.  But, once they have completed the transaction how much interest do they actually have in the real estate market as a consumer?  If you come at them, bombarding them with real estate related information they simple will tune you out.

Perhaps they want to keep abreast with market trends, but on an occasional basis only.  Or, maybe they are interested in what the home up the street just sold for.  But, after that they are more interested in their lifestyle and enjoying the locale than they are in real estate matters.

One of the masters of peripheral marketing is Ralph Lauren.  They provide the outfits for the Olympics Wimbledon and the US Open Tennis Tournament.   To get a visceral experience of this company’s peripheral marketing check out:  L’Art de L’Automobile—Masterpieces from the Ralph Lauren Car Collection. It is an exhibit in Paris that closes on August 28.  You may not be able to attend, but you can go there virtually. Be sure to  click on each of the classic car photo to hear the actual engine of the car.

Ralph Lauren is not selling clothes at this exhibit.  But, they are selling the affluent lifestyle, peripherally, the lifestyle that characterizes their brand.  You do not have to be rich to “join” the brand; you can simply purchase a Polo shirt at Macy’s.  But, more likely than not, if Ralph Lauren holds your interest as a brand, you aspire to live the affluent lifestyle. 

Think of ways you can stay in touch with your sphere of influence and your audience on the periphery of real estate more so than as your core subject in your communications. If you do your chances for referrals will be much stronger.

 

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Luxury Real Estate Personal Branding Case Study: Kristi Nelson, Bainbridge Island, WA

This is the VIDEO personal branding case study of luxury real estate marketing professional, Kristi Nelson of Buckley & Buckley on Bainbridge Island, Washington. Bainbridge is consistently voted one of the top five communities in the nation for good reason.  While the island retains a rural and friendly atmosphere Bainbridge is just a 30 minute ferry ride from cosmopolitan Seattle, a city rich in cultural attractions.

What really sets Kristi apart from her competitors’ is her extensive background and success as a real estate developer, investor and design consultant.

If you are unable to view the video CLICK HERE.

It is with great pleasure that I recommend Ron and Alexandra Seigel of Napa Consultants International. After hearing them speak at the Luxury Real Estate Conference (Who’s Who in Luxury Real Estate) in Seattle in the fall of 2010,  I hired them to develop a personal brand and brand strategy, plus a new web site for my luxury real estate marketing practice. Ron and Alexandra listened carefully to my needs and desires and came up with a strategy that would set the stage for making me a market leader in luxury real estate on Bainbridge Island in Washington State. The result is an eye catching brand that speaks directly to my target market. Even in its early stages my web site is already garnering rave reviews from the real estate community and even more importantly, my sphere of influence. If you are looking for the best in luxury real estate marketing, look no further than Napa Consultants International! 

--Kristi Nelson

VISIT: www.LivingOnBainbridgeIsland.com

  

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Luxury Real Estate Marketing: The Key to Blogging is Curiosity

Our Curious Cat Zoe

This post is dedicated to those of you who have embraced the art of journalism and have become bloggers on top of everything else required of your career in luxury real estate marketing. Consistently producing original content can be challenging at times.  But, here is our secret to success:  Perpetual curiosity must become your passion.  To blog consistently you must become a perennial student and you must be passionate about learning new things.  That is where the joy of blogging comes from- a curious mind.

Here are some quotes we found about the subject of curiosity.  We hope they inspire you as much as they have moved us.

I have no special talents. I am only passionately curious.
~Albert Einstein

The cure for boredom is curiosity. There is no cure for curiosity.
~Dorothy Parker

Curiosity is a willing, a proud, and eager confession of ignorance.
~S. Leonard Rubinstein

Be less curious about people and more curious about ideas.
Marie Curie

Let’s just say I was testing the bounds of reality. I was curious to see what would happen. That’s all it was: curiosity.
~Jim Morrison

Satisfaction of one’s curiosity is one of the greatest sources of happiness in life.
~Dr. Linus Pauling

I find that when you have a real interest in life and a curious life, that sleep is not the most important thing.
~Martha Stewart

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Luxury Real Estate Personal Branding: Are You a Non-Conformist?

ApplesandOranges2.jpg

“When you're just like everybody else, you've got nothing to offer other than your conformity”

 ~ Wayne Dyer

 “Stand out or bow out!”

 ~ Ron & Alexandra Seigel, LOL Authors & Community Founders

Conformity is the act of matching attitudes, beliefs, and behaviors to what individuals perceive is normal of their society or social group.  Many people feel the pressure to conform and have trouble taking the risk of standing out.  This is good news if you want to become a market leader.  That means fewer bone fide competitors. For market leaders, blending in is not an option.

Can you clearly articulate how you stand out from your competition? If you cannot state this in a few words how do you expect your potential referral sources to do so? One of the most important components of the personal branding process is making it easy for other to convey your unique promise of value. Do so and you will get more referrals.  It is just that simple!

Even if you are a not fan of basketball you certainly have heard of Kobe Bryant or LeBron James because they are among the current super stars of the game. But, you may not know Chris Andersen, who plays center for the Denver Nuggets.  Chris is also known as the “Bird Man”. He sports a spiked haircut and has extensive tattoos of feathers and birds on his body.  You cannot miss him nor can forget him once you have seen him just once.

Andersen is an extreme case of personal branding. Yet, in just one visual impression of his tattoos, hairdo and flying gestures, plus hearing his personal brand name one time, you will most likely remember him for years to come. More importantly, you will instantly be able to tell anyone else about him.

That is the power of personal branding.  But, it takesa willingness to be a non-conformist and stand out from the crowd.

Test it for yourself. Who is the most flamboyant basketball center today?

Luxury Real Estate Branding: Be the Opposite Choice!

Blue Frog by Michael Galber

As a luxury real estate marketing professional, if you are interested is leapfrogging over your competitors here is one of the all time best strategies:  Be the opposite choice to the No. 1 market leader! You can jump over the pack and become the No. 2 in your marketplace by positioning yourself or your company as embodying the very opposite key attribute that the current market leader in your area stands for in the minds of consumers. 

The first step is to analyze the market leader and look for the weakest aspect of their “game”. It is very rare that a market leader can be all things to all people.  They often get complacent and their level of service often slacks off.

A classic example is Hertz and Avis.  No. 2 Avis positioned itself as the obvious alternative by claiming, “We Try Harder”.  Even though they did not surpass No.1 Hertz they summarily dismissed No.3 and other competitors who could not make the same claim without appearing as a “me too” brand. They could not say, "we try harder, too" and expect anyone to take them seriously.

In luxury real estate, the market leader often gets complacent because so many home sellers automatically give their listings to them simply because they are perceived as the best. After all, they sell more homes!  But, in truth there may not be a viable, competent alternative. 

With this strategy you must become that alternative in the minds of home sellers.  You must clearly send out the message that you stand for the opposite key attribute that the market leader claims to have.  

For example, one of our clients wanted to be known as the top agent in a series of luxury communities in her marketplace.  The incumbent market leader, the volume leader, was a very large team.  Many of their clients were not 100% satisfied with the team’s service because they did not work directly with the team leaders, just their underlings. 

Our client was able to demonstrate that she could match all of the claims of the big team in terms of marketing savvy, but with total personal service which was just the opposite of No. 1. She was personally present at every showing by buyers’ representatives.  She promptly responded to every email and phone call from the home seller and was always immediately available when needed.  She did not take on more listings than she could serve in this manner. Her reputation for exemplary personalized service (yet with all the bells and whistles of the team) summarily dismissed other individual agents vying for market share in this marketplace.  

When our client was up for a very expensive listing the choice came down to this:  No. 1 (the team) or No.2 (our client), the team approach or “extreme” personalized service. No other agents were even interviewed because our client “owned” the brand position of the opposite.  The choice of either/or does not leave room for a 3rd alternative.

When she sold the home it was the highest priced home sold in that year in her marketplace, which proved that she could perform as well as the team in this realm. This cemented her position as the opposite alternative and she now is perceived as being equally as competent as the team.

Those who value the assurance of a large team will stay with or choose the incumbent. But, those who value exemplary personalized service now have a choice—the oppositie choice. 

If you want to leapfrog to No.2 be the oppositie choice of No.1 . You will instantly leave the rest of the pack in the dust beginning with a distant No.3.

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Luxury Real Estate Marketing: Are Your Clients in Your "In" Crowd?

The luxury goods market is conservatively estimated to be 359 billion dollars.  It is actually up 6% from last year, according to American Express. After a long period of not spending luxury buyers are obviously getting over their “frugal fatigue which bodes well for those engaged in marketing luxury real estate.

It seems that every study from Harris Interactive to the Wharton School of Business emphasizes the importance of building a lasting relationship with your clients and prospects. Prospective clients are looking for a positive, memorable experience. They may not be ready to buy now, but they still expect you to exceed their expectations by providing them with amazing interactive experiences that you offer (online and offline) even prior to a sale or direct contact with you.

Any one of your competitors can inform their clients about what is happening in the market. But, how much interest is there for that on a continuous basis.  Stand out! Don’t just send updates on new homes that come on the market! Send interesting articles about the community, new restaurants or gallery openings.

Better yet invite selected members of your sphere of influence to an art gallery opening, or a special museum exhibit. Word will get out that you are strikingly different. A warm and friendly experience increases trust which means your chances for referrals are that much greater.

Make your contacts fell like they are a part of your “In” crowd. Share with them your special secrets and insights. They will see you as the “go to person”.  Emulate the ways that luxury retailers are interacting with their customers by making them part of their “In” crowd.

For example, the designer Kate Spade reveals what inspired her designs with her “special clients”. She has a section on her website called, “Behind the Curtain”. This catalogues her influences, her interests and what she thinks is “hot”. Her comments serve to build relationships with her customers and engage them in conversation.

Recently Chanel rewarded their fans on Facebook by previewing their Chanel “Rouge Coco Shine” lipstick collection and offering them the opportunity to buy it online prior to its debut in retail stores..  The “avant premiere” was featured exclusively for Facebook fans just for two days-- 4/7 & 4/9. 

Ralph Lauren released their second interactive children’s story narrated by Uma Thurmond.  (See previous post). It is an enchanted story that also prompts readers to buy their new products.

Donna Karan has a column on her website called Donna’s Journal, which includes topics such a women who inspire, the Urban Zen Foundation, DK talk, and ask Donna. The notable here is the Urban Zen foundation

“The Urban Zen Foundation creates, connects and collaborates to raise awareness and inspire change in the areas of well-being, empowering children and preserving cultures. We design forums, partner with existing organizations and bring together experts to define solutions and implement action.”  Ten percent of the sales of Karan’s Urban Zen collection is donated to the foundation.

How can you make your existing and prospective clients part of your In" crowd?

 

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Luxury Real Estate Branding: Does It Pay to Be Popular?

 

The advantage to being top of mind, as a luxury real estate marketing professional, in your marketplace is getting the lion’s share of the business.  There is also a secret advantage of being the popular choice. Although, Cherry Garcia ice cream, from Ben & Jerry's, has many raving fans vanilla, chocolate and strawberry ice cream are by far the favorite choices with vanilla winning hands down as "most popular".

Ranking top of mind in luxury branding is even more important that ranking #1 on a Google search, because the overwhelming majority of affluent consumers rely on referrals from friends, family and colleagues when choosing products and services.  Any real estate agent with enough funds can hire a search engine optimization expert to help him or her secure the #1 position in a Google search query.  But, will the website visitor who clicks through the top listing actually hire the top ranking agent on Google at the end of the day if they are not accomplished and competent--or popular?

There is a lesser known factor that influences the choices of high net worth consumers when selecting a luxury real estate marketing professional.  That is, taking into consideration what others will think of them based on the agent they select.  While some consumers are “inner-referred”, meaning that they rely on their own judgment more so  than others, a significant number of people care more about what others think of them.  The “outer-referred” consumer will bypass their gut instincts (and taste buds if they prefer Jerry Garcia) just to look good in the eyes of their peers, neighbors or family (who prefer vanillla).

Have you ever been in a restaurant when the server suggests a menu item and adds, “This is a very popular choice”?  Studies have shown that when it comes to choosing brands of food to serve at a party the host will purchase the “popular choice”, e.g., Coke vs.. Pepsi even if the host prefers the taste of a generic brand that is cheaper.

To summarize, if you want to gain or sustain market leadership you need to stand out and achieve “top of mind” status for three important reasons: 1) most potential referral sources can only remember a few brand names (vanilla, chocolate and strawberry) when asked for a recommendation for a luxury real estate agent ( see more detail on this); 2) Top of mind generates more leads than qualified search engine leads because affluent consumers rely on personal referrals more than Google, and; 3) The popular choice is a hidden influence in selecting an agent

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Luxury Real Estate Marketing: The "You" Perspective

 

If you need a mental boost and a new perspective on your luxury real estate marketing practice, here is a tip for you. Get the idea that you are a man or woman living in China and you are granted the wish of stepping into YOUR life, taking over YOUR exact set of circumstances including your business. See YOUR life from their perspective with fresh, appreciative eyes. Wouldn’t you jump at the opportunity of getting to be YOU?

It is all too easy to complain about the economy or wallow in self-doubt or self-pity.  Get over yourself and begin your life anew. 

Part of the problem you may be experiencing is a result of commoditization, which has rendered your brand of doing business virtually indistinguishable from your competition.   In luxury real estate marketing, commoditization occurs when one agent or company’s service offering cannot be differentiated from another. For example, the introduction of the IDX, which gave consumers free access to the local MLS on real estate websites, commoditized that information and leveled the competitive playing field in that aspect of the business.  

If you are hard pressed to articulate your extraordinary promise of value as distinct from your competition, you may be suffering from commoditization. But, do not despair!  There is always a way to bounce back.  The antidote to commoditization is to identify an underserved or uncontested market niche and dominate it with passion!  Combining your personal passion with business opportunity is the ticket to success.

Here is the story of Zhu Jin, a 36 year old Chinese woman who seized an opportunity to rise above a sea of competition by creating a luxury service business in a highly commoditized field—the flower business.  She bravely moved from being a rural flower grower, where she was faced with fierce competition, to opening a tiny flower store in an exclusive office building in the capital city of the Sichuan province, catering to high-end customers.

Zhu capitalized on her natural artistic talent and her passion, the desire to make people happy with the gift of flowers.  She now has six flower stores and nearly 40 employees. To manage cost, supply and demand for exotic flowers, she reinvested her profits and now grows her own.

Zhu did not fall prey to commoditization.  She found a way to deliver extraordinary value to an underserved market niche, and rendered her competition irrelevant.  Imagine if she had YOUR opportunities and could become YOU instead of Zhu! 

 

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Luxury Real Estate Marketing: Don’t Flip Out, Stick to Your Core Competence!

Keeping up with the speed of change in technology, as a luxury real estate marketing professional, can be a daunting task. But, to some extent, it has become an imperative to stay competitive. For example, new entrants in the luxury real estate field, such as tech savvy executives from corporate America, offer a new challenge to complacent incumbent market leaders who have not adapted rapidly enough to the new rules. Yet, if building strong relationships is your strength vs. deploying the latest technology you may be spinning your wheels trying to fend off this new breed of real estate agents and brokers who may not have your particular savoir faire.

Knowing your core competence is extremely important when making marketing and branding decisions. Sticking with what you know and doing it better than anyone else in your marketplace can take you farther than dabbling in aspects of the business that does not represent your authentic brand.

Cisco recently announced that it will discontinue its Flip video camera division which they purchased for $590 million in March of 2009. They spent lavishly to expand the market for the tiny video camera by having celebrity endorsements and paying for product placements on popular TV shows such as “24.”  Sales increased at first, then waned as the smart phones, such as the iPhone, began to include high definition video cameras.  In just two years, the Flip has practically become obsolete. Cisco CEO, Tom Chambers, declared that the company would re-focus on its core competence, corporate customers, rather than on consumers.

Apple, on the other hand is a master at producing products that consumers love.  They are now expanding to include more small and midsize companies as customers through their “Joint Venture” initiative.  They have overcome their technical disadvantages in this arena and are going after the incumbent market leader, Research in Motion who produces Blackberry phones.    

In seeking to expand market share, it is important to maintain your focus on your core competence, especially in turbulent times.  Unless you are thriving in your current area of expertise, this is not the time to expand into other aspects of the real estate business such as commercial or business opportunities.  The key, right now, is to stay focused on what you know well and do best.

 

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Marketing Luxury Real Estate: What Is Your Added Value?

 

Differentiating yourself from others in your area who specialize in marketing luxury real estate comes down to adding value in your service that your competition does not. Here is an example of added value that differentiates the Ritz Carlton Dallas from all the other luxury hotels in that city. 

If you are a dedicated runner and want to run in Dallas, the Ritz provides their guests with a hotel running buddy, and will also add a customized fitness and sports massage. According to Noeha Coutry, director of sales and marketing, ““By providing a running buddy, we can provide them [guests] with someone to motivate them during their runs while also providing localized trail and travel information that makes their exercise in a strange town more interesting and more comfortable.” 

These running buddies are selected for their background in competitive running, and can adapt to the fitness level of the guest. The Run and Recover program starts at $205 for a one hour run and 50 minute massage and must be booked 48hours in advance. Now, if they only had a program for Yoga, we would sign up.

How can you add value to your service as a luxury real estate marketing professional?

 

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Luxury Real Estate Marketing: Notes from Scottsdale/Success in the “New Normal”

 

Yesterday, I (Alexandra) had the privilege of attending and speaking at the 5th annual AFIRE conference held in Scottsdale Arizona.  This conference brings together a group of real estate’s leading women to create a three day networking experience. It covers “the latest in technology, hot issues that will influence us now and in the future, what’s happening on the international scene, strategies for working across generations, and most importantly, how to create and maintain a positive attitude. (2011 program notes).”  This event was created by Bernice Ross, Ph.D. and CEO, Author, Trainer, and Speaker. Bernice is also a nationally syndicated columnist for Inman News who dubbed her "America's top real estate coach."

Given our schedule, I was only able to attend the first day, and it was packed with outstanding information.  I took copious notes and will be sharing my impressions and introduce you to some of the most interesting and brightest women in our industry, in the next few weeks.  The overall message is that although the real estate industry has experienced its share of chaos and uncertainty what has emerged is a new real estate “normal”.  Succeeding in these times means having a niche, being fluent and savvy on line and offline in marketing luxury real estate, giving outstanding service and being well known, well thought of and visible in your community offline. 

I want to thank Toni Weidman, Kathy Schowe, and Norma Toering who were generous in giving me the opportunity to talk to them.  I interviewed these Active Rain members, so that I could give the women at AFIRE the perspective of successful, blogging, community minded real estate agents that embody the "new normal".

 

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Luxury Real Estate Branding: Outpace Your Competition,Get Your Brand Message Right!

As a luxury real estate marketing professional getting your brand message right is of paramount importance.  First, you must be sure you are communicating to the right target market.  Second, you need to make sure you are communicating your extraordinary promise of value in their language, i.e., words that address your target market’s most pressing needs (not yours).  When you inaccurately assess both of these factors your chances of success are between slim and none. 

Porsche’s new marketing campaign “Engineered for Magic-Everyday” misses its target on both counts. As such, it serves as a great lesson in messaging.

There are plenty of emotional needs that Porsche ownership satisfies. But, “everyday” trips in the big city (where most Porches are sold) are definitely not one of them.  This new ad campaign is geared to change the way their target market perceives this expensive sports car.  Now it is a “school bus” (to pick up the kids), a "pickup truck" (to haul items in the trunk), and a “pet carrier” (to transport your dog, who enjoys the ride in the convertible).  

This is total absurdity!  Porsche will waste millions of dollars in this attempt to change its perception of being a “race car”, which is the DNA of its brand and the primary reason people buy it, whether or not they use it as such.

Another new Porsche video ad shows a father brushing snow of his Carrera with his kid sitting in the front seat.  The caption is “Snowmobile”. 

 While visiting friends in Chicago, Alexandra, who has an impeccable driving record, drove her friend’s husband‘s Porsche in the snow with their baby son onboard.  It was a white knuckle drive all the way.  Even though she had plenty of experience driving in the snow from her days at the University of Minnesota, (in a car equipped with studded tires), it was tough not to do 360 degree turns in the Porsche.  She felt helpless several times, praying to every deity she had ever heard about, to make it safely back to her friend’s home in the country.   Perhaps, for some this would be considered a thrill.   But, that segment of Porsche’s target market must be miniscule.

Getting your brand message right is crucial when marketing luxury real estate. Know your target market inside and out, their psychographics as well as their demographics. Then, speak to them in their language.  That is, if you want to increase your sales and outpace your competition.

 

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How to Make Your Primary Brand Differentiator Your Bread and Butter

 

Contrarian thinking is one of the factors that separate market leaders from the rest of the pack.  For luxury real estate marketing professionals who wish to dominate an underserved market niche, here is an example of a billion dollar company that has done just that by thinking differently.

Panera, known for its hearty soups, salads and $7 sandwiches, made with freshly backed artisan breads, served on real dishware in a very comfortable setting, exemplifies such a market leader. With 1420 stores, and a roughly $3 billion market capitalization it has taken a page from Starbucks, and is thriving by providing its customers with a “third place” to gather,  apart from home and the work place.  

The mark of an effective brand is one that can communicate how it is different from its closest competition in just a few words. For Panera those words are “healthy, tasty &, affordable, yet upscale”. 

Subway claims to serve healthy, affordable sandwiches too, but not on artisan bread and not on ceramic dishes. Tasty, is more of a subjective attribute which must be taken out of the equation when comparing the two brands. But, the furnishings in Subway are not upscale like you would find in a well- appointed Starbucks store.

Can you see how the DNA of a brand (the summation of its primary brand attributes) completely changes when one additional factor, “upscale” is added to the “recipe”?   Can you see how adding one additional brand attribute can appeal to a specific demographic that was underserved (by Subway for example) and thus create an entirely new brand category? Can you see that an “upscale” version of Subway was an uncontested market niche and now has become a separate brand category in the minds of its target market?

Can you articulate the brand attribute(s) that sets you apart from your competition? Think contrary to the norm and you will stand out in a meaningful way.  Your target market will appreciate that you have done so and they will follow you instead of your competition! Only then will your dfferentiating brand attribute become your "bread and butter".

 

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