Luxury Real Estate Personal & Company Branding: What's in a Name Brand??

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Personal and Company Branding: The Best-of-Class Brand Position

October 29, 2012

Courtesy of Apple

If you want to gain or sustain market leadership, as a luxury real estate marketing professional, pay close attention to market leaders in other luxury product and services fields. They can offer you invaluable clues. We watch Apple like a hawk because it is the most valuable company in the world, and also one of the best international luxury brands.

How is Apple a luxury brand? They build premium products that command premium prices and generate great profit margin.

Most people do not need a $329 iPad Mini. Yet, the white version sold out the same day it came on the market! So, why is it that so many people are willing to pay a premium for the iPad Mini when they can get a Kindle or an Android based smaller tablet for less?

Many pundits were certain that the price was too high for budget-minded consumers. They were right; but not for the right reason. The iPad Mini is NOT for budget-minded consumers because they do not have the psychographic profile (mindset) of Apple’s target market.

Apple is not even trying to win over price-sensitive consumers at the lower end of the market. Instead, they are focused with laser-like sharpness on serving those who appreciate and simply must have best-in-class products. Consumers with this mindset value superior design and engineering. Apple knows how to communicate with and serve consumers with this psychographic profile better than any other technology company on the planet.

Apple also knows that extremely satisfied customers will become evangelistic fans, and these fans will influence some of their budget-conscious friends to switch to the best-in-class mindset. Others will switch when they walk into an Apple store and discover or rekindle their own best-of-class mindset without any sales pressure, whatsoever.

That is why Apple can command a premium for their products and also generate a higher profit margin. By steadfastly claiming, the best-in-class brand position Apple forces their competition (in the cheaper price and lower profit margin spectrum) to battle it out between themselves.

To sell tablets at lower prices competitors have to cut corners. Apple marketing VP, Phil Schiller s summed up their best-in-class brand position in 7 words: “Competitors are making compromises with their products. We don’t.”

If you are engaged in the “unabashed pursuit of market leadership” as a luxury real estate marketing professional, you must assume the best-in-class mindset yourself. Then, focus exclusively on those clients who appreciate this core value. Let your competition fight over everyone else.

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Marketing Luxury Real Estate Tip: Why Psycho Graphics Matter-Part 6

October 26, 2012

As a luxury real estate professional, it is important to know and understand the psycho graphics of your marketplace. One way to do this is to analyze why and how you buy luxurious products. Here is an example:

We were just at our local wine warehouse store, Carpinteria Wine Company, to purchase a bottle of Champagne or Sparkling Wine, if made anywhere else, for a very special celebration this evening. They have a great selection, and being students of branding I (Alexandra, here)spotted this bottle of Sparkling Wine called Goat Bubbles. It certainly stands out at first glance. It would make for great conversation, and the reviews stated "it was a silly name", however the product was good and "pinot esque", which refers to the Pinot grape.

On second thought, the brand became a turn off for us, in this instance. Although we love fun names and fun brands, we have a reverence for Champagne/Sparkling Wine of all countries. For us, it means "special and worthy of toasting an achievement, an anniversary, a birthday, a wedding, or just because you appreciate your mate." We were not the right psycho graphic for this sparkling wine, and we are certain that there are many who will find the name and the wine "perfect!"

So we opted for a French Champagne "Henriot" grown on the chalky soils of the Champagne region in France, which we have visited and enjoyed exploring many of the great Champagne houses. It is the proprietor's favorite, and she recommended it for the crab cakes made with fresh Louisiana crabs, which will be served with this meal.

Know your psycho graphics before you market yourself or your company.

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Luxury Real Estate Marketing Tips: Understanding the Mindset of Your High Net Worth Clients - Part 5

October 24, 2012

Courtesy of Apple

EXCEPTIONAL MESSAGING

Messaging, the way in which you communicate your extraordinary promise of value to your ideal clients is one of the most overlooked components of personal and company branding for luxury real estate marketing professionals. To sharpen your own marketing message, look to other industries for evidence of exceptional messaging.

Successful messaging is focused and laser sharp because it specifically addresses the attitudes, interests and the opinions of your target market, i.e., their precise psychographics. Once you know the way your ideal client thinks you must speak to them in their language and in their own “dialect”.

Apple announced its new iPad Mini today. Apparently, there are a lot of us who would prefer a smaller tablet because it can be held comfortably in one hand. Now, you can essentially get most of the benefits of a larger iPad with faster Wi-Fi for about $160 less. Here is the essence of the iPad mini marketing message: “The Whole Package. In a Smaller Package—Mini is Mighty”.

But, in our opinion, the really big news at Apple today was not the iPad Mini, although, this new product is destined to be a huge success. It was the new iMac! The marketing message for this totally re-engineered personal computer: “Performance and Design. Taken right to the edge”.

Whereas, the iPad Mini speaks to a much broader audience of consumers, the new iMac speaks to an entirely different psychographic profile: Those who would choose to buy a Ferrari, for example, or aspire to own one. It also appeals to those who value spectacular innovation in design—“The desktop in its most advanced form ever”, according to Apple.

At a time when mobile devices are overshadowing the stodgy PC and the PC market is declining, Apple gives us some very compelling reasons to fall in love with the PC again. You may not need the extreme performance of the new iMac. But, if you want to work on a computer that is also a piece of art you MUST HAVE one. Nothing else out there can hold a candle to it.

First, it has 40% less volume than the previous iMac. It is only 5 mm thin at the edge of the screen! There is 75% less glare. And, each screen is individually calibrated for vivid color using equipment “tuned to color standards recognized around the word for precision and accuracy”.

From an economic standpoint, if the PC market is eroding, does it not make sense to come up with a way to “own” a bigger slice of the remaining pie? 58% of all PCs are purchased in stores, according to the Wall Street Journal. The iPad and the iPhone drive traffic into Apple stores where the customer experience is far superior to stores like Best Buy in every way. That is, if you have the psychographics of Apple’s ideal customer.

Learn how your ideal clients think. Understand their psychographics—their values, attitudes, interests and opinions. Then make an effort to hone your marketing message by communicating in their language.

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Luxury Real Estate Website Design: Successful Single Property Websites Tell a Captivating Story

October 22, 2012

Successful luxury real estate website design must tell a captivating story about the homes you represent and it must also romanticize the marketplace in which you work. This is particularly true about single property websites. Here is a story within a story of the production of successful single property website.

We got a glimpse of quality online professional networking at its best on Active Rain, which is one of our distribution channel for the LOL Blog. “AR” is the largest online professional platform exclusively for real estate related professionals.

Gayle Rich-Boxman, a fellow AR member (and LOL member) in Oregon, reached out to us with a special request. She and her husband Larry were getting ready to put their own home on the market. Their exquisite lakeside estate is on Fishhawk Lake, which is a private, lake community about 1.5 hours drive from Portland International Airport. Gayle asked if we could help her create a marketing strategy just for this property.

Although, our primary work is developing luxury real estate brand strategy for agents and independent brokerage firms who are bent on gaining or sustaining market leadership, we decided to make an exception, for Gayle. When we flew out to meet the couple we became instant friends.

They invited us to stay at the their home and experience their fabulous lakeside lifestyle first-hand. During our visit we hatched the marketing strategy and the marketing plan. The strategy included developing a state-of-the art, mobile-enabled single property website that we share with you here in this post. (Click on the link below to view the website).

Shortly after our visit Gayle invited several other friends that she met on AR for a retreat at her home. Debb Janes created a video that was mostly shot on Gayle and Larry’s electric-powered pontoon. Kris Ginsberg took some wonderful photos for the website, video and the property brochure. With our art direction and supervision our Napa Consultants’ web design team went to work to create the site, incorporating all of the contributed components.

The site just launched and was immediately well received. The camaraderie and sense of community was heightened between network members who participated in the production of the site and have all become friends in the process.

Remember to tell a captivating story with your luxury real estate website design and also romanticize your marketplace. Do not be afraid to reach out and get input from others who can also help you tell the story.

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Luxury Real Estate Marketing Tips: Understanding the Mindset of Your High Net Worth Clients - Part 4

October 22, 2012

How "Social Currency" Can Give You the Competitive Edge

In marketing luxury real estate one segment of your target demographic comprises entrepreneurs and employees of start-up companies who have recently been acquired by a larger company, or have gone public. For example, when Facebook went public many of their employees became millionaires overnight. If you are a luxury real estate marketing professional in the Silicon Valley area of California, the probability of encountering this kind of buyer is quite high.

When we were in commercial real estate in Beverly Hills and the West Los Angeles area we enjoyed learning about some of the latest trends, technologies and new ventures before the general public even heard about them. Our expertise was high-end retail and the entertainment industry. We worked with investors, developers, restaurateurs and companies who needed to purchase or lease their retail space or office buildings. This exposed us to the leading edge of what was to come in retail, technology, entertainment and restaurants. Imagine being one of the first to know that Apple was going to start opening retail stores!

When it comes to selling a luxury home to this demographic segment you need to also understand their psycho graphics. To increase your chances of winning their business you must be able to quickly build rapport with them and speak their “dialect” of the Language of Luxury: Innovation. You need to be up on the latest trends in their fields. This gives you "social currency", which adds value to your professional practice and gives you an edge over your competition.

Here is an example of the kind of social currency in the realm of innovation. Later this fall, Mozilla, the non-profit group who created the Firefox browser, is coming out with a free web-based video editor that will change how we tell stories on the Internet. It is called Popcorn.

In the same way that you edit video content now using a time line to combine video clips, audio elements, special effects and photos, Popcorn allows you to pull content right from existing web sites. For instance, you can use a Google map as the background for an inserted video clip of you describing specific locations on the map. You can also add call out boxes containing information about those locations that are hyper linked to more information or additional videos about those points on the map. Viewers can click on the call out boxes and watch those additional videos or view a photo gallery or a web page about it.

It is fun to stay ahead of the curve by keeping up with new trends that affect your target market and ideal clients. This kind of social currency can give you a competitive edge when working with those clients, whose personal values include being innovative, which is a key element of their psycho graphics.

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Luxury Real Estate Marketing Tips: Understanding the Mindset of Your High Net Worth Clients-Part 3

October 18, 2012

In our last post, we stated, “It is very important, as a professional, not to be critical about your clients’ attitudes in regards to abundance or scarcity. Get beyond these judgments and grasp what is at their root.” In this post we propose that the best way to connect with your target market is to learn the various “dialects” of the Language of Luxury.

One of the ways you can have fun with those clients who may not be a match to your personal priority values is to learn their particular “dialect” of the Language of Luxury. The ones whose priority is how others perceive them will likely want to talk about the latest and greatest finds in the luxury world. They probably know each luxury brand, what is on trend this season, and who the “hot” artists are, for example. So, if you stay informed on these subjects, you will have plenty to talk about, in their dialect. They will be thrilled to work with you because you “understand” them; you are simpatico. In some cases you will discover a truly delightful individual who is well versed in their dialect, but also down to earth.

I (Alexandra, here) met one of my first commercial real estate clients while showing him an office building for his entertainment business. He arrived in a bright red Ferrari, carrying an alligator briefcase, dressed in the latest brands. On his wrist was a beautiful Piaget watch. I had admired that watch because of its intricate design of woven individual gold pieces. I commented on it, and we became the best of friends in that moment. I understood exactly what type of offices he would love. And, he agreed.

I also met the partner of one the world’s premier recording stars. He was very low key in terms of appearance. As we toured several offices in the building, he explained that he was not looking for flashy offices; a modest one on a lower floor would be perfect. He was looking for value. We had a delightful time discussing philosophy, places we had lived, our mutual love of travel, and discovered that our fathers may have actually known each other. This rich conversation reflected his dialect of the Language of Luxury.

To be a market leader you need to learn all dialects of the Language of Luxury that pertain to your target market. As shallow as some dialects may seem to some of you, you must respect your clients’ attitudes when it comes to their wealth and what is important to them.

For example, it will serve you well to know that every Rolls Royce has a cleverly hidden door-mounted umbrella in each door of the Phantom model. That way, when a valet opens the door he can reach in and pull out in the umbrella to protect you from the rain. You might also want to be up on this trend: in 2012, the yellow diamond has become more sought after than white ones and Harry Winston Jewelers specialize in colored stones.

All high net worth clients speak a dialect of the Language of Luxury. Tune into their values and their attitudes, and become fluent. Understand their lifestyle. That way, you can still have fun with them even if their priority values are dissimilar to your own. I leave you with our slogan: “Get Fluent. Get Affluent!,TM”

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luxury Real Estate Marketing Tips: Understanding the Mindset of Your High Net Worth Clients - Part 2

October 17, 2012

Psychographics is the study of personality, values, attitudes, interests and lifestyle. Understanding each of these components is key to building your luxury real estate marketing practice.

It is very important, as a professional, not to be critical about your clients’ attitudes in regards to abundance or scarcity. Get beyond these judgments and grasp what is at their root.

Some of the wealthiest and most kindhearted people are those who “count their blessings” every day. Others are petrified that they can llose it all overnight. Some are so busy comparing their net worth to others that they miss opportunities that are right under their noses. It all comes down to a mindset of abundance or scarcity, which is not dependent on their net worth so much as their sense of self.

What is most amazing is that you can have an abundant mindset regardless of your demographic profile. Conversely, you can have a scarcity mindset with millions in the bank!

At the core of the abundant/scarcity mindset, is either personal insecurity, or a sense of being OK with ones self. Much of the pretentiousness that is often associated with the wealthy really comes from personal insecurity. Generosity, when it is genuine, comes from a strong sense of self. Neither is right or wrong. And, that is the perspective that will help you earn more commissions.

Have you heard the lyrics of the song “ Got the Sun In the Morning and the Moon at Night” from the 1946 Irving Berlin Broadway musical, Annie Get Your Guns?

Got no diamond, got no pearl,

Still I think I'm a lucky girl.

I've got the sun in the morning

And the moon at night.

Got no mansion, got no yacht,

Still I'm happy with what I got.

I've got the sun in the morning

And the moon at night

Sunshine gives me a lovely day,

Moonlight gives me the Milky Way.

Got no checkbooks, got no banks,

Still, I'd like to express my thanks.

I've got the sun in the morning

And the moon at night.

And with the sun in the morning

And the moon in the evening

I'm alright.

Got no butler, got no maid.

Still I think I've been overpaid,

I've got the sun in the morning

And the moon at night.

Got no silver, got no gold,

What you've got can't be bought or sold.

I've got the sun in the morning

And the moon at night.

Sunshine gives me a lovely day,

Moonlight gives me the Milky Way.

Got no heirlooms for my kin,

Made no will but when I cash in

I'll leave the sun in the morning

And the moon at night.

And with the sun in the morning

And the moon in the evening

I'm alright.

As a luxury real estate marketing professional it is extremely important to understand the difference between the abundant and scarcity mindset of wealthy consumers. This explains why you must take into consideration both the demographic and psychographic profile of your clients. Most important, you must suspend your judgment of pretentiousness when you encounter a scarcity mindset. Get beyond judgment and into a deeper understanding of what is at its source. If you do you will win more business and referrals.

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Luxury Real Estate Marketing Tips: Understanding the Mindset of Your High Net Worth Clients - Part 1

October 16, 2012

As a luxury real estate marketing professional, the more you know about the mindset of high net worth individuals the more able you will be to meet their needs. Understanding their affluent mindset will also help you attract more wealthy clients.

Never assume that knowing your client’s demographics, i.e. gender, home ownership status, employment status, location, etc. is sufficient. Demographics may help you qualify potential clients. But, demographics alone does not give you adequate insight into the decision making process of high net worth individual, which is the key to winning listings and successfully selling expensive homes.

There is an important term to grasp when marketing luxury real estate, and that is psychographics, the study of personality, values, attitudes, interests and lifestyles. We use psychographics interchangeably with mindset. You must have a command of both demographics and psychographics if you want to command the lion’s share of your marketplace.

The television series, “Lifestyles of the Rich and Famous” focused on the extravagant lifestyles of wealthy entertainers, athletes and business moguls. While "champagne wishes and caviar dreams" may represent the mindset of a certain segment this demographic it certainly is not the mindset of all high net worth individuals.

Actually, the majority of people in this demographic do not care to flaunt their financial status. Instead, they live modest, unassuming lifestyles. They are the “millionaires next door” who drive practical cars, live in modest homes and do not take exotic vacations. Warren Buffet, one of the wealthiest men in the world, still lives modestly in Nebraska. Sam Walton drove a beat-up truck long after Wall Mart became a household name.

To better serve and attract more affluent clients, follow our series on psychograhics: The Advantages of Understanding the Mindset of Your High Net Worth Clients.

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The Luxury of White Peach Champagne, Venice, Love and a Great Gift

October 12, 2012

Yesterday, we were in Beverly Hills bright and early for business meetings. The conversation turned to champagne as a gift, and we remembered one of our favorite aperitif (cocktail) champagnes-peach champagne. Inspired by the famed Italian version (the Bellini, which is now the official cocktail of the International Bartenders Association), the French have bottled this wonderful elixir.

The Bellini was invented in Venice by Giuseppe Cipriani at his restaurant called, Harry’s Bar in Venice, in 1934. Legend has it that Signor Cipriani made the first Prosseco (Italian sparkling wine) and white peach puree cocktail for his beautiful girlfriend, and named it “Bellini” because it reminded him of a painting by the 15^th century Venetian artist, Giovanni Bellini.. This was the seasonal specialty at this quintessential Venetian restaurant that was frequented by Ernest Hemmingway, Sinclair Lewis and Orson Welles.

We were first introduced to this delight at a fresh fish restaurant in Paris. We ordered the sea food platter with oysters, clams, langoustine, and pink shrimp. Our waiter suggested peach champagne. Both my mother and Ron laughed at me when I ordered it. The moment it arrived and I tasted it, I was in love. When Ron and Mom tasted it, I had to pry out of their hands…they also ordered it.

When we returned to Los Angeles, I promptly called every wine store to find this champagne. I located it at DuVin in West Hollywood across from the Pacific Design Center. It is a wonderful wine store specializing in European wines tucked behind a garden. The owners are a delight and introduced us to many delicious French and Italian wines. When we lived in Napa, I had them deliver a case to our home for holiday gifts several times. In a wine savvy community, everyone was absolutely delighted and could not thank us enough for this amazing champagne treat.

Wishing you all a great weekend, Cheers Ron & Alexandra

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Luxury Real Estate Personal & Company Branding: Escaping the Brand Extension Trap

October 10, 2012

If you are already a successful real estate professional in your marketplace and would like to break into the luxury end of the business heed this warning. Do not fall into the trap of thinking that your current personal or company brand will work to your advantage because it is already well known and well thought of.

You most likely will need a separate luxury real estate brand because your current brand is identified with a different pricing tier in the minds of your target market. This is not about snobbery. It is about one of the most perilous challenges of branding for any type of business large or small: brand extension.

Here is an example of a brand extension misstep made by one of the biggest brands in the world: General Electric.

Recently, we began forwarding our business landline to our iPhone. For me, (Ron here), finding the right headset was quite a challenge. I tried the two best blue tooth models on the market. In each case I got feedback from friends and clients who said I sounded like I was in an echo chamber and my voice broke up in far too many calls.

I went to Staples and tried the leading brands for over the head models with volume control, which worked fine, on my landline, but not with an adaptor for the iPhone.The General Electric model had all of the features that I needed without an adapter. But, I completely dismissed G (general) E as an iPhone headset brand over the leading brands in this category that specialize just in telephony accessories: Plantronics and Jabra.

What does GE stand for in your mind: Appliances, Aviation, Consumer Products, Customer Training, Electrical Distribution, Energy, Finance, Healthcare, Lighting Oil & Gas, Rail, or Software & Services?

Had GE come up with a cool brand name for this category of their business, the brand extension would have been far more successful. I certainly would have discovered it immediately and at least tried it. It was only after the others did not work for my needs that I finally tried GE, which works just fine.

Like GE you could use your current brand name when you extend your brand into the luxury realm. But, your speed of success will be much slower. You or your company may be the best choice. But, you will not be readily identified with your new category of business with your current brand name. Think of the pace of brand acceptance that Toyota would have faced if they did not use the brand name Lexus for their luxury model. The same applies to Accura, which is the luxury car brand of Honda.

Toyota and Honda are both outstanding brands in their price category. But, these brands are very strongly identified with that category. You just need a new brand name that works for your new business category as a luxury real estate marketing professional.

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Marketing Luxury Real Estate: The Difference between Marketing and Selling - Part 3

October 9, 2012

Selling Ice to Eskimos

In Part 1 & 2 of this article series, we stated that in marketing luxury real estate great marketing necessitates great strategy. Selling requires tactics, scheming and maneuvering. When marketing is done right selling is unnecessary and your competition becomes irrelevant.

Have you heard the expression “selling ice to an Eskimo”? It usually means attempting to persuade people to go against their best interest to accept something that they do not really need or want. This is at the heart of what selling is in relationship to marketing.

Selling is at best a complete waste of time and it usually annoys the customer. It does so because it goes against the self-interest of the client instead of focusing on the client’s most pressing needs.

Marketing is the alignment of purpose. It is tuning into the emotional needs of the client and allowing them to see how your products or services can either relieve their pain or help them gain what they want.

Have you every wondered how Apple became the most valuable company in the world without a sales force? How is it that they can consistently sell out of a new product offering within days or even hours of putting it on the market without any sales people?

Steve Jobs and company introduced us all to must have products and services that we did not even know we needed or wanted. Apple did not just invent new products; they invented new product categories. In the process they created news that unleashed unparalleled media coverage. It also sparked word-of-mouth advertising, which turned very satisfied customers into evangelical salespeople.

Have you been to an Apple store? You may see some amazing products there, but what you will not see is a single salesperson. One thing that Apple’s competitors have not come close to is in-store and online customer service. Having knowledgeable people, people who speak our language from our own country available to answer our questions, this is a luxury that satisfies some very important needs in our time-starved world.

The key to marketing, in your luxury real estate marketing practice, is to focus on marketing vs. selling. Do not waste your time trying to sell ice to Eskimos. Make news! Find ways to align with the most pressing needs of your potential clients. Ideally, find an uncontested or underserved market niche where you can create news and trigger word-of-mouth advertising.

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Marketing Luxury Real Estate: The Difference between Marketing and Selling - Part 2

October 8, 2012

Make Your Competition Irrelevant

In Part 1 of this article series, we stated that luxury real estate marketing professionals often fall into the trap of selling instead of marketing. Marketing requires concisely communicating the essence of your distinct promise of value to your ideal target market as you address their most pressing needs. Selling is trying to convince those prospects that are not really a match to you that they should work with you or buy from you anyway.

Great marketing necessitates great strategy. Selling requires tactics, scheming and maneuvering. When marketing is done right selling is unnecessary and your competition becomes irrelevant.

In recent years it seems that too many politicians have capitulated to the use of selling rather than marketing themselves. Instead of focusing on issues and how they intend to solve problems, they spend their campaign funds smearing their opponents. This is more an assault on the intelligence of the voters than on their opponents.

Here is an example of a politician who understood the difference between marketing and selling and contributed mightily to the lives of her constituency by encouraging participation in the political process and fighting for equal opportunity for all.

Marge Fong Eu, a third generation Californian, was elected California secretary of state in 1974, making her the first Asian American woman ever elected to a state constitutional office in the United States. She became famous for smashing a toilet bowl on the state Capitol's steps during her successful campaign to ban pay toilets. She argued they discriminated against women because men could use urinals for free whereas women always had to pay a dime for a toilet stall in places where payment was mandatory.

Marge Fong Eu concentrated on one issue, banning paid toilets. She took a stance, which what we call a brand position, and represented one core value, equal opportunity, a value that Marge Fong Eu felt passionate about. This struck a deep emotional chord with an entire gender. Getting her marketing message across in a nanosecond, through a news-starved media, Marge Fong Eu won by a landslide. That is marketing strategy at its best!

In fact, Marge Fong Eu won by a record-breaking three million votes. She did not need to resort to smear tactics. Her brand position was articulated with laser-sharp focus. She did not need to out-spend her competition. Moreover, she simply made her competition irrelevant.

In our strategic branding practice we work only with incumbent market leaders or their challengers in the field of luxury real estate marketing. Our job is to help our clients identify what they are most passionate about, what they stand for personally or as a company, and then develop a strategy based on their authentic nature that helps them to gain or sustain top-of-mind status in their marketplace or niche therein.

If market leadership is your quest, the right brand strategy can take the effort out of besting your competition. It can make your competition irrelevant.

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Marketing Luxury Real Estate: The Difference Between Marketing and Selling

October 3, 2012

In marketing luxury real estate, many agents and brokers often fall into the trap of selling instead of marketing. Marketing is matchmaking. It requires concisely communicating the essence of your distinct promise of value to your ideal target market as you address their most pressing needs. If your communication is clear your ideal prospects should instantly recognize that you, not your competition, are the right match.

Selling is trying to convince those prospects that are not really a match to you that they should work with you or buy from you anyway. The need to sell comes from the false notion that there is a scarcity of ideal clients out there. But, the truth is that the time you waste trying to win over non-ideal clients and slogging your way through difficult transactions distracts you from opportunities to meet and work with perfect matches,

As discouragement and feelings of powerlessness set in, you begin to lower your standards and expectations. You find yourself on the “chain of pain” attracting more non-ideal clients and more problematic transactions.

What is important to keep in mind is that people like to do business with people like themselves. Your ideal client is looking for you just as much as you are looking for them. And, they hang out with others who are like-minded. It is only natural for them to refer you to their friends. It gives them personal satisfaction and also social currency to facilitate a successful referral. When this occurs you find yourself on the “chain of gain” instead of the chain of pain.

Marketing done right is effortless because you are achieving an alignment of self-interests yours and your ideal client’s. Selling may give you the immediate gratification of momentary wins, but it will burn you out in the long run.

The most successful luxury real estate agents and brokers are passionate marketing professionals not selling professionals. When you sell a home, the sale itself is the very last thing that occurs in the process of meeting the needs of your ideal clients. There is actually one more step. And, that is getting paid for doing something that you love to do.

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Luxury Real Estate Website Design: Capturing Attention Leads to Leads

October 2, 2012

With all the time and expense that goes into driving quality traffic to your website, you better make sure your first- time web visitors instantly have a great first impression when they get there. Successful luxury real estate website design instantly captures attention. Original quality content holds their attention, which increases your chances of actually capturing their lead.

Capturing attention leads to leads. This fundamental is universal. Here is an example of how this plays out in purchasing wine without first getting a recommendation. Recently, we were attracted to a bottle of wine (out of hundreds on the selves in the store). The label simply was a question mark (?). There was no name or description on the front of the bottle.

The label instantly attracted our attention and the original story about it prompted us to buy it. It was a fluke at the winery. They combined two wines by mistake, admitted it and this was the very pleasant result. (see our previous post about (?).

Had we not been attracted to the label we most likely would never have heard about the winery, Oreana. The wine was very reasonably priced and delicious. The way they handled this error with complete transparency commanded our respect and made a very strong first impression. It also prompted us to later explore the Oreana Pinot Noir on a subsequent visit to the store.

Oreana’s (?) label captured our attention. Their story was original and compelling. The “content” was terrific. And, the Pinot, our second Oreana experience exceeded the first. Now, we are raving fans!

This is exactly what you are trying to achieve with your luxury real estate website design and your original website content. Capturing attention, leads to leads. Does your site achieve this?

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Luxury Real Estate Marketing: Revisiting the Definition of Luxury

September 27, 2012

Galileo

Through our journey in writing the Language of Luxury for luxury real estate marketing professionals we have, from time to time, revisited the definition of luxury itself. The more we study this subject and write about it the more we conclude that luxury is one of the most misunderstood words in the English language. It is not just for the super rich! Sometimes the best things in life really are free.

Luxury does not necessarily mean expensive things. We have said that true luxury can be as simple as a great belly laugh (hence LOL) or taking the time to do personal things that you have not made time for due to other pressing matters. You can have tons of money, but if you cannot enjoy it, is it a luxury?

This year we were introduced to the Kahn Academy, a revolutionary free educational website where you can learn many subjects including mathematics from basic addition to calculus via free video tutorials. Bill Gates has his kids studying math here. You may have heard about this on 60 Minutes.

Over 1 million students worldwide are on the site. Schools across the country are using this study method to free up teachers to become “study coaches”. With this method traditional classrooms are transformed into labs where students progress at their own pace, become more independent and self-taught. It is simply brilliant!

With a passion for education, I (Ron here) decided to refresh my math skills and experience this revolutionary learning method first hand. I started at the very beginning (literally addition and subtraction). Now, I am working my way though Algebra with the goal to go all the way through Calculus, a subject I did not take in high school or college.

As luxury real estate brand strategist, market leaders, or their challengers, hire Alexandra and me to help them capture or secure the lion’s share of their marketplace. This requires creative problem solving skills to help our clients out-smart not out-spend their competition.

Studying mathematics again has definitely helped to sharpen these skills. But, it has also been a pure luxury to learn just for the joy of learning. It was this quote by Galileo that inspired me to “go back to school”.

“Philosophy is written in that great book that ever lies before our eyes—I mean the universe—but we cannot understand it if we do not first learn the language and grasp the symbols in which it is written. This book is written in the mathematical language…without which one wanders in vain through a dark labyrinth” --Galileo

Galileo’s quote also resonated with what we have been sharing with our LOL audience:

To be successful as a luxury real estate marketing professional and continuously expand your referral base of high net-worth individuals, you must learn to speak their language, the Language of Luxury. You will continue to appreciate in value, as a professional, if you do so.

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Luxury Real Estate Personal & Company Branding: The High Cost of Misjudging Your Target Market - Part 2

September 26, 2012

This issue of accurately assessing your target market and communicating with your ideal clients on their wavelength is crucial to your success as a luxury real estate marketing professional. In Part 1 of this article series, we wrote about Louis Vuitton and Ruth Chris closing their doors in Santa Barbara because they misjudged their target market, which cost them both dearly.

In nearby Thousand Oaks, known for its strong community and excellent school system, an “Asian fusion” restaurant opened after an extensive, long term and very expensive build-out in an upscale shopping center there. Located directly across from the family-friendly and extremely popular Cheesecake Factory (over 160 restaurants in the chain) it closed within one year.

Again, the demographics of Thousand Oaks supported the potential success of this restaurant. But, they completely missed their psychographic target. The décor was dark and uninviting. The menu was a mélange of Asian cuisines, which works at their other locations in Los Angeles but not here. The name of the restaurant, Buddha’s Belly, did not help its cause.

Ironically, in the high-end shopping center of Century City, which is adjacent to Beverly Hills, the owner of the Cheesecake Factory opened an Asian fusion restaurant, Rock Sugar, with a magnificent, inviting décor replete with beautiful and exotic Asian furniture and water features. You feel transported to the Far East the moment you approach the front door.

This restaurant is thriving because it hit its mark both in demographics and in psychographics. The shopping center is surrounded by office buildings and is particularly suited for power lunches. The food is fabulous. It is a great date restaurant that is also perfect for special family gatherings.

Take the time to carefully understand both the demographics and the psychographics of your target market. Doing so can save you a considerable amount of time and money!

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Luxury Real Estate Personal & Company Branding: The High Cost of Misjudging Your Target Market – Part 1

September 25, 2012

When crafting your personal or company brand, as a luxury real estate marketing professional, it is crucial to accurately access both the demographics and the psycho graphics - the mindset of your target market. Otherwise your brand can miss the mark and not resonate with your ideal clients. Avoid the high cost of misjudging your target market at all costs!

Year after year Louis Vuitton is recognized as the world’s most valuable luxury brand. It sells its products through standalone boutiques, lease departments in high-end department stores and also online. The brand itself is valued at over $19 billion, and the company is valued in 2012 at $25.9 billion, according to Bloomberg.

In 2012, Louis Vuitton shuttered its boutique in Santa Barbara. In 2011, in the same upscale shopping center, Ruth Chris, the famous steak house chain with over 130 restaurants, also closed its Santa Barbara doors. What happened?

Certainly, the Santa Barbara demographics can support high-end retail stores and upscale restaurants. But, are the psycho graphics, the mindset of the target market, a match? In this neighborhood of large estates owned by"old money" they are not.

Just a few blocks away Chuck's of Hawaii, thrives. It began serving award-winning steaks and seafood over 45 years ago. The inside is romantically lit and is casually furnished with wood tables anound chairs. A bartender in a Hawaiian shirt serves their famous Mai-Thais as well as a wide variety of local wines. Their dinner menu is still hand painted on bottles of Lancers’ wine.

The décor of Ruth Chris restaurants is considerably more formal than Chuck’s and that is where it miscalculated the Santa Barbara psycho graphic. Chuck serves free high end hors d’oeuvres during Happy Hour, which packs people in and creates a buzz that, attracts a strong dinner crowd.

In adjacent Montecito, Lucky’s Steak House also thrives. This is an intimate, smaller neighborhood restaurant that caters to a higher concentration of the upper demographics, than the general population of Santa Barbara.

Accurately judging both the demographics and the psycho graphics of your target market is like fine-tuning a radio. If your brand is not right on the money you will get static instead of a clear signal. And, static can be very costly in terms of wasted marketing dollars.

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Luxury Real Estate Marketing Tip: Differentiate Yourself with Substance

September 24, 2012

If you are going to take the trouble to brand yourself as the “go-to” luxury real estate marketing professional in your area, make sure that your marketing message clearly and sharply differentiates you form your competition. Your marketing message must have substance and leave no room for guessing about what you are trying to convey. That is, if you want gain more market share.

Your substance is the essential nature that makes you stand out. It is what we call the DNA of your personal brand. Most importantly, it is that which is inimitable about you in a business context, expressed in such a way that it instantly addresses your target market’s most pressing needs better than your competitor does. Here are some examples of marketing messages that are devoid in substance and effective brand messaging.

As we were perusing our menu at the Cheesecake Factory, we noticed this Diet Coke ad, which in our opinion says absolutely nothing about how Coke is different from Pepsi or other competitors (see the image above). What is the message here? Is a bottle of Diet Coke a liquid asset (in financial speak)? Does drinking Coke assure that you will “stay extraordinary”? We can only guesstimate the huge amount of money that went into this campaign and completely missed its target.

A VW commercial opens with people of all ages laughing, which is always a delight. It ends with the VW logo and the slogan, “It’s not the miles; it is how you live them.” A great thought, but does it compel you to purchase one of their cars vs. a competing model? They want you go to a website called, whyvw.com, and read about VW values: quality, safety, value (for the price), environment and performance. These values should be every car manufacturer’s values. It still leaves the question, “Why VW?

A large institution recently purchased one of the local banks in Santa Barbara. Their ads are everywhere in town attempting to promote how they are different. Each ad focuses on a single word that is supposed to communicate this. Here are the words: integrity, friendliness, trustworthiness and teamwork. Is that not what banks are supposed to have? Would this campaign get you to switch banks?

Luxury real estate marketing professionals often try to differentiate themselves by touting their integrity or their friendliness. Isn’t that the price of admission for any professional? Dig deeper and identify what is substantive about you, and how that can meet the needs of your target market. That is what branding is all about.

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Luxury Real Estate Marketing Tip: Beyond Popcorn to Tasty Marketing

September 19, 2012

As a luxury real estate marketing professional it is important to keep up with luxury marketing ideas that are outside the real estate field, as they can inspire and refresh your marketing approaches. Here is an ingenious idea to lure the movie going public engaged in actually going to movie theatres, rather than waiting for Netflix or other on-demand channels to release the film.

This year at the New York City Food Film Festival, popcorn will not be served. At the movie “Whiskey: The Islay Edition,” a story about the importance of single malt scotch to the island of Islay, scotch will be served along with a bacon wrapped steak. At the Chicago Food Film Festival there will be a presentation of “Mozzarella, Inc.,” a documentary about two young Italian Mozzarella salesmen in London, and fresh mozzarella will be served.

Not to be outdone, at the first annual Minneapolis, Feast for the Eyes Film Festival they plan to feature local food and micro brews with their film lineup. This will include new movies such as “Now Forager,” a story set in the New York restaurant milieu that features mushroom hunting (foraging) as a setting for falling in love. No doubt wild mushrooms with be part of the goodies served.

How can this translate to luxury real estate marketing? One of our clients in the wine country has new wine tasting at her office by invitation only. She serves an array of hors d’oeuvres made by one of the celebrity chefs in town. This has created great buzz for her business as well as listings and sales. Now that is a tasty marketing strategy!

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