By Ron & Alexandra Seigel, Partners--Napa Consultants, International
Co-branding For Luxury Real Estate Marketing Professionals - It is a Win-Win Proposition
Co-branding is a marketing arrangement between one or more brands that is underutilized by luxury real estate marketing professionals. The idea is to act in cooperation with other luxury professionals and companies in a way that combines the strength of the brands. It is also a way to differentiate products and services in a highly competitive marketplace.
For example, a lender who is interested in paying for a portion of an ad that you want to place in a luxury real estate magazine such as Unique Homes Magazine is co-branding. If, you both send out reprints of the ad to your prospective clients you both expand your marketing reach.
The luxury resort hotel industry has basically the same amenities for guests. There are bathrobes in the room, spa services, great linens, Wi-Fi access, helpful cheerful staff, etc. There is very little difference between the top brands in the luxury resort business in terms of accommodations and services. An example of co-branding is the Ritz Carlton offering guests Frette brand linens. Frette is considered one of the world's finest luxury bed and bath brands.
Fairmont Hotels and Resorts and Lexus have teamed up to provide Fairmont President's Club members (their loyalty program) access to the Lexus hybrid vehicles as hotel courtesy cars to transport guests around the town. They are first to market with this idea. Subliminally, the message is, "we care about our returning customers and we care about the environment. That is why we offer Lexus hybrid cars for your convenience". Lexus considers this is a great way to promote their product to the right demographic.
For both companies, it is a win-win situation. Both show their commitment to the environment which helps grow and retain their clientele. It is co-promotion at its best. It combines the strength of their marketing dollars, and their brand names. It potentially can increase each company's market share.
In what ways can you co-brand with luxury services and products to get similar results in your luxury real estate marketplace?