To better understand branding in the realm of luxury real estate marketing, it is important to understand brand categories. If market leadership is your quest, as a luxury real estate marketing professional, the key is to select a brand category or sub-category in your marketplace that you can dominate.
To illustrate the concept of brand categories, let us take tomatoes as an example, as a category of fruit. The last few Saturdays at the Farmer’s Market in Santa Barbara have been a feast for the eyes and senses.. The most breathtaking sight, however, is the heirloom tomatoes.
In August, the heirloom or heritage tomatoes are at their peak displacing their cousins, Early Girl, Beefsteak, Better Boy, and Celebrity. Think of heirlooms as the luxury category of real estate marketing. These aristocratic tomatoes are more expensive. They come in many colors many variations of striped patterns. In each of these sub-categories of luxury tomatoes there is an opportunity to become the market leader, the best seller, the break-away brand.
The differences in the DNA makeup of these categories are minor, but the characteristics in terms of shape, color and flavor are distinctive. The heirloom tomato’s target market many be tomato lovers in general, but each customer has preferences. The key to branding is to clearly amplify the difference so that the customer looking for sweet, low acidic tomatoes, for instance, can quickly be matched with the right brand. Branding therefore, accelerates the selection process in a sea of choices.
Selecting the right brand name can speed the selection process up even further. Many of the heirlooms have intriguing names such as Brandywine, Green Zebra, Mr. Stripey, Pineapple, and Jubilee. But, the stand-out brands have a story that helps create a faster emotional connection, an immediate bond with their target market. The Cherokee Purple, for example, is named for the Cherokee Indians who cultivated them. Mortgage Lifter, with its big pink fruit, helped its farmer, Charles Byles, pay off his $6000 mortgage in 6 years in the 1930’s.
As a luxury real estate marketing professional, the fastest way to market leadership is to select an uncontested market category or sub-category and dominate that niche by providing an extraordinary, unparalleled promise of value. Then, tell a compelling story about your brand that is indelible.
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