When you are passionate about what you do and you have aligned your passion with a career path that can deliver the economic benefits that you desire, opportunities seek you out. And, you can perceive opportunities quicker than your competition. In fact you can find the trail to opportunities in even the most mundane non-obvious places.
As passionate brand strategists in luxury real estate marketing we find the opportunity to expound upon the principles of branding everywhere we look. Here is an example of the value of achieving top of mind status. Recently, we had a minor overnight invasion of ants that attacked the cat food. We were fortunate to nip this problem in the bud. But, we decided to take preventative measures for potential midnight raids. We sought out ant bait/traps. Two brands were prominently displayed: Combat and Raid. Both boxes were the same price. We assumed they were equally efficient.
Raid is the brand that comes to mind first for us and Combat is not even on our radar screen. Combat had 6 traps in the box and Raid had four. Raid, obviously commanded a 50% premium based on their brand recognition. In a time starved world the majority of people would select to brand that comes to mind first, underlines the value of brand recognition. There is no inherent value of the actual ingredients of the product. Trust in the brand is the added value.
We selected Combat overriding our natural proclivity to the brand that came to mind first. This is a mega trend in luxury marketing today: luxury brands can no longer get away with a 50% plus premium on their name alone, they have to demonstrate actual value.
Sellers and buyers are getting smarter when it comes to luxury real estate. One of the interesting outcomes of the global economic upheaval, luxury real estate consumers are looking for intrinsic value and are unwilling to pay a premium for a home or any other goods, if the intrinsic added value is non-existent. As a luxury real estate marketing profession, it is now imperative to define your added value and it better be substantive, so that you can achieve top of mind status. Does your brand command a premium?
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