BANKSY IN BRISTOL, UK Photo Courtesy © Lucavanzolini
Top-of-mind status for your personal or company brand is the ultimate goal for achieving market leadership because it can translate directly to your bottom line. More often than not there is a direct correlation between your annual commission income (vs. your closest competitors’) and the agent or company’ brand name that comes to mind first within a specific luxury real estate marketing category or niche therein.
This phenomenon is known as your brand value. Not only can the perceived added value be reflected in your revenue, it can also reflected in the value of your company itself, in the form of brand equity, should you decide to sell or do a joint venture with another firm.
The value of a personal or company brand was made explicitly clear in a Forbes article, (sent to us by Fort Collins real estate broker, Dick Greenberg), on Banksy, a British street artist who specializes in stencil graffiti. Banksy, recently conducted an experiment in New York’s Central Park, where he set up a simple, temporary stall selling original, signed canvasses of his “Spray Art” for just $60 each. Keep in mind that Banksy has sold some of his art pieces for over $1 million to the likes of Brad Pitt and Angelina Jolie.
Photo Courtesy of Wikipedia
At the end of the day his total sales amounted to $420. (Watch the Video). One article in the New York Times announcing this one-day event would have caused mayhem in Central Park and a complete sell-out of all canvasses to the first buyer in line.
The agreed upon perceived value of a brand represents a mental shortcut when you think of a brand category or high trust factor when you need a recommendation for a product or service in that category. If you trust a brand or the person who recommended it you may be more likely to choose it or pay a premium for it.
Here is a true story of how this plays out in the realm of luxury real estate. An agent from a highly regarded major luxury brand brokerage firm was selected to list a multi-million dollar equestrian estate over an agent from another major company, but lesser known for selling expensive properties. The other agent was far more knowledgeable and more experienced in all things equestrian in this case, than the agent that was chosen because of the perceived added value of her company brand.
At the level of market leadership, when the lion’s share of business is at stake, getting your personal or company branding right is an imperative. It is not essential if you are willing to settle for less.
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