This is a follow up to our recent post on FOMO Marketing. Recently, we visited a winery in our nearby central coast wine country. We tasted their Pinot Noir (“Limited Edition”), Merlot and Cabernet Sauvignon. Our favorite was their Limited Edition Pinot, which was absolutely outstanding and fairly priced.
But, we were told that we had to join their wine club to purchase it, as club members were re-ordering and they did not want to run out. That tugged at our F.O.M.O (fear of missing out) heartstrings. But, we resisted joining the club, knowing that we would be obligated to purchase more wine that we did not want by doing so.
This experience led us to take a closer look at F.O.M.O. marketing as a tactic in marketing luxury real estate. Personally, from a logical standpoint, we do not buy into the premise of SCARCITY of anything! In fact, as consumers, whenever we feel tempted by the knee-jerk reaction of F.O.M.O marketing we head the opposite direction. We have purposely tested this out and discovered that in every case there was another opportunity just around the corner. Or, we lost interest altogether in what we wanted in the first place.
We believe that scarcity is fundamentally a false premise. For us, at the very core of the luxury mindset is the premise of ABUNDANCE. Stepping back and regaining perspective, there certainly is an abundance of well-priced high quality wine out there. In fact, there is a plethora of fine wine all over the world.
Even when there appears to be a scarcity of luxury real estate on the market, some agents are still doing very well. To be one of them, you just need a bigger slice of the market that is selling! But, you may need a better strategy to acquire that business.
What do you think?
ABOUT: Napa Consultants, International is the leader in brand strategy for the luxury real estate industry. They work exclusively with professionals who are passionate about gaining or sustaining market leadership. With an expertise in personal branding, company branding, luxury real estate website design and social media marketing they help their clients become the breakaway brand in their marketplace.
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