For those of you who have embarked upon, what we call “the unabashed pursuit of market leadership”, this luxury real estate marketing tip is for you! Do not forget that the quest for market leadership is a game!
It is very easy to lose sight of the fact that business is not only a game, but also a game you can win if you know the rules. One of the most important rules is to pick a niche that you can dominate, given your unique skillset, personality and values. Our advice to our clients in our luxury real estate strategic branding practice is, if you cannot be #1 or #2 within a niche, find another niche!
Microsoft dominates the niche of enterprise level business productivity software by a vast margin. As of the 2014 Holiday season, it now is #1 in digital gaming, with its Xbox, surpassing Sony PlayStation 4. In fact, Microsoft announced that it has surpassed both PlayStation3 and Nintendo Wii with total lifetime sales.
But, what was Microsoft thinking when it introduced its Surface tablet ($900 Million in sales in 2014) to compete with the iPad ($5.3 Billion in 2014)? Years earlier they came out with the Zune to compete with the iPod. Certainly, they did not apply the rule of entering a niche category where they could be #1 or #2.
The Surface is not even on the radar in market share for 2014. Here is the leader board:
Can you see why it is so important to play by the rule of only pursuing the #1 or #2 position? Apple and Samsung together have the lion’s share of the market and the others have to settle for the crumbs.
In the pursuit of market leadership in the realm of luxury real estate selecting the right niche for you is of paramount importance. Remember, it is only a game. But, you must play by the rules if you want to win.
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.